“The Monetary Authority of Singapore (MAS) is cautioning consumers against bitcoin trading even as a few merchants in Singapore have started accepting the digital currency as payment for physical goods. Invented in 2009, bitcoin is the world’s most well-known digital currency. It is not issued or managed by a single company or monetary authority. Bitcoins can be bought through online exchanges that convert real money into the virtual currency. Due to its anonymous nature, bitcoin trading was declared illegal in Thailand in July over money laundering concerns. An MAS spokesman told The Straits Times that consumers should be wary of such trading.”
http://www.singaporelawwatch.sg/slw/headlinesnews/30745-bitcoin-users-beware-mas.html
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