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Singapore Central Bank Head Hopes Crypto Will Recover After Prospective Crash

The director of Singapore’s central bank hopes cryptocurrency will recover after the ‘fever has gone away’.

Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), expects the cryptocurrency market to recover after a prospective crash, as reported by CNBC.

In an interview Monday, Jan. 15, Menon told CNBC:

"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."

Menon apparently specified neither when he expects said crash to take place, nor what could potentially cause it.

So far, Singapore’s central bank has taken a moderately suspicious stance towards cryptocurrencies, citing a need to “remain alert to money laundering and other potential risks”. Still, MAS sees no need to regulate the industry as of yet.

"As of now I see no basis for wanting to regulate cryptocurrencies," Menon stated in an interview with Bloomberg in October 2017.

Although MAS does not have any short-term plans to regulate digital currencies, it issued a warning in December 2017 about the “significant risks” of dealing with crypto and advised the public to “act with extreme caution”.

Adding to his Monday statements, Menon said that he would not exclude the possibility of Singapore’s central bank issuing a cryptocurrency directly to the public, although he is not sure if it’s a “good idea”.

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