Singapore Criticizes Crypto Market, Calling It ‘Unreal Economy’ | news

The Monetary Authority of Singapore (MAS) won’t change its attitude towards the crypto market as the industry has nothing to do with the real economy. That’s what Sopnendu Mohanty, Chief Fintech Officer at MAS, told the Financial Times in an interview.

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Mohanty noted that the watchdog will be “brutal and unrelentingly hard” on illegal activity conducted by crypto businesses. He said:

“We have been called out by many cryptocurrencies for not being friendly. My response has been: friendly for what? Friendly for a real economy or friendly for some unreal economy?”

Meanwhile, Singapore wants to speed up its work on a central bank digital currency (CBDC) so that the state-backed alternative to bitcoin (EXANTE: Bitcoin) could be launched within three years.

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