Cryptocurrency speculation could hurt innovation: MAS fintech exec

Speculative cryptocurrency investors are negatively impacting on experimentation with the nascent technology, an executive at Singapore’s central bank said Monday.

Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore (MAS), told CNBC in which he did not want speculative investing inside digital currency space to “destroy the experimental value of cryptocurrency.”

MAS can be currently working on its own blockchain, or distributed ledger technology, project called “Project Ubin,” as well as expects to complete a trial using a digital type of the Singapore dollar This particular year. Blockchain, the technology in which underpins virtual currencies, maintains a continually growing record of transactions across a decentralized network.

Voicing his concerns about speculators inside market, Mohanty said: “in which’s a key part because we are going to continue to experiment on This particular fabulous technology as well as find the use case, hopefully, inside long run.

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