In a move most likely to preserve their position as a major world financial player, the Monetary Authority of Singapore (MAS) has decided not to intervene on whether businesses can accept Bitcoin as a means of transacting goods and services. This is big news coming from the countries central bank. “Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene,” it communicated to Singapore-based Bitcoin trading platform Coin Republic in an email.
They went on to say, what we all know, that “If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse”.
This follows the decisions of Japan and Canada to leave Bitcoin a relatively unregulated commodity as opposed to a currency.
Link:
http://www.techinasia.com/singapore-government-decides-interfere-bitcoin/
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