Tharman Shanmugaratnam, Head of the Monetary Authority of Singapore, spoke positively about cryptocurrencies and stablecoins. He said that such values are not only tradable assets, but also have an important place in the country’s financial sector.
Talking about the benefit of regulated stablecoins in particular, Shanmugaratnam stated that these regulations will strengthen the role of cryptocurrencies in the economy and stablecoins will play an active role in traditional payment systems.
Singapore, which took important steps regarding cryptocurrencies last year, has made great progress in this regard. The country’s financial technology company FOMO Pay, which is slowly starting to have a say in the global crypto money industry, is seen as an extremely important step when it succeeds in obtaining a license from Singapore financial regulator MAS to provide a “Digital Payment Token Service”.
On the other hand, these latest comments from the country’s central bank leader indicate that the future importance of the digital currency will be even greater.
Stating that the Central Bank is “open-minded” on cryptocurrencies, Shanmugaratnam said,
I think regulated stablecoins will have a useful role in the future. A traditional payment system that innovates and becomes more interoperable across borders for cheap, fast and instant payments will be an important part of this space and likely playing a role for other independent innovators in the system.
said.
Singaporeans Are Enthusiastic About Cryptocurrencies
Recent research shows that Singaporean regulators are keen not only on crypto, but on its residents as well. A report by Independent Reserve’s reveals that 43% of Singaporeans surveyed own cryptocurrencies, while 93% have an interest in cryptocurrencies. It is also known that crypto holders invest at least 5% of their entire investment portfolio in digital assets.