On January 15, Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), commented to CNBS that he hopes the cryptocurrency rates will go up after a serious decrease.
As Ravi Menon told CNBC:
“I do hope when the fever has gone away, when the crash has happened, it will not undermine the much deeper, and more meaningful technology associated with digital currencies and blockchain.”
In 2017, Singapore’s central authority did not take a decisive – optimistic or pessimistic – position towards cryptocurrencies, it neither legalized the operations with Bitcoin, nor banned it in the country. For some reason, MAS the Monetary Authority of Singapore is not trying to regulate the industry.