• The chairman of Singapore’s Monetary Authority believes cryptocurrencies have a future if properly regulated

  • Cryptocurrencies, according to the chairman of the country’s central bank, have a place in Singapore’s financial sector if they are regulated. “There may be a role for crypto in future finance that goes beyond pure speculation and illicit finance,” Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore, said at the Asia Financial Markets Forum on Wednesday.

    “Stablecoins have the potential to play a role in traditional payment systems.”

    Stablecoins, for example, can play a role in traditional payment systems, but these digital assets must be regulated for illicit finance activities, such as anti-money-laundering, according to the chairman of the country’s central bank. According to Tharman, one of Singapore’s most influential politicians who has held positions in organizations such as the International Monetary Fund, the central bank is keeping a “open mind” on cryptocurrencies because the regulator wants technologies and innovation to develop. Tharman’s remarks come as Singapore establishes itself as a crypto-technology hub, laying the groundwork for activities like trading, listing, tokenization, and custody.

    Regulated stablecoins could play an important role in traditional payment systems.

    “I believe the future will be one in which regulated Stablecoins will play a useful role in a traditional payment system that innovates and becomes more interoperable across borders for cheap, fast, and instant payments,” Singapore’s Monetary Authority chairman told Bloomberg News. Stablecoins are a type of cryptocurrency that is frequently pegged to fiat currencies such as the US dollar. Instead of using the term cryptocurrency, Tharman prefers to approach the topic through a fintech lens, arguing that such technologies have the potential to help large underserved markets and segments of the population that struggle to obtain unsecured financing.

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