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

The Prime Minister of Singapore has urged the country's banks and regulators to keep up to scratch with technological developments such as blockchain technology. Speaking at the United Overseas Bank 80th anniversary dinner held in Singapore yesterday, Prime Minister Lee noted the challenges currently facing the financial industry and highlighted the importance of keeping abreast with technological developments in order to remain competitive. He said: "Looking ahead, the banking industry is entering a new challenge ... The operating environment has become more challenging, but on top of....

Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.” Singapore’s Deputy Prime Minister Warns About Crypto Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said: Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough. He brought up....

At the United Overseas Bank (UOB) 80th anniversary dinner, Lee Hsien Loong, Prime Minister of Singapore, commented that Bitcoin and blockchain technology are going to change the banking industry. Singapore is an important financial center in Asia. And this statement from Loong suggests a bright future for the decentralized technology within the country. Long’s ten minute speech was concluded with words of support towards blockchain applications within the banking industry: “The operation environment has become more challenging, and on top of that, technology is moving very fast, with new....

Singapore Prime Minister Lee Hsien Long cited bitcoin and block chain technology as innovations changing the banking industry during a congratulatory speech at the United Overseas Bank (UOB) 80th-anniversary dinner. Hsien Long emphasized the banking industry's importance to his nation's economy. He began his talk by reviewing the history of UOB, one of the country's first banks. In 1935, during the Great Depression, a group of Chinese businessmen pooled their resources to set up the bank now known as UOB. It had a single branch in rented premises, and it engaged in short-term loans. It has....

The Prime Minister of Estonia has said cryptocurrencies must be restricted in order to address loopholes that may be used by sanctioned Russian entities to evade the punitive measures. In addition, the premier wants all Russian as well as Belarusian banks to be removed from the global payment network. Sanction Evasion Concerns The Estonian prime minister, Kaja Kallas, has told U.S. Secretary of State Antony Blinken that cryptocurrencies must be “restricted” in order to deny Russia the opportunity to evade recently imposed sanctions. Prime Minister Kallas’ comments,....