At a time when a lot of central banks and regulators are issuing bitcoin warnings and taking methods to limit bitcoin-associated trades, Singapore’s central bank has decided to steer clear of bitcoin, for now at least.
The Monetary Authority of Singapore (MAS) told Singapore-based trading platform Coin Republic that it will not interfere with bitcoin adoption. The authority mentioned: “Whether or not companies accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene.”
According to TechInAsia, the statement isn’t surprising, as the government has currently produced it clear that MAS need to not regulate virtual currencies like bitcoin. However, the Authority has issued statements on the currency in the past, warning speculators that trading bitcoin was risky back in September.
The most recent announcement is in no way an endorsement of bitcoin, but it will go a long way to reassure investors who use Singapore-primarily based bitcoin solutions like Coin Republic.
Bitcoin’s advocates
Coin Republic was founded by David Moskowitz, a zealous advocate of bitcoin who believes the Bitcoin protocol could be employed to make remittances cheaper and to reduce costs in a variety of industries.
Moskowitz likes to point out that a number of nations choose to hold bitcoin open and unregulated, namely Japan and Germany. Singapore seems to be just as open when it comes to bitcoin.
Singapore is a major regional economic solutions hub and its relaxed attitude towards bitcoin has attracted many bitcoin entrepreneurs and investors. These incorporate GoCoin’s Steve Beauregard, who decided to set up shop in Singapore in April 2013.
Attractions of Singapore
There are a few other factors that make Singapore an appealing place for bitcoin organizations. In addition to its burgeoning financial sector, Singapore also has a thriving tech industry, so there is no shortage of skilled IT specialists.
Lastly, the city state has plenty of wealthy expats, along with thousands of migrant workers from neighbouring nations. Moskowitz hopes at least some of them will embrace bitcoin as an alternative to standard wire transfers for remittances, saving a sizeable quantity of funds in the method.
Singapore has a reputation for being enterprise-friendly and it just desires to keep it that way.
View Singapore Regulators: We Will Not Interfere With Bitcoin on CoinDesk.
Singapore Regulators: We Will Not Interfere With Bitcoin
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