Singapore's CB Will NOT Regulate Cryptocurrencies.
Ravi Menon, the managing director of the Monetary Authority of Singapore, made it clear that the country's central bank will not regulate the cryptocurrency market. In his interview on 24th of October, Ravi Menon announced cryptocurrency "doesn't represent risks that would require CB's regulations"
He said that although anti-money laundering (AML) laws apply to "activities around the cryptocurrency," "very few jurisdictions actually regulate" the digital assets themselves.
With an announcement on Tuesday, the MAS started the second consultation on its Payment Services Bill. It is the payments regulatory network suggesting streamlining the regulation of all payment services under a single legislation. The bill is seeking to bring virtual currency services, like bitcoin exchange platforms, under regulatory purview. The Monetary Authority of Singapore will have oversight to consider money laundering and terrorism financing risks.
CB of Russia to Use Blockchain.
Elvira Nabiullina, the head of the Central Bank of Russia, has announced that it is necessary to develop technologies used for creating cryptocurrency instruments in Russia.
"Technologies, used for cryptocurrencies creation, have great potentials and, in my opinion, should be developed", - Noted Nabiullina
She has also highlighted that such financial instruments are extremely volatile.
"The rights of investors in these instruments are not protected and not at all debugged, these tools are often used for questionable operations"
Besides that, Elvira Nabiullina strongly believes that Bitcoin or any other cryptocurrencies should never be equated to the national cryptocurrency.
"There are possible opportunities for creating national digital currency under the CB regulation. The technology is still relatively new, but we'll continue to explore it", - The head of CB of Russia.
The Central Bank of Morocco has announced cryptocurrencies to be illegal.
The Central Bank of Morocco has announced cryptocurrencies to be illegal and warned all residents about fines and legal consequences of using it.
"All transactions, especially international ones, should only be conducted through an authorized entity or in foreign currencies", –the announcement of CB of Morocco.
All digital currencies are risky since they don't have the lender of last resort. Nevertheless, the technology itself seems to the Moroccan central bank to be interesting and worth exploring.