Singapore says no strong case to ban cryptocurrency trading

SINGAPORE - Singapore's central bank has been studying the potential risks posed by cryptocurrencies, but there is as yet no strong case to ban trading of the digital coins in the city-state, Deputy Prime Minister Tharman Shanmugaratnam said.

"Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed," Shanmugaratnam said.

"If some do succeed, their full implications will also not be known for some time," the deputy prime minister said in a written answer to questions from members of parliament on banning the trading of bitcoin or cryptocurrency.

"The Monetary Authority of Singapore (MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here."