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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Singapore will not ban Cryptocurrency trading

February, 06 2018
watermark Economic news

The Monetary Authority of Singapore has been doing thorough research in risks associated with cryptocurrencies and the results suggest that there is no need to officially forbid trading of bitcoins in the country, according to the Deputy Prime Minister, Tharman Shanmugaratnam.

He described cryptocurrencies to be an “experiment” and this platform has been advancing globally. Although, its outcome is still uncertain, whether it will be successful in the future or not.

In response to the members of the parliament regarding on banning cryptocurrency trading, he said on a written note that even in case that it succeeds, its complete effect cannot also be determined for some time.

He has been clear on their path to cryptocurrency trading that there are in a process of reviewing the progress and potential risks in this market. Currently, they don’t see the need of prohibiting the cryptocurrency trading in their city-state.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.