Singapore Government warns crypto investors after Prime Minister falls into scammers nest

By: Henry Felix

April 7, 2021 10:36 AM

Authorities in Singapore handed out a warning to crypto investors in the country after the prime minister fell into the nest of scammers.

The notice warned potential Bitcoin (BTC) and cryptocurrency investors of the risk associated with crypto investors. Engaging with such a volatile market possess great danger to investors,  a stay clear warning from Singapore authority.

In just 48 hours after Lee Hsein Loong, the prime minister of Singapore's name was used to sell crypto tokens worth $10,000 on Bitclout.

Singapore Monetary Authority chairman, Tharman Shaumugaratnam, issued out a warning to retail investors to stay off crypto investment. As to avoid the risk associated with speculating in the crypto industry.

Speaking to Bloomberg Shaumugaratnam said:

"Crypto is highly volatile, with their value not linked to any economic fundamentals. They are highly risky when considered as an investment product and it's not suitable for retail investors."

Prime Minister Loong recently warned citizens to stay vigilant when it comes to investing in digital assets just after crypto tokens were minted bearing his name and social media profile.

Various government has issued crypto warnings since Bitcoin massive growth from late last year. BTC and crypto market growth is forcing more regulators to take note as their rise and increasing market value has legitimize them to investors.

However, the prime said the MAS would continue to monitor crypto developments and will attempt to keep up with the regulatory pace as technology rapid progress continues.