Singapore wants to be a hub for blockchain in finance, just not speculative crypto trading, MAS says
In this 2013 photo, Singapore's central business district is shown at dusk. Edward Tian | Moment | Getty Images Singapore still wants to be a hub for digital assets, but not one for speculating on cryptocurrencies, said Ravi Menon, managing director of central bank the Monetary of Singapore. "If a crypto hub is about experimenting with programmable money, applying digital assets for use cases or tokenizing financial assets to increase efficiency and reduce risk in financial transactions, yes, we want to be a crypto hub," said Menon in his opening address at the Singapore Fintech Festival 2022 on Thursday. Tokenizing a financial asset involves converting its ownership rights into digital tokens . DBS Bank is testing out Singapore's first digital money live pilot for government vouchers, enabling merchants to program and self-execute the distribution and usage. "But if it is about trading and speculating in cryptocurrencies, that is not the kind of crypto hub we w...