Wednesday, February 8, 2023

Singapore Deputy Prime Minister Against Banning Cryptocurrency

Singapore Deputy Prime Minister Against Banning Cryptocurrency

Don’t expect Singapore to join China in banning cryptocurrency trading anytime soon. According to the country’s deputy prime minister, Tharman Shanmugaratnam, there are no plans to ban trading as he believes no convincing case can currently be made in favor of such an action by the government.

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Deputy Prime Minister Not Convinced That Crypto Trading Should Be Banned

According to a Reuters report, Tharman believes that cryptocurrency has simply not had enough to time to prove its worth one way or another. Hence, he believes that a ban on its trading would be a premature move on the part of lawmakers.

“Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed,” writes Tharman Shanmugaratnam — responding to some members of parliament’s questions regarding a ban on crypto exchange.

He also goes on to say that if some cryptocurrencies end up succeeding in the long-term,  it will still take some time for the full effects it has on society to be known.

 A Potential Relief to Traders Amidst Historical Price Drop

Tharman Shanmugaratnam

This news coincides with J. Christopher Giancarlo’s written testimony regarding regulation — which was mostly supportive of cryptocurrency and blockchain innovation — providing a glimmer of hope to traders that have experienced a price drop that has now reached historical levels.

Giancarlo, chairman of Commodity Futures Trading Commission (CFTC), suggested minimal regulatory interference with a ‘do no harm’ registration process while simultaneously calling virtual currencies a “paradigm shift in how we think about payments.”

Additionally, Singapore’s deputy prime minister also cautioned citizens — saying that they could lose their shirts when they invest money in cryptocurrencies, referencing the large amount of risk involved in investing in cryptos.

What do you think of Tharman’s statements regarding cryptocurrency regulations? Let us hear your thoughts below.

Images via and Tharman Shanmugaratnam

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