Singapore central bank head hopes cryptocurrency tech will survive 'crash' Read more at https://www.channelnewsasia.com/news/singapore/singapore-central-bank-head-hopes-cryptocurrency-tech-will-survive--crash--9861880
seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration
15 Jan 2018 01:47PM
Read more at https://www.channelnewsasia.com/news/singapore/singapore-central-bank-head-hopes-cryptocurrency-tech-will-survive--crash--9861880
Ravi Menon has zero track record in the private sector. Do not even dare dream of issuing MAS (govt) back cryptocurrency. Whats the difference between our SGD and SG crypto? It only serves to increase liquidity via money supply. Nothing else.
Increasing 10% of money supply effectively means banks can lend more and profit more. Only banks benefit.
To fuel Digital Economy you will need Digital currency.
However the digital crypto currency need to be properly regulated, backed and managed by a Central Bank such as MAS.
This will grow a 2nd wing of our Economy - specifically Digital Economy.
It will not only benefit banks, it will also benefit investors (with another safe instrument), it will also benefit the Economy as a whole - as it support the ITM (Industry Transformation Map) that is also pushing for Digital Economy as part of each Industry Transformation.
Bitcoin - is not regulated and recognised by any Central Bank - and is subjected to the influence of dark elements such as money laundering, wild speculation, manipulation and financing of illegal activities and also easily subjected to hacking.
The digital currency of blockchain that MAS is pushing is trying to eliminate those dark elements.
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