The Monetary Authority of Singapore has praised “fabulous” Blockchain technology but warned speculators could harm the speed of its impact.
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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Author: William Suberg