Singapore's Deputy Prime Minister Tharman Shanmugaratnam made a new comment on the government's commitment “not to ban” cryptocurrency as future regulatory plans.
Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies are growing internationally. It is too early to say if they would succeed, "Shanmugaratnam said.
Addressing the disparity between Singapore and its neighbors, Shanmugaratnam noted that the volumes involved were small and exposed to the corresponding financial system insignificant.
"For now, the nature and extent of cryptocurrency trading in Singapore," he continued, does not pose risk to the safety and integrity of our financial system.
“If some do succeed, their full implications will also not be known for some time,” the deputy prime minister said in a written answer to questions from members of parliament on banning the trading of bitcoin or cryptocurrency.