Newsnero
No Result
View All Result
  • Home
  • Business
    Ford increasing price of electric F-150 Lightning

    Ford increasing price of electric F-150 Lightning

    Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

    Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

    This play may help investors avoid dramatic lows

    This play may help investors avoid dramatic lows

    ‘I work just 5 hours a week’

    ‘I work just 5 hours a week’

  • Economy
    Biden tax proposals fall short of OECD standards for minimum rate

    Biden tax proposals fall short of OECD standards for minimum rate

    Demography is not destiny | Financial Times

    Demography is not destiny | Financial Times

    Did the UK economy contract in the second quarter?

    Did the UK economy contract in the second quarter?

    Big US job gains give Fed ‘a lot more work to do’ on taming inflation

    Big US job gains give Fed ‘a lot more work to do’ on taming inflation

  • Entertainment

    Eve Barlow, A Friend Of The Actress, Joined Amber Heard And Her Daughter Oonagh Paige On Their Trip To Israel

    After Posting A Photo Of Herself Sobbing In bedroom, Nicola Peltz Praises Her Followers For Their Encouragement

    Sheer Tie-Front Cardigan Worn By Gigi Hadid On The Street

    Kylie Jenner Obtains Comme Des Garçons Clothing

  • Health
    Survey: Nearly half report virtual care visit in the past year

    Survey: Nearly half report virtual care visit in the past year

    Malaysia-based startup Qmed Asia launches telehealth kiosk for corporate employers

    Malaysia-based startup Qmed Asia launches telehealth kiosk for corporate employers

    Josh Hawley asks FTC to probe Amazon One Medical deal

    Josh Hawley asks FTC to probe Amazon One Medical deal

    Homeward secures $50 million in Series B funding and announces Priority Health partnership

    Homeward secures $50 million in Series B funding and announces Priority Health partnership

  • Life Style
    What does the latest nail polish powder look like?

    What does the latest nail polish powder look like?

    IGI Diamonds

    The Truth About GIA and IGI Diamonds – What’s the Difference?

    The benefits of a terrarium that is made from glass

    The benefits of a terrarium that is made from glass

    Kimone Peart Fast-Rising Fashion Model And Influencer

    Kimone Peart Fast-Rising Fashion Model And Influencer

  • Politics
    Rick Scott Compares Trump Raid To Nazis As GOP Finds New Way To Lose Votes

    Rick Scott Compares Trump Raid To Nazis As GOP Finds New Way To Lose Votes

    Polling Shows The Midterm Shifted To Democrats When SCOTUS Overturned Roe

    Polling Shows The Midterm Shifted To Democrats When SCOTUS Overturned Roe

    Lindsey Graham Suggests America Should Trust Brett Kavanaugh And Amy Coney Barrett Not To Overturn Gay And Interracial Marriage

    Lindsey Graham Suggests America Should Trust Brett Kavanaugh And Amy Coney Barrett Not To Overturn Gay And Interracial Marriage

    Tim Ryan Is Leading In Ohio As Panicked Republicans Scramble To Prop Up JD Vance

    Tim Ryan Is Leading In Ohio As Panicked Republicans Scramble To Prop Up JD Vance

  • Sports
    ‘One of the most dangerous plays I’ve ever seen’

    ‘One of the most dangerous plays I’ve ever seen’

    Lakers legend Magic Johnson ‘speechless’ after uninspiring loss to shorthanded Trail Blazers

    Lakers legend Magic Johnson ‘speechless’ after uninspiring loss to shorthanded Trail Blazers

    Odell Beckham Jr. reveals how close he was to signing with the Patriots after Bill Belichick recruitment

    Odell Beckham Jr. reveals how close he was to signing with the Patriots after Bill Belichick recruitment

    WTA still have ‘concerns’ for Peng Shuai, call for sexual assault investigation

    WTA still have ‘concerns’ for Peng Shuai, call for sexual assault investigation

  • Technology
    Fixing social media, and US monkeypox vaccines

    Fixing social media, and US monkeypox vaccines

    Automated techniques could make it easier to develop AI

    Automated techniques could make it easier to develop AI

    Corruption is sending shock waves through China’s chipmaking industry

    Corruption is sending shock waves through China’s chipmaking industry

    VR is as good as psychedelics at helping people reach transcendence

    VR is as good as psychedelics at helping people reach transcendence

  • World
    Mushroom cloud seen rising at Russian military airbase in Crimea 130 miles from Ukrainian frontline

    Mushroom cloud seen rising at Russian military airbase in Crimea 130 miles from Ukrainian frontline

    Bahamas shark attack: Horror as British boy, eight, is savaged by sharks

    Bahamas shark attack: Horror as British boy, eight, is savaged by sharks

    Desperate Putin ‘is considering turning to Kim Jong Un for help in Ukraine’

    Desperate Putin ‘is considering turning to Kim Jong Un for help in Ukraine’

    Jealous groom beat his new bride to death on their wedding day: Russian killer jailed 18 years 

    Jealous groom beat his new bride to death on their wedding day: Russian killer jailed 18 years 

Contact Us
  • Home
  • Business
    Ford increasing price of electric F-150 Lightning

    Ford increasing price of electric F-150 Lightning

    Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

    Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

    This play may help investors avoid dramatic lows

    This play may help investors avoid dramatic lows

    ‘I work just 5 hours a week’

    ‘I work just 5 hours a week’

  • Economy
    Biden tax proposals fall short of OECD standards for minimum rate

    Biden tax proposals fall short of OECD standards for minimum rate

    Demography is not destiny | Financial Times

    Demography is not destiny | Financial Times

    Did the UK economy contract in the second quarter?

    Did the UK economy contract in the second quarter?

    Big US job gains give Fed ‘a lot more work to do’ on taming inflation

    Big US job gains give Fed ‘a lot more work to do’ on taming inflation

  • Entertainment

    Eve Barlow, A Friend Of The Actress, Joined Amber Heard And Her Daughter Oonagh Paige On Their Trip To Israel

    After Posting A Photo Of Herself Sobbing In bedroom, Nicola Peltz Praises Her Followers For Their Encouragement

    Sheer Tie-Front Cardigan Worn By Gigi Hadid On The Street

    Kylie Jenner Obtains Comme Des Garçons Clothing

  • Health
    Survey: Nearly half report virtual care visit in the past year

    Survey: Nearly half report virtual care visit in the past year

    Malaysia-based startup Qmed Asia launches telehealth kiosk for corporate employers

    Malaysia-based startup Qmed Asia launches telehealth kiosk for corporate employers

    Josh Hawley asks FTC to probe Amazon One Medical deal

    Josh Hawley asks FTC to probe Amazon One Medical deal

    Homeward secures $50 million in Series B funding and announces Priority Health partnership

    Homeward secures $50 million in Series B funding and announces Priority Health partnership

  • Life Style
    What does the latest nail polish powder look like?

    What does the latest nail polish powder look like?

    IGI Diamonds

    The Truth About GIA and IGI Diamonds – What’s the Difference?

    The benefits of a terrarium that is made from glass

    The benefits of a terrarium that is made from glass

    Kimone Peart Fast-Rising Fashion Model And Influencer

    Kimone Peart Fast-Rising Fashion Model And Influencer

  • Politics
    Rick Scott Compares Trump Raid To Nazis As GOP Finds New Way To Lose Votes

    Rick Scott Compares Trump Raid To Nazis As GOP Finds New Way To Lose Votes

    Polling Shows The Midterm Shifted To Democrats When SCOTUS Overturned Roe

    Polling Shows The Midterm Shifted To Democrats When SCOTUS Overturned Roe

    Lindsey Graham Suggests America Should Trust Brett Kavanaugh And Amy Coney Barrett Not To Overturn Gay And Interracial Marriage

    Lindsey Graham Suggests America Should Trust Brett Kavanaugh And Amy Coney Barrett Not To Overturn Gay And Interracial Marriage

    Tim Ryan Is Leading In Ohio As Panicked Republicans Scramble To Prop Up JD Vance

    Tim Ryan Is Leading In Ohio As Panicked Republicans Scramble To Prop Up JD Vance

  • Sports
    ‘One of the most dangerous plays I’ve ever seen’

    ‘One of the most dangerous plays I’ve ever seen’

    Lakers legend Magic Johnson ‘speechless’ after uninspiring loss to shorthanded Trail Blazers

    Lakers legend Magic Johnson ‘speechless’ after uninspiring loss to shorthanded Trail Blazers

    Odell Beckham Jr. reveals how close he was to signing with the Patriots after Bill Belichick recruitment

    Odell Beckham Jr. reveals how close he was to signing with the Patriots after Bill Belichick recruitment

    WTA still have ‘concerns’ for Peng Shuai, call for sexual assault investigation

    WTA still have ‘concerns’ for Peng Shuai, call for sexual assault investigation

  • Technology
    Fixing social media, and US monkeypox vaccines

    Fixing social media, and US monkeypox vaccines

    Automated techniques could make it easier to develop AI

    Automated techniques could make it easier to develop AI

    Corruption is sending shock waves through China’s chipmaking industry

    Corruption is sending shock waves through China’s chipmaking industry

    VR is as good as psychedelics at helping people reach transcendence

    VR is as good as psychedelics at helping people reach transcendence

  • World
    Mushroom cloud seen rising at Russian military airbase in Crimea 130 miles from Ukrainian frontline

    Mushroom cloud seen rising at Russian military airbase in Crimea 130 miles from Ukrainian frontline

    Bahamas shark attack: Horror as British boy, eight, is savaged by sharks

    Bahamas shark attack: Horror as British boy, eight, is savaged by sharks

    Desperate Putin ‘is considering turning to Kim Jong Un for help in Ukraine’

    Desperate Putin ‘is considering turning to Kim Jong Un for help in Ukraine’

    Jealous groom beat his new bride to death on their wedding day: Russian killer jailed 18 years 

    Jealous groom beat his new bride to death on their wedding day: Russian killer jailed 18 years 

No Result
View All Result
Newsnero
No Result
View All Result
Home Business

Singapore central bank MAS calls out crypto risks, speculative swings

admin by admin
November 9, 2021
Reading Time: 3 mins read
0
Singapore central bank MAS calls out crypto risks, speculative swings


RELATED POSTS

Ford increasing price of electric F-150 Lightning

Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

This play may help investors avoid dramatic lows

The Monetary Authority of Singapore (MAS) signage is posted outside the Central Bank’s headquarters in Singapore.

Sam Kang Li | Bloomberg | Getty Images

SINGAPORE – Singapore’s central bank and financial regulator warned Tuesday of “sharp speculative fluctuations” and potential risks for small investors who invest their money in cryptocurrencies.

The Monetary Authority of Singapore “despises cryptocurrencies or tokens as fixed assets for private investors,” said Ravi Menon, its managing director, who spoke to attendees at the Singapore Fintech Festival.

Bitcoin and Ethereum hit another all-time high in the US overnight

Bitcoin rose 2.7% to $ 68,086.45 around 4:09 a.m. ET on Tuesday, according to Coindesk. Ether – the world’s second largest digital coin by market value – rose 1.56% to trade at $ 4,813.94.

Bitcoin is up 130% so far this year and ether is up 550% over the same period. Both digital currencies have seen wild moves over the year.

Hundreds of billions of dollars were wiped off the cryptocurrency markets in May this year after Tesla CEO Elon Musk tweeted that the electric vehicle maker would stop using Bitcoin to buy its cars.

“The prices of crypto tokens are not anchored to economic fundamentals and are subject to strong speculative fluctuations,” said Menon. “Investors in these tokens run the risk of suffering significant losses.”

Countries around the world are struggling to regulate cryptocurrencies, and at least one country, El Salvador, has adopted Bitcoin as legal tender.

Singapore has taken a relatively open approach to cryptocurrencies. Menon said MAS believes that blockchain, a digital ledger that records transactions that cannot be changed or deleted, and crypto tokens can bring “many potential benefits”.

A potentially strong use case is crypto tokens to enable cheaper and faster cross-border payments and trade finance, he said.

“Not a strong argument” for Singapore’s digital dollar

Singapore is in no rush to develop a retail central bank digital currency, Menon said, describing it as the digital version of cash.

“The case for a retail CBDC in Singapore is not urgent,” he said.

For such a controversial and highly regarded topic, there are no compelling reasons for or against a CBDC for retail in Singapore.

Ravi Menon

Managing Director, Monetary Authority of Singapore

Physical cash is not going anywhere, so the need for a digital Singapore dollar “is debatable at this point,” he argued.

A digital central bank currency has advantages such as financial inclusion or expanded access to financial services. But that is “not mandatory” in Singapore as a high proportion of Singaporeans have bank accounts, while electronic payments in the country are “pervasive, highly efficient and competitive,” he said.

Another reason for a digital Singapore dollar is to protect against possible displacement of the local currency when privately issued stablecoins and foreign CBDCs hit the market and become widely available, Menon said. Stablecoins are digital assets that are tied to traditional currencies.

Nevertheless, this scenario is currently a “remote tail risk”, he added. “On an issue that is so controversial and has received so much attention, there are no valid reasons for or against a CBDC for retail in Singapore.”

Read more about cryptocurrencies from CNBC Pro

The question also arises as to whether the people of Singapore are okay with only holding bank deposits and no physical cash.

“At the moment there are no compelling arguments in favor of a retail CBDC,” said Menon.

However, the central bank acknowledged that there were potential benefits and would work with the private sector to develop the technology and infrastructure needed to issue a Singapore dollar if authorities so choose in the future, he said.

– MacKenzie Sigalos, Arjun Kharpal and Lora Kolodny from CNBC contributed to this report.



Source link

ShareTweetShare
admin

admin

Related Posts

Ford increasing price of electric F-150 Lightning
Business

Ford increasing price of electric F-150 Lightning

August 9, 2022
Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve
Business

Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

August 8, 2022
This play may help investors avoid dramatic lows
Business

This play may help investors avoid dramatic lows

August 7, 2022
‘I work just 5 hours a week’
Business

‘I work just 5 hours a week’

August 6, 2022
Here’s where the jobs are for July 2022 — in one chart
Business

Here’s where the jobs are for July 2022 — in one chart

August 5, 2022
Goldman says market mechanics indicate there could be another leg lower
Business

Goldman says market mechanics indicate there could be another leg lower

August 4, 2022
Next Post
Portugal BANS employers from contacting workers outside of office hours

Portugal BANS employers from contacting workers outside of office hours

Meet MIT Technology Review’s covid inequality fellows

Meet MIT Technology Review’s covid inequality fellows

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest

Rick Scott Compares Trump Raid To Nazis As GOP Finds New Way To Lose Votes

Rick Scott Compares Trump Raid To Nazis As GOP Finds New Way To Lose Votes

August 9, 2022

Eve Barlow, A Friend Of The Actress, Joined Amber Heard And Her Daughter Oonagh Paige On Their Trip To Israel

August 9, 2022
Ford increasing price of electric F-150 Lightning

Ford increasing price of electric F-150 Lightning

August 9, 2022

Categories

  • Business
  • Economy
  • Entertainment
  • Health
  • Life Style
  • Politics
  • Sports
  • Technology
  • Uncategorized
  • World
Newsnero

Here you get al the latest new about Business, Sport, Entertainmnet, Polotics Etc.

Categories

  • Business
  • Economy
  • Entertainment
  • Health
  • Life Style
  • Politics
  • Sports
  • Technology
  • Uncategorized
  • World

Recent News

  • Rick Scott Compares Trump Raid To Nazis As GOP Finds New Way To Lose Votes
  • Eve Barlow, A Friend Of The Actress, Joined Amber Heard And Her Daughter Oonagh Paige On Their Trip To Israel
  • Ford increasing price of electric F-150 Lightning
  • Privacy Policy
  • Terms & Conditions
  • Contact Us

© 2021 Newsnero.All Right Reserved.

No Result
View All Result
  • Home
  • Business
  • Economy
  • Entertainment
  • Health
  • Life Style
  • Politics
  • Sports
  • Technology
  • World

© 2021 Newsnero.All Right Reserved.