Singapore promises 'brutal and unrelentingly hard' action on dodgy crypto players

In the same week that it welcomed the launch of a local center of excellence focused on crypto-inspired central bank digital currencies, Singapore's Monetary Authority (MAS) has warned crypto cowboys they face a rough ride in the island nation. The center of excellence (COE) was established by the Mojaloop Foundation – an open …

[Pascal Monett]

"Singapore will offer a state-backed alternative within three years"

What. For.

Signapore already has a currency. Don't tell me that they don't know how to use credit/debit cards and online payments in one of the most highly-connected areas of the planet.

Don't tell me that their online banking doesn't work.

So what is the use of a funny-money currency ?

Someone please explain to me.

[1752]

Re: "Singapore will offer a state-backed alternative within three years"

Programmable money. The CBDC (Central Bank Digital Currencies) are a stepping stone \ start on the way to Programmable money.

[Dreadedhill]

Step in the right direction

Fully expected a step like this. Read the Bitcoin paper early on, then had to go read on the history of money. Short version: money is a function of government, and Bitcoin was not money. (This makes sense, if you do the reading.) Wrote on this, long ago.

https://www.quora.com/Is-Bitcoin-a-pyramid-scheme/answer/Preston-L-Bannister

https://www.quora.com/What-is-the-future-of-Bitcoin-Will-it-become-a-mainstream-currency-or-will-its-popularity-wane-and-why/answer/Preston-L-Bannister

The current crop of so-called "crypto-currencies" are really collectibles - like Beanie Babies - with no intrinsic value.

That a nation might create a currency backed by strong cryptography also makes perfect sense. This will be a new design, and needs careful thought.