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Tharman sees a place for crypto in Singapore

Bloomberg
Bloomberg10/27/2021 7:8 PM GMT+08  • 3 min read
Tharman sees a place for crypto in Singapore
Still, Tharman doesn’t see cryptocurrencies replacing money as legal tender given their volatile and speculative nature.
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Cryptocurrencies have a place in Singapore’s financial sector if these digital assets are regulated, according to the chairman of the nation’s central bank.

“There may be a role for crypto in future finance that extends beyond pure speculation and illicit finance,” Tharman Shanmugaratnam, the chairman of the Monetary Authority of Singapore, said Wednesday at the Asia Financial Markets Forum. Stablecoins, for example, can have a role together with traditional payment systems, though these digital assets need to be regulated for illicit finance activities including anti-money laundering, he said.

The central bank is keeping an “open mind” on cryptocurrencies because the regulator wants technologies and innovation to develop, said Tharman, one of Singapore’s most influential politicians who has held roles in organizations such as the International Monetary Fund.

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