Singapore's Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies

06/01 10:51

According to News.bitcoin, Singapore’s Deputy Prime Minister Heng Swee Keat warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit, citing that they are “highly risky.” 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. Keat also stressed the importance of crypto regulation, stating: “We must continue to adapt our rules to ensure that regulation remains facilitative of innovation, and yet addresses the key risks that crypto assets pose.”
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