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Singapore Prime Minister: "Banks Must Take Advantage of Technologies like Bitcoin"

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In a speak given during a United Overseas Bank 80th anniversary cooking hold on Thursday, Singapore’s Prime Minister Hsien Loong suggested a country’s banks and regulators to try a advantages and singular applications of rising technologies such as Bitcoin and a underlying technology, a blockchain.

Loong due an endless hearing and investigate of a Bitcoin network’s ability to hoop real-time settlements and programmed corroboration of exchange and payments. He serve emphasized a stress of financial technologies like a Bitcoin network in building clever informal and general participation for a country’s banks and financial institutions.

“Blockchain, that is used for bitcoin can also be used for many other applications like real-time sum allotment and trade financial verification,” said Loong.

“So a banks and regulators contingency keep present with these developments. The banks are in a clever position. We are in a heart of rising Asia. The banks have clever change sheets, and with a clever informal participation they can take advantage of many opportunities around them.”

In Apr 2015, a Singaporean supervision announced a desirous skeleton to turn Asia’s heading blockchain and financial record heart by a growth of accessible regulatory sourroundings for fintech and

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