Singapore Central Bank: Speculators Pose Risks To ‘Fabulous’ 2020 Blockchain Goals

Speaking to CNBC on Monday, Feb. 12, chief fintech officer of the Monetary Authority of Singapore (MAS) Sopnendu Mohanty said it will be

two years

before the central bank’s Blockchain project sees

real impact.

Discussing the state of its

Project Ubin

and cryptocurrency in general, Monetary Authority of Singapore (MAS) chief fintech officer Sopnendu Mohanty described the concept of Blockchain technology as

fabulous.

Mohanty told CNBC:

I think it has another two-year run before we get the transportation layer done, the transmission of data, storage of data… the whole Blockchain has to be across multiple-sector common infrastructure, then the real impact comes.

Singapore has remained bullish on the potential both cryptocurrency and Blockchain hold despite varying opinions given by governments throughout the world along with continued periods of volatility.

Cointelegraph reported Feb. 6 that MAS had confirmed it was

closely studying

crypto and and

potential risks,

but that it saw

no systemic risks concerns

and there was

no strong case to ban

them.

On the topic of volatility and profiteering, Mohanty nonetheless warned that excessive speculatory activity was

perhaps negatively impacting the whole experimentation of cryptocurrency.

We’re going to continue to experiment on this fabulous (Blockchain) technology and find a use case hopefully in the long run,

he explained.

In January, MAS managing director Ravi Menon additionally pledged support for the

more meaningful technology associated with digital currencies and blockchain,

saying he hoped any volatile periods or even a

crash

would not erase it altogether.

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