Why so Serious?
As China steps up its efforts to eradicate Bitcoin shopping for and cryptocurrency buying and selling from inside its borders, Singapore sees no cause to ban “experimental” cryptocurrency buying and selling within the city-state.
The information comes after an intensive assessment from Singapore’s central financial institution, who has been conducting research on cryptocurrencies and their potential dangers. Deputy Prime Minister Tharman Shanmugaratnam says:
Cryptocurrencies are an experiment. The quantity and totally different types of cryptocurrencies is rising internationally. It is just too early to say if they’ll succeed […] If some do succeed, their full implications may also not be identified for a while.
Regardless of whether or not or not Bitcoin and different cryptocurrencies succeed, Shanmugaratnam doesn’t see them as a menace to Singapore, writing:
The Monetary Authority of Singapore (MAS) has been intently finding out these developments and the potential dangers they pose. As of now, there isn’t a sturdy case to ban cryptocurrency buying and selling right here.
With an ever-flowing flood of FUD (Fear, Uncertainty, and Doubt) from mainstream media shops relating to Asian cryptocurrency buying and selling, Singapore’s open stance comes as welcome information.
One Country’s Trash Is Another Country’s Treasure
Singapore is definitely poised to learn from China’s elevated stress on cryptocurrency buying and selling. According to Cathay Capital’s Ace Yang:
It’s optimistic information for Japan and Singapore, as a result of demand for taking part in buying and selling isn’t diminishing and merchants have gotten to go someplace.
Additionally, many Chinese cryptocurrency exchanges have already packed up and moved to Singapore, the place they will at the moment function in a city-state that’s much more open to buying and selling the rising digital currencies.
Are you content to listen to that Singapore sees no cause to ban cryptocurrency buying and selling? Do you suppose this story shall be given as a lot media consideration because the FUD out of South Korea and China? Let us know within the feedback beneath!
Images courtesy of Pixabay and Bitcoinist archives.
The publish Singapore Sees No Reason to Ban Cryptocurrency Trading appeared first on Bitcoinist.com.