Tarman Shanmugaratnam, Deputy Prime Minister of Singapore, said that the government is not going to prohibit the trade in cryptocurrencies. According to him, it is still too early to talk about any measures in relation to the new technology.
“Cryptocurrency is an experiment. It is too early to say whether it will be successful or not. Even in the case of its success, the consequences and impact of a cryptocurrency on the public will be difficult to assess for some time. The Monetary Authority of Singapore closely monitors the development of digital assets and studies the risks associated with them. At the moment, there are no serious reasons to prohibit cryptotrading, “Shanmugaratnam said.
This statement was a response to the proposal of members of the Singapore Parliament to prohibit the activities of cryptoexchanges.