Singapore doesn’t view Bitcoin as a threat and claims there is no reason to ban cryptocurrency trading within the city-state.
Why so Serious?
As China steps up its efforts to eradicate Bitcoin buying and cryptocurrency trading from within its borders, Singapore sees no reason to ban “experimental” cryptocurrency trading in the city-state.
The news comes after an extensive review from Singapore’s central bank, who has been conducting studies on cryptocurrencies and their potential risks. Deputy Prime Minister Tharman Shanmugaratnam says:
Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed […] If some do succeed, their full implications will also not be known for some time.
Regardless of whether or not Bitcoin and other cryptocurrencies succeed, Shanmugaratnam does not see them as a threat to Singapore, writing:
The Monetary Authority of Singapore (MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here.
With an ever-flowing flood of FUD (Fear, Uncertainty, and Doubt) from mainstream media outlets regarding Asian cryptocurrency trading, Singapore’s open stance comes as welcome news.
One Country’s Trash Is Another Country’s Treasure
Singapore is actually poised to benefit from China’s increased pressure on cryptocurrency trading. According to Cathay Capital’s Ace Yang:
It’s positive news for Japan and Singapore, because demand for participating in trading is not diminishing and traders have got to go somewhere.
Additionally, many Chinese cryptocurrency exchanges have already packed up and moved to Singapore, where they can currently operate in a city-state that is far more open to trading the emerging digital currencies.
Are you happy to hear that Singapore sees no reason to ban cryptocurrency trading? Do you think this story will be given as much media attention as the FUD out of South Korea and China? Let us know in the comments below!
Images courtesy of Pixabay and Bitcoinist archives.
