Singapore’s Central Bank head sees future in Stablecoins

The chairman of the Central Bank of Singapore shared his stance on cryptocurrency and stated that stablecoin assets may perform a better function over traditional payment systems.

In the present time, government authorities and financial institutions are trying their best to understand the crypto & blockchain-based innovation and how these are taking a better place in our day to day lifestyle to bring advancement. In the latest, one of the officials of the Singapore Central Bank authority talked about crypto openly. 

Tharman Shanmugaratnam, Singapore’s Central Bank Chairman, supported crypto in speaking with the Asia Financial Markets Forum on 27 October. The statement of the chairman was indicating that he is interested in the StableCoins adoption to bring advancement to the traditional financial system. 

Perhaps, he asserted that we need regulation first on such private crypto assets so that governments can easily fight against illicit activities associated with such kinds of things. 

Common statement by the chairman of US Fed Res 

The statement of the chairman of Singapore Central Bank was much similar to Mr Powell, Chairman of the US Federal Reserve. 

In the past, Powell was against the crypto industry and also never appreciated blockchain technology & its potential but in the latest meeting, he clearly said that they have no intention to ban crypto. And further asserted about the need for legalisation of StableCoins assets like a big concern on the agenda. 

In that time interval, a statement by the SEC chair Gary Gensler came into the light where Gary stated that SEC will not ban crypto because SEC has no authority to ban, while congress can. 

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