Singapore MAS’ Menon: Hope cryptocurrency tech will survive 'crash'

Dhwani Mehta FXStreet

Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), said at a UBS Wealth Insights event in Singapore on Monday, he hoped the technologies underpinning cryptocurrencies such as blockchain would not be undermined by an eventual crash in the virtual coins, Reuters reports.

Key Quotes:

“I do hope when the fever has gone away, when the crash has happened, it will not undermine the much deeper, and more meaningful technology associated with digital currencies and blockchain.”

When asked whether central banks should launch cryptocurrencies to sell directly to the public, Menon said that while he couldn’t rule it out in Singapore, adding that he wasn’t sure it would be a good idea.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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