MAS warns about 'highly risky' cryptocurrency trading after Terra Luna crash

[SBFNews]

https://mothership.sg/2022/05/mas-w...a-crash/?utm_source=tele&utm_medium=referral#

MAS warns about 'highly risky' cryptocurrency trading after Terra Luna crash​

Not suitable for retail investors, said the central bank.
Joshua Lee |

May 19, 2022, 04:03 PM

The Monetary Authority of Singapore (MAS) has issued a statement about cryptocurrency and stablecoins following the Terra Luna fiasco.

Two tokens -- UST (TerraUSD) and Luna -- from the cryptocurrency project lost most of their value, 70 per cent and 95 per cent respectively, within days.
If you would like to understand a little bit more about UST and Luna and how this entire fiasco unfolded, this opinion piece in Bloomberg is both easy to read and enlightening.

According to The Business Times, MAS warned that while stablecoins are marketed as having stable value, hence the name "stablecoins", they have experienced fluctuations in market price.

Stablecoins are considered less volatile in general because they are typically pegged to dollar or cryptocurrency collateral.

But as the Terra Luna experiment has shown, they are subjected to bank runs and price crashes in the event holders engage in mass sell-offs.
MAS said:

“MAS has consistently warned the public on the risk of trading in cryptocurrencies. Cryptocurrencies are highly volatile and often not anchored on economic fundamentals. This means that it is highly risky and not suitable for retail investors.”

BT also reported that the central bank is reviewing regulatory measures with regard to stablecoins.

 

[syed putra]

Bitcoin value sustsined by Tesla?

 

[bobby]

It would have been more helpful and useful piece of advice if MAS gave that warning just BEFORE the Terra Luna crash.

 

[tobelightlight]

Haizzz, tax money waster only inform others AFTER the crash happens. Any cock also can do that. so what is the expert here?

These are the same type of people that push the citizens to take the vaccine and so many die and injured and getting covid for that.

 

[blackmondy]

Only warn after crash. Just like telling you to pull down your pants after you have shitted. This type of 事后诸葛亮 authority got what fucking use ?

 

[Cottonmouth]

It would have been more helpful and useful piece of advice if MAS gave that warning just BEFORE the Terra Luna crash.

It was before, but people need to learn it for themselves.

https://www.mas.gov.sg/news/media-r...rage-cryptocurrency-trading-by-general-public (Jan)

https://www.mas.gov.sg/news/speeches/2022/mas-approach-to-the-crypto-ecosystem (Apr)

 

[Semaj2357]

Only warn after crash. Just like telling you to pull down your pants after you have shitted. This type of 事后诸葛亮 authority got what fucking use ?

hanor, on hindsight is 20/20 vision but what is needed is the foreplay and where it'll lead to

 

[mahjongking]

It would have been more helpful and useful piece of advice if MAS gave that warning just BEFORE the Terra Luna crash.

as usual, they wait to see if they can tax this gambling if everything goes well.....if not, you die your business...whats new?

 

[Voldermort]

Singaporean couple lost >2 million SGD after Terra LUNA collapsed.​

https://shrtcô.de/apwLVz

 

[rushifa666]

More risky than ringgit?

 

[batman1]

Always warn AFTER the fiasco.

 

[sweetiepie]

Always warn AFTER the fiasco.

Yes my uncle had already said that in sbf long before the fiasco

 

[red amoeba]

I don’t understand why we are issuing such nonsense. All investment come with risk and if people go blindly or with blind faith it’s their foolishness. If we have aspiration to be a financial hub we should not be a nanny.

Likewise if the government keep promoting something like vaccine and CLOB shares be very careful.

 

[batman1]

I don’t understand why we are issuing such nonsense. All investment come with risk and if people go blindly or with blind faith it’s their foolishness. If we have aspiration to be a financial hub we should not be a nanny.

Likewise if the government keep promoting something like vaccine and CLOB shares be very careful.

U die is your business !