Warnings about bitcoin become more powerful, Singapore calls for "extreme caution" - CYDIAPLUS.com

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Friday, 22 December 2017

Warnings about bitcoin become more powerful, Singapore calls for "extreme caution"



The Monetary Authority of Singapore (MAS for its acronym in English), said in an official statement that he is concerned that "members of the public may be attracted to invest in cryptocurrencies, such as bitcoin , due to the recent escalations of their valuations." This escalation of bitcoin has multiplied by 17 its value so far this year. The increase in the prices of bitcoin does not make sense, nobody understands it, which, at the moment, is risky for all budgets.


In essence, bitcoin is not regulated, does not depend on banks or is supervised by government institutions.
Global financial regulators are beginning to warn the public about the risks of investing in bitcoin, a market that many perceive has generated a speculative bubble, after the Singapore central bank on Tuesday urged "extreme caution" around the operations with cryptocurrencies.

The Monetary Authority of Singapore also expressed fears that it considers that the recent increase in the prices of cryptocurrencies has been encouraged by speculation "and there is no basis to protect consumers. They take for granted that investors must take responsibility and not wait for protection if they lose money because of the difficulties of regulating a complex, non-transparent market that does not have a central authority. He indicated that investors in cryptocurrencies should take into account the risk of losing all their capital "

On Monday, Denmark's central bank said investments in bitcoin were "deadly" and warned the public to stay away.

A survey conducted by the Center for Macroeconomics and the Economic Policy Research Center showed that most of the most influential economists in Europe were in favor of applying more regulations to the market, particularly because of the suspicion that cryptocurrencies facilitate tax evasion and other criminal activities.

Buy bitcoin is no longer an action only of large investors eager to expand their fortunes to become a chain phenomenon, in which even low-income young people who aspire to join the upward climb of this virtual currency.

And the participation of these millennials in the rage for the bitcoin, which this Friday was priced at more than US $ 17,600, has come especially through the simplicity provided by mobile phones.

Review the fluctuations through mobile applications such as "Coinbase", which allows you to buy and sell cryptocurrencies easily,

Most cities have ATMs where you can exchange bitcoins for dollars, and more and more gifts for this Christmas can be purchased with a virtual wallet.

Beyond being a speculative operation, people like the Cuban Mario González, a 44-year-old microbiologist in Miami, are using the cryptocurrency to "solve problems in a comfortable way", such as sending money, without commissions, to their daughter who lives in Europe. .

This furor transcends generations, and has also brought into this wheel the Spanish Adrià Izard, a 23-year-old commercial resident in Miami, who believes that "you have to be there because you will go down in history", although he says he invested little money " in case you get your fingers. "

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