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09-11-2021, 08:28 PM
PUBLISHED TUE, NOV 9 20214:12 AM EST
Abigail Ng
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.
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“The prices of crypto tokens are not anchored on any economic fundamentals, and are subject to sharp speculative swings,” Menon said. “Investors in these tokens are at risk of suffering significant losses.”
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Singapore is in no hurry to develop a central bank digital currency for retail use, Menon said, describing it as a digital version of cash.
https://www.cnbc.com/2021/11/09/singapor...wings.html
Abigail Ng
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.
......
“The prices of crypto tokens are not anchored on any economic fundamentals, and are subject to sharp speculative swings,” Menon said. “Investors in these tokens are at risk of suffering significant losses.”
......
Singapore is in no hurry to develop a central bank digital currency for retail use, Menon said, describing it as a digital version of cash.
https://www.cnbc.com/2021/11/09/singapor...wings.html
