Cryptocurrency News

Singapore Regulator Denounces Online Scam Claiming Governmental Adoption of Crypto

The Monetary Authority of Singapore (MAS) is back again on the news after it has denounced another crypto scam. This one claims that a cryptocurrency is being officially adopted by the government of Singapore, so the MAS simply had to denounce it, as not only the business was a scam but it was using lies about the government.

MAS is both the main financial regulator in the country and it also acts as the Central Bank of Singapore, so all official financial measures have to pass by it before they are law.

The entity has affirmed that the scam has many sites and they basically fabricated data which is attributed to the government in order to con the investors.

The Scam

The sites are affirming that Singapore is currently adopting a cryptocurrency as its official coin and offering the visitors a chance to buy it in an “exclusive deal”. While this is obviously a scam, and similar to some other ones like a scam that claimed that it knew which altcoin Sweden would choose as its official token, a lot of people fell for it.

It should be noted that no government in the world would ever adopt a private altcoin as their official coin. What most central banks are doing right now is thinking about emitting digital coins which are regulated by them, not adopting one that already exists.

The MAS has explained that the claims were lies and affirmed that there are many risks involved with investing in cryptocurrencies, as they are highly risky investments.

Ever since 2017, the Monetary Authority of Singapore is currently emitting many warnings against scams. Cryptocurrencies are very popular in the country and so are the scammers. This makes it the job of the entity to try and help the investors of the country not to be victims of bad actors.

The work is actually very significant and the MAS was able to ban many Initial Coin Offerings (ICOs) and scams from the country in order to create a more healthy and trustable financial system in the country.

The problem does not only happen in Singapore, though. It is quite widespread, in fact. Malta, for instance, recently had to advise local investors against using their money to support the “Bitcoin Revolution”, a crypto scam that operated via many websites and promised people that they would get rich very quickly if they decided to invest.

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