Singapore will closely monitor digital currency use in the country

Singapore will closely monitor digital currency use in the country


The Deputy Prime Minister and Minister in charge of the Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam has announced on February 21 that MAS will be closely monitoring digital currency use in the country.


In reply to the question of a Parliament member, Mary Liew, who inquired whether the government would regulate the digital currencies like Bitcoins, and whether there are plans to educate Singaporeans on the risk of trading or investing in digital currencies, MAS has released a written reply.


Tharman said that MAS currently does not regulate Bitcoins as they are not legal tender, and are also not considered as securities under the Securities and Futures Act. However, MAS has warned Singaporeans on the risks of getting involved with these digital currencies before.


“Many countries have likewise warned of the risks of accepting or trading in virtual currencies. However, there is currently no international consensus on the regulatory treatment of virtual currencies,” said Tharman. Singapore will not change its stance at the moment, but will monitor the digital currency, the risks they pose, and international development before considering the need to introduce regulations.

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