Quick UnmaskingThe Monetary Authority of Singapore (MAS) was quick to warn the public that there is no such thing as the Singapore official digital coin. The regulators issued a scam alert and recommended citizens stay away from the company.
Firstly, Singapore has never approved any official cryptocurrency and has never planned to have one. It is worth noting that Singapore has taken a somewhat softer approach towards digital assets than its Asian neighbors. Cryptocurrency trading services are legal in the country, and cryptocurrency exchanges can operate without a license. However, digital money is not considered legal tender. Moreover, the Singaporean tax authority treats them as goods and requires appropriate reporting. MAS issued several advisories during 2017 and 2018 to warn the public about the risks related to cryptocurrencies and investment instruments based on digital tokens.
The Monetary Authority of Singapore (MAS) has warned the public about an alleged scam claiming that a cryptocurrency is officially adopted by the government. This scheme is spread through websites that offer crypto investment using false government data. #fraud #Singapore— Koinlocker (@_Koinlocker) January 31, 2019
Singapore is Not AloneSingapore is not the first, and likely not the last country where scammers try to lure investors by claiming that the government supports their coin. We have already seen Swiss national cryptocurrency and Sweden state coins — both being scams which exploited the same scheme as the MCTG. Investors should remember that at this stage all existing digital asset are private projects. Despite buzz from Iran, Saudi Arabia, and even Russian, no country in the world has its own national cryptocurrency at the time of writing. If anyone is claiming otherwise, they are likely looking to steal your money. Do you believe that central banks will start issuing their own digital coins someday? Is it a good idea, or should we avoid this path of industry development at all cost? Let us know what you think in the comments below!
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