Singapore will not ban Cryptocurrency trading

The Monetary Authority of Singapore has been doing thorough research in risks associated with cryptocurrencies and the results suggest that there is no need to officially forbid trading of bitcoins in the country, according to the Deputy Prime Minister, Tharman Shanmugaratnam.

He described cryptocurrencies to be an “experiment” and this platform has been advancing globally. Although, its outcome is still uncertain, whether it will be successful in the future or not.

In response to the members of the parliament regarding on banning cryptocurrency trading, he said on a written note that even in case that it succeeds, its complete effect cannot also be determined for some time.

He has been clear on their path to cryptocurrency trading that there are in a process of reviewing the progress and potential risks in this market. Currently, they don’t see the need of prohibiting the cryptocurrency trading in their city-state.