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Singapore Cautions Against Investments In Cryptocurrencies

by December 19, 2017 General

By Massita Ahmad

SINGAPORE, Dec 19 (Bernama) — The Monetary Authority of Singapore (MAS) has advised the public to be cautious and understand the significant risks they take on if they choose to invest in cryptocurrencies.

In a statement today, MAS said, it was concerned the public may be attracted to invest in cryptocurrencies, such as bitcoin, due to the recent escalation in their prices.

“Cryptocurrencies are not legal tender. They are not issued by any government and are not backed by any asset or issuer,” it said.

MAS considered the recent surge in the prices of cryptocurrencies to be driven by speculation.

“The risk of a sharp fall in prices is high. Investors in cryptocurrencies should be aware that they run the risk of losing all their capital. There is no regulatory safeguard for investments in cryptocurrencies,” it said…..