Ravi Menon, Governor of the Monetary Authority of Singapore (MAS), publicly stated at a Green Shoots Seminar that MAS has issued a strong warning to retail cryptocurrency investors and has always taken strong measures to limit retail investors’ access to cryptocurrencies .
MAS believes that cryptocurrencies are not suitable for use as money and are highly dangerous for retail investors.
This is mainly due to the high amount of speculation in the cryptocurrency market, with extreme price volatility preventing it from being a viable currency or investment asset.
Ravi Menon said, “Cryptocurrencies have no useful function outside of blockchain networks other than as a speculative tool, and MAS has been warning about the significant risks of investing in cryptocurrencies since 2017.”