Singapore Officials Announce Bitcoin & Blockchain as One
As the CTO of Singapore, Sopnendo Mohanty has repeatedly stated that native coins to a blockchain cannot be separated from a decentralized framework. During a conference in Saudi Arabia, the CTO spoke about the importance of the relationship between cryptocurrencies and BC technology.
Mohanty’s statements about Bitcoin and Blockchain are a result of consistent discussions and statements by financial regulators stating that cryptocurrencies and digital assets would not be required to integrate themselves in the same regulations placed on decentralized platforms and their application to national banks and their systems.
Sopnendu Mohanty is the acting CFO for Singapore’s financial authority and is in charge of researching and designing new regulations for digital asset regulation by national authorities. He stresses on the importance of native coins to their relative blockchain frameworks, explaining that native currencies were essential as motivational systems.
Other reasons the monetary lead states are the transparency of a framework and its lack of required authorizations and the unchangeable nature of transaction history. Cryptocurrency developers have been promoting the concept of digital coins and their performance given their decentralized nature.
Mohanty also stressed the importance of recognizing the significance of cryptocurrencies today. He has said that cryptocurrency is a new representative of any economy and how the technology will pave the way to a new future of how an economy operates.
He explains that the newly emerging financial tech should be treated as a platform for a new economic ecosystem. Several financial regulators around the world have expressed their support for Mohanty and his statements, recognizing his regulation policies as an efficient means of properly monitoring crypto and blockchain.
Jay Clayton, SCE of the United States, proposed policies of his own which contradicted Mohanty’s own, exploring anti-money laundering regulations claiming that ICO’s are a security. As a result, new investors and ICO operators have avoided the US cryptocurrency market. Security tokens have seen more production and distribution to address the issue with investors and their need for easier digital investments.