Singapore promises 'brutal and unrelentingly hard' action on dodgy crypto players
aims to"accelerate financial inclusion in emerging markets" through hackathons, workshops and pilot projects while examining expanded CBDCs payment capabilities."
Singapore's sovereign wealth fund has invested in Mojaloop, and MAS chief fintech officer Sopnendu Mohanty serves as a board advisor and the authority provides representatives to the Foundation's working group, alongside folks from the Bill & Melinda Gates Foundation, Google, and more.
But the FinTech boss also outlined a less enthusiastic stance on more freewheeling use of digital currencies. "We have no tolerance for any market bad behavior. If somebody has done a bad thing, we are brutal and unrelentingly hard," Mohanty"We have been called out by many cryptocurrencies for not being friendly, My response has been: friendly for what? Friendly for a real economy or friendly for some unreal economy?" Mohanty doubled down.
The officer also predicted Singapore will offer a state-backed alternative within three years, as he blamed private cryptocurrency for causing market turmoil – like the $40 billion
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