Wednesday, Sep 28, 2022
International Finance
Finance

Crypto speculation hinders market transformation

Cryptocurrency, South Korea, Monetary Authority of Singapore, MAS
Sopnendu Mohanty worries that speculation could ‘destroy the experimental value of cryptocurrency’

Speculations in cryptocurrency market challenges innovation and restrains development, observed an executive at Singapore’s central bank.

Chief fintech officer of the Monetary Authority of Singapore (MAS), Sopnendu Mohanty told CNBC, the speculative moves ‘destroy the experimental value of cryptocurrency.’

In his views, “That’s a key part because we are going to continue to experiment on this fabulous technology and find the use case, hopefully, in the long run. But the speculators and the people who are making money out of this speculation of the cryptocurrency (market) are perhaps negatively impacting the whole experimentation of cryptocurrency.”

South Korea recently initiated steps to manage speculation and imposed a ban on anonymous bank accounts in cryptocurrency trading. This leaves room for debate on whether the move will positively impact the market or suppress growth at its nascent stages.

 

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