Monetary Auth of Singapore My views about cryptocurrency
MAS promoted crypto currency and block chain technology a few years ago. They thought that it was a good way to encourage the development of a new technology.

I held a different view.

I did not like crypto currency for the following reasons:

a) It has no real value, except as a "currency" that could be used for speculation. Many people bought bitcoin with the goal to sell it for a big profit when the price shoots up. This is how a bubble or ponzi scheme works.

b) There is a further risks that platforms could be set up to collect savings from ordinary people. These platforms could operate like banks or financial institutions, but would be totally uncontrolled by the financial regulator.

I could see through the hype and the danger. I was surprised that the people in charge of our monetary system could not see the danger.

I expressed my concern to some people in the inner circle of the decision making. Their reply was that MAS was not promoting crypto currency but the block chain technology.

The recent collapse of bitcoin and other crypto currencies proved that my common sense and gut feel were correct.

I also have doubts about the value of block chain technology, but I will express it in a separate post.

Tan Kin Lian

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