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Singapore Central Bank head: no one can predict the price of Bitcoin

07 November 2017 21:00, UTC

Reports from Singapore, one of the most developed financial hubs in Southeast Asia, suggest that the current leader of the country’s central bank has very liberal views on cryptocurrency and fintech, but still warns of market dangers.

As Ravi Menon also believes, the idea of cryptocurrency completely replacing regular, or fiat currency is completely unrealistic. While positioning himself as overall supporter of fintech, Menon advises not to believe the current hype and always think before investing — this advice actually can be applied not only to cryptocurrency sphere, but to all investment opportunities.

Words are one thing, but what about the state financial policy towards fintech and cryptocurrency market as part of it? The central bank of Singapore has managed to find 165 million dollars (unspecified if Singaporean or U.S. dollars) for five years of this industry development. A development roadmap has been created, and according to it, 4000 jobs are planned to be created every year, and a quarter of these jobs will be in fintech.

Singapore is known for making good long-term investments, as during the second half of the past century, they have decided to invest in microelectronics which turned out to be very profitable.