Tuesday, November 30, 2021

Singapore authority issues a warning against crypto after PM gets caught in a scam.

The Takeaway:

The Monetary Authority of Singapore has issued a warning to crypto investors after the state's prime minister was unwittingly caught up in a fake token scam.

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The Monetary Authority of Singapore issued a notice to would-be Bitcoin and cryptocurrency investors, warning them of the dangers of engaging with such a volatile market. The warning came just 48 hours after Prime Minister of Singapore Lee Hsien Loong had his likeness appropriated by a user on the BitClout social token platform, who used the PM’s name to sell tokens worth a near combined $10,000. 

 

The authority warned of the inherent risks involved in speculating in the cryptocurrency space. 

The chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam, warned of the inherent risks involved in speculating in the cryptocurrency space, asserting that their value was not tied to any underlying fundamentals. Shanmugaratnam said retail investors should stay away. “Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals. Hence, they are highly risky as investment products and certainly not suitable for retail investors,” the chairman added, as reported by Bloomberg

 

Singaporean Prime Minister had also warned about crypto scams. 

Earlier, Singaporean Prime Minister Loong had warned citizens to remain vigilant regarding cryptocurrency investing after tokens were minted bearing his name, likeness, and social media profile. Bitcoin’s over 1,000% growth in the past year has drawn out numerous government warnings such as those issued by Loong and Shanmugaratnam. Bitcoin and other cryptocurrencies more broadly are forcing regulators to take notice as their increasing market caps raise them out of “fringe asset” status and legitimize them in the eyes of investors. The MAS chairman said they would continue to monitor cryptocurrency developments closely and will attempt to keep up the regulatory pace as technological progress continues.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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