The speculation in crypto-currency trade has a negative impact on experimenting with emerging new technology, according to a senior official of the Monetary Authority of Singapore (MAS).

Sopnendu Mohanty, who is Senior Finance Manager at the central bank, said he would not want speculative investments in crypto-currency to destroy the “experimental value” of virtual money, thus hindering the development of innovative block-chain technology.

The Singapore central bank is currently developing its own block-chain technology called Project Ubin, and experts are expecting to complete tests with the digital version of the Singapore dollar this year. The block-chain is the technology that supports virtual currencies, accounting for a steadily increasing number of transactions in its decentralized network.

“We are going to continue experimenting with this incredible technology and we hope to find a good opportunity to put it into use in the long run”, said Sopnendu Mohanty.

A number of banking giants, including Bank of America Merrill Lynch, Citi and Credit Suisse, are participating in the Singapore Central Bank block-chain project.

Concerns about speculative trading, the extraordinary volatility, and the criminal activities directed to the crypto-currency market have led to increased pressure on digital money by the regulator.

Last month, South Korea introduced measures to tackle speculation in the sector by banning the use of anonymous bank accounts when trading with crypto-currency data.