Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.”
Singapore’s Deputy Prime Minister Warns About Crypto
Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said:
Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough.
He brought up the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) to support his argument. Many investors lost a lot of money when the two cryptocurrencies crashed.
While cautioning that cryptocurrency is “highly risky,” the deputy prime minister stated that digital dollars could transform finance.
Keat also stressed the importance of crypto regulation, stating:
We must continue to adapt our rules to ensure that
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