The Monetary Authority of Singapore (MAS) has issued a stern warning to the public regarding a fake website, which is reportedly soliciting investments in Bitcoins in Singapore. According to Tharman Shanmugaratnam, the MAS Chairman, the fraudulent website is using false comments attributed to him to dupe the public of its investments. However, Shanmugaratnam has reiterated that stating that the article on the MAS website regarding Bitcoins is deceptive.
The misleading information is in use for other unlawful activities
The cryptocurrency industry is booming and has attracted massive interests as well as competition. Apparently, the newcomers in the industry seem to be getting hold of those who are so experienced. However, according to the central bank, putting money in Cryptocurrencies is such a high risk and with the high returns, everyone would do anything to get away with it.
Shanmugaratnam is also the Prime Minister. He argues that the misleading information on MAS website, which reads, “Tharman Shanmugaratnam Invests $1 Billion for All Singapore Residents. Use HIS Method To Become Rich In Just 7 Days!” is likely to be used for other unlawful activities. Apparently, the article had the PM?s photo on it and further described him as a “venture capitalist” who has a high interest in the Bitcoin cryptocurrency market.
There is no regulatory safeguard for investments in Cryptocurrencies
The common Cryptocurrencies in the market today include Bitcoin, Ethereum and Litecoin. However, MAS has continued to insist on the importance of exercising caution when trading or investing in them. It had actually sent out an advisory warning on Dec 19, 2017, describing the risks of cryptocurrency investments and also outlined that Cryptocurrencies are not legal tender.
The central bank has stated its stand citing that anyone investor who loses their cryptocurrency investments will not rely on any protection from any legislation. In any case, the government does not issue the Cryptocurrencies and neither does MAS regulate them.
As it is now, one of the major concerns for MAS is that criminals do not use financial crimes such as money laundering and terrorist financing. Meanwhile, Shanmugaratnam has asked the public to report any form of suspicious activities.