Singapore's Central Bank Wants to Foster Digital Assets, Restrict Crypto Speculation

According to Menon, while the digital asset ecosystem uses blockchain, distributed ledger technology and tokenization to allow "anything of value to be represented in digital form, and to be stored and exchanged on a ledger that keeps an immutable record of all transactions" cryptocurrencies are just "heavily speculated upon" while their prices "have nothing to do with any underlying economic value." "Cryptocurrencies have taken a life of their own outside of the distributed ledger and this is the source of the crypto world’s problems," Menon said.

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