![](https://i.imgur.com/CLvY2jA.png")
21-05-2022, 01:18 PM
How is it governments are doing nothing when doing nothing can cause citizens to suffer losses?
Those who claim nothing can be done let me ask you.
Can you open a new bank tomorrow on Orchard Road and collect deposits and make loans? The answer is NO. Because of regulations doing so is ILLEGAL.
It has been made illegal because in the past in absence of regulation scammers and conmen will cheat ordinary people
Fast forward to what happened recently. Basically a .synidcate opened some.kind of "digital bank" collected deposits and made loans without capital adequacy and collapsed.
Yet govt and regulators are acting blur about the whole thing when they should have introduced regulation to prevent this.
If it is not the responsibility of govt to do this then they are not doing their work.
Govt should not pretend nothing can be done. They can legislate that such issuance of digital money has to be fully backed by secure assets like treasuries and AAA bonds. Otherwise it will be declared illegal in the country.
If doing this can save citizens from scans and losses ...why not do it?
Those who claim nothing can be done let me ask you.
Can you open a new bank tomorrow on Orchard Road and collect deposits and make loans? The answer is NO. Because of regulations doing so is ILLEGAL.
It has been made illegal because in the past in absence of regulation scammers and conmen will cheat ordinary people
Fast forward to what happened recently. Basically a .synidcate opened some.kind of "digital bank" collected deposits and made loans without capital adequacy and collapsed.
Yet govt and regulators are acting blur about the whole thing when they should have introduced regulation to prevent this.
If it is not the responsibility of govt to do this then they are not doing their work.
Govt should not pretend nothing can be done. They can legislate that such issuance of digital money has to be fully backed by secure assets like treasuries and AAA bonds. Otherwise it will be declared illegal in the country.
If doing this can save citizens from scans and losses ...why not do it?
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
