CNBC reported that the managing director of MAS (Monetary Authority of Singapore) expects that the crypto market will recover after a prospective crash.
Ravi Menon told CNBC that: “I hope that when the fever dwindles, and the crash has happened, it will not prevent better blockchain-based technology and digital currencies.”
Menon did not specify when he thinks the crash will happen or why.
As it stands, the central bank of Singapore has stated of cryptocurrencies, that they will “keep alert to money laundering.” Still, MAS has issued no regulation for the industry.
“I do not see a need to regulate digital currencies,” said Menon when interviewed by Bloomberg last year.
While MAS has no short-term intention to regulate crypto, they warned the public about the “significant risks” advising caution.
Adding to his statements, Menon mentioned that their central bank could issue a cryptocurrency to the public, but that may not be a good idea.