Singapore Government Decides Not to Interfere With Bitcoin

The Monetary Authority of Singapore (MAS), the country's central bank, has decided not to intervene on whether businesses can accept Bitcoin as a means of transacting goods and services.

"Whether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene," it told Singapore-based Bitcoin trading platform Coin Republic in an email.

The Singapore government has long maintained that the MAS does not regulate virtual currencies, so this latest statement is consistent with its stand. Depending on who you ask, this could be good or bad, since some Bitcoin proponents argue that the right regulations could give the currency legitimacy in the eyes of the public. Read more...