The Chief of the Central Bank of Singapore decided to talk about the future of the cryptocurrency market. Ravi Menon claimed that a crash of the cryptocurrency market will eventually happen. However, Menon also claimed that he hoped that this crash will not also lead to the loss of the technology behind cryptocurrencies.

These statements were made by Menon at an event that recently took place in Singapore. The Central Bank of Singapore, or the Monetary Authority of Singapore, is the main financial authority in the country. It surely seems that Menon believes in the capacities of the blockchain technology and he claimed that he actually hoped that it will not be undermined by the crash of the market.

Central Bank chief claims blockchain technology is valuable

Menon said according to Reuters that this meaningful technology that supports digital currencies and the blockchain is an important development. These statements are not surprising coming from the chief of the Central Bank of Singapore. Menon previously said that cryptocurrencies "can have potentially good applications in particular use cases."

However, this does not mean that the central bank is a supporter of cryptocurrencies. In fact, the financial institution of the country has last year issued a public warning against investing on this market. The central bank said in December that it was concerned with the interest that people were having in cryptocurrencies.

Furthermore, the bank said that the constant increase in the price of bitcoin is associated to market speculation and could eventually lead to a fast decrease of the cryptocurrencies' price.

However, at the same time, the central bank has shown interest in releasing a cryptocurrency. So, Menon claimed that launching a central bank cryptocurrency was a possibility. However, nothing else has been revealed on the matter since.