Tharman Shanmugaratnam, the former Singapore finance minister and central bank chairman, was elected the country’s president Saturday with 70.4% of the vote. The 66-year-old’s experience might mean he has some influence in shaping policy related to the future of finance, including cryptocurrencies, central bank digital currencies (CBDCs) and more.
Shanmugaratnam has held several governmental roles, including deputy prime minister, and has been vocal about his stance on cryptocurrencies. In 2018, he wrote that cryptocurrency and related trading activity did not pose any threat to Singapore’s finance system, and there was no need to prohibit it. He reiterated that stance in 2023, saying at the World Economic Forum that crypto is inherently purely speculative and in fact slightly crazy.
In 2021, Shanmugaratnam said there may be a role for crypto in future finance that extends beyond pure speculation and illicit finance and that he envisioned a future in which regulated stablecoins will have a useful role in a traditional payment system. Last month, the MAS released a regulatory framework for stablecoins.
Shanmugaratnam’s election as president of Singapore could mean a shift in the country’s approach to cryptocurrencies and other forms of digital finance.