Singapore’s central bank says cryptocurrencies have ‘no fundamental value’

06/28 14:00

The Monetary Authority of Singapore, the city-state’s central bank, said it’s focused on becoming the leading technology-driven financial center in Asia, an ambition that embraces blockchain and central bank digital coins. It doesn’t include cryptocurrencies. “Cryptocurrencies are not currencies and they are unlikely to perform the functions of money as prices are subject to sharp speculative swings and that they have no fundamental value,” the central bank, known as MAS, said in an email response to questions from Forkast. “MAS frowns on cryptocurrencies as investments for retail investors,” it said in the email statement.
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