BITCOIN WONT END IN A LEHMAN BROTHERS-LIKE CRASH, says MAS fintech cheif

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.

Bitcoin is a form of digital currency that is based on blockchain technology.