SINGAPORE: Singapore Tuesday issued a warning about cryptocurrencies after a recent surge in prices sent investors flocking to bitcoin. Singapore’s central bank joins a number of regulators who have warned about cryptocurrency investments, including the US Federal Reserve, which said bitcoin could threaten financial stability. “There is also a risk of loss should the cryptocurrency intermediary be hacked, as it may not have sufficiently robust security features,” the regulator said. Global bitcoin prices have soared around 20-fold this year, with the cryptocurrency trading above $18,000 on Tuesday. Previously only traded on specialist platforms, bitcoin started trading on the Cboe Futures Exchange earlier this month before hitting the major Chicago Mercantile Exchange (CME) on Monday.

Source: The Star December 19, 2017 11:26 UTC