The newly appointed President of Singapore calls cryptocurrency "purely speculative" and "a bit crazy."

ChainCatcher news, Singapore's newly elected president Tharman Shanmugaratnam believes that cryptocurrency is "purely speculative" and "a bit crazy." Shanmugaratnam's experience may mean he has some influence in shaping policies related to the future of finance (including cryptocurrencies, CBDCs, etc.).

Shanmugaratnam previously served as Singapore's Minister of Finance and Chairman of the Monetary Authority. His early stance on cryptocurrency was laissez-faire. In 2021, Shanmugaratnam stated that "the role of cryptocurrency in future finance may go beyond pure speculation and illicit finance," and he envisioned that "regulated stablecoins will play a useful role in traditional payment systems" in the future.