Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policy of Singapore, said that the cryptocurrency market has recently suffered from market volatility, but the blockchain technology related to cryptocurrencies still has great potential for development, which can help improve the efficiency and convenience of cross-border transactions, and Reduce transaction costs.
Crypto assets have been in the spotlight lately with a lot of negative news, however this does not reflect the greatest value that blockchain and digital assets exist.
In the case of cryptocurrencies, their prices can be very volatile and subject to speculation, making them unsuitable for retail investment. But blockchain technology for cryptocurrencies has the potential to improve cross-border wholesale transactions.