Singapore is planning to restrict retail access to cryptocurrencies by planning to make it difficult for the public to buy cryptocurrencies. But the country is not talking straightaway imposing a ban on such trading activities.

Singapore is planning to restrict retail access to cryptocurrencies by planning to make it difficult for the public to buy cryptocurrencies. But the country is not talking straightaway imposing a ban on such trading activities. Ravi Menon, who is the managing director of the Monetary Authority of Singapore (MAS), said at an event on Monday (August 29) that surveys show that consumers across the world are trading in cryptocurrencies. He said it is increasing with each day despite the warnings and measures shared by the government authorities and experts. ALSO READ | Charging EV in 10 minutes may be possible, but electric vehicle adoption depends on more such options He said, "They seem to be irrationally oblivious about the risks of cryptocurrency trading. Adding frictions” on retail access to cryptocurrencies was an area the MAS was contemplating." "These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading," Menon said at a seminar titled "Yes to digital asset innovation, No to cryptocurrency speculation." Menon also said that MAS is mulling over customer suitability tests and also restricting the use of leverage and credit facilities for the trading of cryptocurrencies. He added that the monetary authority regards cryptocurrencies as unsuitable for use as money and as "highly hazardous" for retail investors. But he further noted that since crypto trading is not bound by borders, putting bans on retail access to crypto might not work. ALSO READ | The HMS Prince of Wales breaks down a day after leaving Portsmouth Speculating on price movements via a trading account, or buying and selling the underlying coins via an exchange are the activities involved in Cryptocurrency trading. He said, "With just a mobile phone, Singaporeans have access to any number of crypto exchanges in the world and can buy or sell any number of cryptocurrencies." In several instances, the Singaporean monetary authority has been criticised for unclear rules and positions. The trading experts have also said that there is a tedious licensing regime. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Singapore planning to restrict retail access to cryptocurrencies amid a rise in trading

Another fake account on Facebook, which is running scams related to cryptocurrency after impersonating Tesla owner Elon Musk has been identified. Surprisingly, the account has a blue tick, meaning it is verified and has a following of over 71k&nbsp;and follows 57 accounts.&nbsp;

The billionaire's name is used as the page's name with a little tweak in the spelling of Elon Musk - it is written as 'ellonnmusk'. However, the user name on the account appears as 'Elon Musk'.&nbsp;

A report on Web News Observer stated that a 25-year-old security researcher Ehraz Ahmed came across the Facebook page that is running a scam. Earlier, Ahmed had reported a similar scam.&nbsp;

ALSO READ | <a href="https://www.wionews.com/trending/spot-the-real-elon-musk-deepfake-or-doppelganger-netizens-cant-decide-437678">Spot the real Elon Musk: Deepfake or doppelganger? netizens can't decide</a>

After analysing the activity on the account, it appeared that the page was made active after the previous one was shut. The activity on the page pointed out that the page came into use on November 26.&nbsp;

As quoted by Web News Observer, Ahmed said, "Since Bitcoin scams are becoming frequent and common, I was once again busy researching about them. To my surprise, I came across another verified page of Elon Musk."

"By visiting the Page Transparency section, I noticed that this page, unlike the previous ones, was created back in May 2015. The location of the admins is, once again, Germany and Spain, which may mean that these scammers are the same people who were behind the previous similar scams," he added.&nbsp;

Ahmed also talked about the latest post by the scammer where they are announcing that Musk is all set to come up with a new digital currency named Musk Coin.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="autoplay; clipboard-write; encrypted-media; picture-in-picture; web-share" allowfullscreen="true" frameborder="0" height="168" scrolling="no" src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2Fellonnmusk%2Fposts%2F414316640242165&amp;show_text=true&amp;width=500" style="border:none;overflow:hidden" width="500"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

<img alt="Musk Coin" data-entity-type="file" data-entity-uuid="5a4ec2ed-9cb5-43dc-895b-df3a24c926d0" src="//cdn.wionews.com/sites/default/files/inline-images/Musk%20Coin.jpg" />

Here's a grab of the fake Facebook profile, which is made using Elon Musk's name.&nbsp;

<img alt="Elon Musk" data-entity-type="file" data-entity-uuid="ab449bb1-d404-46bc-858c-864a821f9983" src="//cdn.wionews.com/sites/default/files/inline-images/elon%20musk.jpg" />

Here are some of the reactions on the post.

ALSO READ | <a href="https://www.wionews.com/world/worst-choice-ever-time-magazine-faces-backlash-for-naming-elon-musk-person-of-the-year-for-2021-436799">‘Worst choice ever’: Time magazine faces backlash for naming Elon Musk 'Person of the Year’ for 2021</a>

For the unversed, Elon Musk favours cryptocurrencies and has influenced the trading of digital currencies with his tweets. His post about crypto often sends the market prices soaring of the mentioned digital currency.&nbsp;

And it looks like the scammers are using cryptocurrencies and the buzz around them to fool people and investors.&nbsp;

At the time of filing this news article, the fake page was still active. The profile picture resembles the current display picture of Musk on his official Twitter handle. The scenario is quite alarming, although some people have pointed out that the account is not real.&nbsp;

Another fake account on Facebook, which is running scams related to cryptocurrency after impersonating Tesla owner Elon Musk has been identified. Surprisingly, the account has a blue tick, meaning it is verified and has a following of over 71k and follows 57 accounts.

Another fake account on Facebook, which is running scams related to cryptocurrency after impersonating Tesla owner Elon Musk has been identified. Surprisingly, the account has a blue tick, meaning it is verified and has a following of over 71k and follows 57 accounts. The billionaire's name is used as the page's name with a little tweak in the spelling of Elon Musk - it is written as 'ellonnmusk'. However, the user name on the account appears as 'Elon Musk'. A report on Web News Observer stated that a 25-year-old security researcher Ehraz Ahmed came across the Facebook page that is running a scam. Earlier, Ahmed had reported a similar scam. ALSO READ | Spot the real Elon Musk: Deepfake or doppelganger? netizens can't decide After analysing the activity on the account, it appeared that the page was made active after the previous one was shut. The activity on the page pointed out that the page came into use on November 26. As quoted by Web News Observer, Ahmed said, "Since Bitcoin scams are becoming frequent and common, I was once again busy researching about them. To my surprise, I came across another verified page of Elon Musk." "By visiting the Page Transparency section, I noticed that this page, unlike the previous ones, was created back in May 2015. The location of the admins is, once again, Germany and Spain, which may mean that these scammers are the same people who were behind the previous similar scams," he added. Ahmed also talked about the latest post by the scammer where they are announcing that Musk is all set to come up with a new digital currency named Musk Coin. × Here's a grab of the fake Facebook profile, which is made using Elon Musk's name. Here are some of the reactions on the post. ALSO READ | ‘Worst choice ever’: Time magazine faces backlash for naming Elon Musk 'Person of the Year’ for 2021 For the unversed, Elon Musk favours cryptocurrencies and has influenced the trading of digital currencies with his tweets. His post about crypto often sends the market prices soaring of the mentioned digital currency. And it looks like the scammers are using cryptocurrencies and the buzz around them to fool people and investors. At the time of filing this news article, the fake page was still active. The profile picture resembles the current display picture of Musk on his official Twitter handle. The scenario is quite alarming, although some people have pointed out that the account is not real.

Don't fall for the blue tick: This verified 'Elon Musk' page on Facebook is fake

More than 4,000 cryptocurrencies exist. Are they the future of money or just fringe players? Why is India looking to ban cryptocurrency? Let's understand the pros and cons. WION Wideangle takes you inside the world of cryptocurrencies

WionWideangle | Cryptocurrency: India's digital dilemma

cryptocurrency-trading

Cryptocurrency Trading, News on Cryptocurrency Trading, stories on Cryptocurrency Trading, articles on Cryptocurrency Trading, Cryptocurrency Trading stories at Wion, Cryptocurrency Trading news, Cryptocurrency Trading latest news