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https://www.channelnewsasia.com/new...hman-financial-crash-risk-mas-fintech-9893862
Bitcoin won't end in a Lehman Brothers-like crash, says MAS fintech chief
SINGAPORE: The Monetary Authority of Singapore’s (MAS) chief fintech officer Sopnendu Mohanty said he does not foresee a Lehman Brothers-like financial meltdown with Bitcoin at this point of time.
In an interview with Conversation With (to be telecast Jan 25 at 8.30pm), Mr Mohanty pointed out that regulators around the world are keeping a close watch on cryptocurrency trades, and there is “a great indication that regulators are getting serious about this whole cryptocurrency market”.
He added that as the market for digital currencies like Bitcoin continue to grow, regulators would eventually step in to apply consumer-protection regulation that will correct the hype.
“We know exactly when to intervene, based on the market size and the demand and transaction volume, and we will come in at the right time. So, I’m not overly worried about getting to some large financial system crisis,” he said.
From 2017 to 2018, Bitcoin’s price skyrocketed by more than 1,300 per cent - hitting an all-time high of US$ $19,783 on December 17 , 2017 - and feeding a global buying frenzy.
However, critics like famed billionaire investor Warren Buffett have called the Bitcoin a “mirage” and said that cryptocurrencies “will come to a bad ending”. Chief executive officer of JPMorgan Chase & Co Jamie Dimon has also called Bitcoin “ a fraud”.
Bitcoin won't end in a Lehman Brothers-like crash, says MAS fintech chief
SINGAPORE: The Monetary Authority of Singapore’s (MAS) chief fintech officer Sopnendu Mohanty said he does not foresee a Lehman Brothers-like financial meltdown with Bitcoin at this point of time.
In an interview with Conversation With (to be telecast Jan 25 at 8.30pm), Mr Mohanty pointed out that regulators around the world are keeping a close watch on cryptocurrency trades, and there is “a great indication that regulators are getting serious about this whole cryptocurrency market”.
He added that as the market for digital currencies like Bitcoin continue to grow, regulators would eventually step in to apply consumer-protection regulation that will correct the hype.
“We know exactly when to intervene, based on the market size and the demand and transaction volume, and we will come in at the right time. So, I’m not overly worried about getting to some large financial system crisis,” he said.
From 2017 to 2018, Bitcoin’s price skyrocketed by more than 1,300 per cent - hitting an all-time high of US$ $19,783 on December 17 , 2017 - and feeding a global buying frenzy.
However, critics like famed billionaire investor Warren Buffett have called the Bitcoin a “mirage” and said that cryptocurrencies “will come to a bad ending”. Chief executive officer of JPMorgan Chase & Co Jamie Dimon has also called Bitcoin “ a fraud”.
