UPDATE 1-Singapore c.bank head hopes cryptocurrency tech will survive "crash"
Cryptocurrency concerns reverberate other worldwide national banks
MAS doing broad research into blockchain innovation (Adds quote, foundation)
By John Geddie and Masayuki Kitano
Source
SINGAPORE, Jan 15 (Reuters) - Singapore's national bank head said on Monday he trusted the innovations supporting digital forms of money, for example, blockchain would not be undermined by a possible crash in the virtual coins.
The city-state is among numerous worldwide national banks voicing worry about potential misfortunes for residents and illegal tax avoidance through digital currencies. In any case, it is doing broad research into the disseminated record innovation that underlies bitcoin.
"I do trust when the fever has left, when the crash has happened, it won't undermine the substantially more profound, and more important innovation related with computerized monetary forms and blockchain," Ravi Menon, the overseeing chief of the Monetary Authority of Singapore (MAS), said at a UBS Wealth Insights occasion in Singapore.
South Korea, a pivotal wellspring of worldwide interest for digital currencies, said a week ago it intends to boycott cryptographic money exchanging, a move that sent bitcoin and other virtual coin costs falling.
The estimation of bitcoin surged around 1,500 percent a year ago to crest at about $20,000 in December. Be that as it may, it has extensively fallen from that point forward and on Monday was exchanging around $13,572 on Luxembourg-based Bitstamp.
On an issue of whether national banks should dispatch cryptographic forms of money to pitch straightforwardly to the general population, Menon said that while he couldn't preclude it in Singapore, he didn't know it would be a smart thought.
In one of the main cases of a nation intending to dispatch a digital currency, emergency hit Venezuela designs a virtual token sponsored by oil as an approach to make a decent attempt cash and to sidestep money related approvals forced by Washington. (Revealing by John Geddie and Masayuki Kitano; Editing by Richard Borsuk)
News source
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