Singapore’s central bank warns against crypto

[superadmin]

Singapore’s central bank warns against crypto, says retail investors risk ‘significant losses’

• Singapore’s central bank and financial regulator warned Tuesday of “sharp speculative swings” and potential risks for retail investors who put their money in cryptocurrencies.
  
• “The prices of crypto tokens are not anchored on any economic fundamentals, and are subject to sharp speculative swings,” Menon said at the Singapore Fintech Festival. “Investors in these tokens are at risk of suffering significant losses.”
  
• He also said Singapore is in no hurry to develop a central bank digital currency for retail use.
  

SINGAPORE — Singapore’s central bank and financial regulator warned Tuesday of “sharp speculative swings” and potential risks for retail investors who put their money in cryptocurrencies.

The Monetary Authority of Singapore “frowns on cryptocurrencies or tokens as an investment asset for retail investors,” said Ravi Menon, its managing director, who was speaking to those at the Singapore Fintech Festival.

Bitcoin and ethereum hit another all-time high in the U.S. on Monday.

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