14 Aug '14, 2am

Singapore Head Regulator: Digital Currencies Have a 'Role to Play' Despite Risks

Singapore Head Regulator: Digital Currencies Have a 'Role to Play' Despite Risks

The Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon, has commented on bitcoin and digital currencies in an interview, saying they “have a role to play” in future. Speaking to industry publication CentralBanking.com , Menon answered questions about whether money should remain under the control of central banks, and why the MAS had decided to regulate “virtual currency intermediaries”. He said: “It is hard to divine how technology and practices will evolve, 20 or 30 years from now. I would say virtual currencies have a role to play, but I doubt they will replace the fiat money that central banks issue – but I could be wrong.” Digital currencies’ biggest advantages were cost-efficient and fast transfers, he said, but they lacked any central bank backing. Wildly fluctuating prices also meant digital currencies did not meet the basic requirement of mo...

Full article: http://www.coindesk.com/singapore-head-regulator-digital-...

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