Singapore Prime Minister Lee Hsien Loong: Exploring the potential of the blockchain must be pragmatic and cannot be stunned by publicity

Singapore’s Prime Minister Lee Hsien Loong said on his personal Facebook that blockchains, bitcoins, and cryptocurrencies have been popular in recent years. Even Facebook has joined in with its cryptocurrency Libra. There is a lot of hype in this field, and whether it is really the next big event remains to be seen. Blockchain opens up interesting possibilities, but not every problem exists or requires a blockchain solution. The Singapore Financial Supervisory Authority (MAS) is piloting blockchain applications for financial institutions and technology companies. When we explore its potential, we must do it pragmatically, rather than being overwhelmed by hype.