MAS chief Ravi Menon hopes cryptocurrency tech will survive ‘crash’ (Channel NewsAsia)
Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS),
speaks at the Singapore Fintech Festival in Singapore November 16, 2016. (Channel NewsAsia)
SINGAPORE: Singapore's central bank head said on Monday (Jan 15) he hoped the technologies underpinning cryptocurrencies such as blockchain would not be undermined by an eventual crash in the virtual currency.
The city-state is among many global central banks voicing concern about potential losses for citizens and money-laundering through cryptocurrencies. But it is carrying out extensive research into the distributed ledger technology that underlies bitcoin.
"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," Mr Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), said at a UBS Wealth Insights event in Singapore.
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