[2017-10-07] Singapore's Central Bank Plans to Regulate Bitcoin Payments

[tyz]

Singapore's Central Bank Plans to Regulate Bitcoin Payments

The minister for the Monetary Authority of Singapore (MAS), the nation's central banking authority, has said the institution is working to create a regulatory framework for bitcoin payments.

In response to a question on the matter from an MP, Tharman Shanmugaratnam – who is also deputy prime minister of Singapore – confirmed that while the MAS "has been monitoring" cryptocurrencies such as bitcoin and ether, it has no intention of regulating them. However, certain peripheral activities will require a legal framework, he said.

https://www.coindesk.com/singapores-central-bank-plans-to-regulate-bitcoin-payments/

[veleten]

Singapore's Central Bank Plans to Regulate Bitcoin Payments

The minister for the Monetary Authority of Singapore (MAS), the nation's central banking authority, has said the institution is working to create a regulatory framework for bitcoin payments.

In response to a question on the matter from an MP, Tharman Shanmugaratnam – who is also deputy prime minister of Singapore – confirmed that while the MAS "has been monitoring" cryptocurrencies such as bitcoin and ether, it has no intention of regulating them. However, certain peripheral activities will require a legal framework, he said.

https://www.coindesk.com/singapores-central-bank-plans-to-regulate-bitcoin-payments/

Singapore is joining the guessing game
it was Russia,India and many others first who are either banning or legalising cryptocurrencies every other week
with contradictory statements coming from different branches of the goverments
but if you have to choose,my money would be on Central banks as they are the ones who are dictating the countrie's policies

[jseverson]

Lol it doesn't look like Singapore is too interested. Them not currently planning to regulate cryptocurrencies is good news to me though. The live and let live approach has been working well around the globe thus far. Governments should wait and see how the technology evolves before taking a position for it or against it. One thing that isn't clear to me here though, is whether or not they consider cryptocurrency exchanges as bitcoin payments. It would be nice for a government to leave exchanges alone for a change. As for the ICO warning, it's well deserved.