Singapore: the Head of the Central Bank Predicts the Imminent Collapse of Cryptocurrencies

Singapore: the Head of the Central Bank Predicts the Imminent Collapse of Cryptocurrencies

As stated by the head of the Monetary Authority of Singapore (MAS), Ravi Menon, apparently sometime in the near future, cryptocurrencies will collapse.

At the same time, he hopes that other digital technologies such as blockchain will ultimately not be undermined.

Singapore positions itself as the centre of financial technologies, so the head of the Central Bank of Singapore cautioned against buying into cryptocurrencies, whose fate is a controversial and widely discussed topic at the moment.

"I hope that when the cryptocurrency fever passes and the collapse occurs, it will not cause distrust to much deeper and more significant technologies that are associated with blockchain and digital currencies." Ravi Menon said.

Menon added that MAS does not deny the possibility of launching its own cryptocurrency, however Menon himself believes that this is not a good idea.