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Singapore — Singapore Tuesday issued a warning about cryptocurrencies after a recent surge in prices sent investors flocking to bitcoin.
"The Monetary Authority of Singapore advises the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies," the city-state’s central bank said in a statement.
"MAS is concerned that members of the public may be attracted to invest in cryptocurrencies, such as bitcoin, due to the recent escalation in their prices."
It said the recent spike in bitcoin prices comes from speculation, and cautioned that the bubble may burst. Singapore’s central bank joins a number of regulators who have warned about cryptocurrency investments, including the US Federal Reserve, which said bitcoin could threaten financial stability.
Regulators in Seoul have banned South Korean financial institutions from dealing in virtual currencies. The MAS, which also acts as a financial regulator in the city-stat...
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