In an interview with Channel News Asia, Sopnendu Mohanty – chief of financial technology at the Monetary Authority of Singapore, the country’s central bank, opined bitcoin will not cause a global financial crisis in the event of a price collapse. The central bank official insisted global regulators are “getting serious about this whole cryptocurrency market”, suggesting authorities would step in with regulations when bitcoin markets continue to grow globally.
In October, the head of Singapore’s central bank insisted that bitcoin itself didn’t need any oversight as a cryptocurrency. Instead, MAS chief Ravi Menon insisted a regulator’s focus ought to be on the abuse of cryptocurrencies for illicit financing and other illegal activities. “So, those [regulatory] requirements apply to the activity around cryptocurrency, rather than the cryptocurrency itself,” Menon said at the time.