Sopnendu Mohanty, the Monetary Authority of Singapore’s (MAS) chief fintech officer, has stated that he does not predict a financial meltdown with Bitcoin.
According to sources, Mr Mohanty stated that regulators around the world are concentrating on cryptocurrency trades. He went on to say that as the digital currency market like Bitcoin, continues to grow, regulators would inevitably step in to apply consumer-protection regulation that will correct the hype.
Firstly, Bitcoin is a type of virtual currency which is based on blockchain technology.
Bitcoin’s price rapidly escalated by more than 1,300% and hit an all-time high of USD $19,783 on the 17th of December 2017. Warren Buffet, billionaire investor and critic of Bitcoin, called the digital currency a “mirage”. In addition, Jamie Dimon, CEO of JPMorgan Chase & Co, called Bitcoin “a fraud”.
Last year, the authorities in China banned exchanges of cryptocurrency. And so, more and more financial regulators around the world are also clamping down on digital currencies.