The managing director of the Monetary Authority of Singapore (MAS), Mr Ravi Menon has announced Singapore readiness to join other nations to participate in the crypto economy. He made this known in an interview conducted by Bloomberg.
According to Mr Ravi.
“We think the best approach is not to clamp down or ban these things”
The MAS Chief who had held on to the top Job for a decade continued by admitting Singapore faces the risk of being left behind, if it doesn’t take a favourable position as regards crypto. In his words
“But not to get into this game, I think risks Singapore being left behind. Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks.”
He further pointed out that crypto will create new Jobs in singapore, increase VAT and many sectors in the economy will most likely gain,
“It could help create jobs, create value-add, and I think more than the financial sector, the other sectors of the economy will potentially gain.”
While some countries are kicking against crypto, others seem to be embracing it. Just few weeks ago, Singapore Asian neighbor, China officially ban crypto. Countries like Nigeria have also tolled the line of China.