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Home News 3 in 5 S'poreans say they’re likely to buy cryptocurrency, but may...


3 IN 5 S’POREANS SAY THEY’RE LIKELY TO BUY CRYPTOCURRENCY, BUT MAY NOT
UNDERSTAND IT, MAKING THEM POSSIBLE TARGETS FOR SCAMMERS




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March 30, 2023
By Anna Maria Romero

The survey showed less than one-third said they are aware of cryptocurrency
companies going defunct and of major cases of cryptocurrency scams or frauds.

SINGAPORE: A report from international consultancy C|T Group shows that three
out of five Singaporeans will likely invest in cryptocurrency in the next few
years. Over half of the individuals who participated in the study said they own
or had once owned cryptocurrency.

However, the understanding of cryptocurrencies or blockchain technology is not
high among those surveyed. When asked, “How confidently do you think you would
be able to explain” these, more than two-fifths, or 42 per cent—said they’re
‘not at all’ confident explaining these terms.

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C|T Group, which recently opened a branch in Singapore, published a report
entitled “What Singaporeans Think About Cryptocurrency,” based on data gathered
from surveys conducted in both English and Mandarin earlier this month of over
1,000 Singaporeans from the age of 18 and over representing the population by
age, gender, location and ethnic group.

“One big takeaway is that Singaporeans want to invest in this new financial
instrument, but their knowledge of it is low. To extrapolate, this can mean that
our people can be easy targets for scammers,” a source working with C|T Group
told The Independent Singapore.

The respondents said that investing in cryptocurrency is perceived as a risk
rather than an opportunity, due to a lack of protection and the possibility of
loss, especially when it comes to retirement savings.



Nevertheless, investing in cryptocurrency is also believed by those surveyed to
be a way for people to get ahead and gain financial stability.

The survey showed that the respondents were not very aware of developments in
the cryptocurrency world, with less than one-third saying they are definitely
aware of cryptocurrency companies going defunct as well as of major cases of
cryptocurrency scams or frauds.

In the same way, only 31 per cent were aware that sovereign wealth fund Temasek
Holdings had written down its investments in cryptocurrency exchange
company FTX.

Even fewer, or 19 per cent, were aware of cryptocurrency firms leaving Singapore
and setting up in other locations instead.

Almost 2 in 5 (39 per cent) said they were most concerned about major cases of
cryptocurrency scams or fraud. /TISG

> Crypto exchange company FTX files for bankruptcy; investors, including
> Temasek, may lose millions if it can’t be saved



Send in your scoops to news@theindependent.sg 

Tags: blockchain, Temasek, investments, cryptocurrency


RELATED POSTS

 * Workers’ Party underlines need to pose questions in Parliament regarding
   failed crypto giant FTX
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 * Temasek: We have decided to write down our full investment (S$377 million) in
   FTX
 * Temasek takes US$275M loss on FTX seriously
 * Temasek subsidiary Vertex Ventures to continue tech investments, specifically
   in China

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> The Independent Singapore


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Follow us on Instagram and Telegram









Send in your scoops to news@theindependent.sg 

Tags: investments, Temasek, cryptocurrency, blockchain


RELATED POSTS

 * Workers’ Party underlines need to pose questions in Parliament regarding
   failed crypto giant FTX
 * Understanding the Fintech revolution
 * Temasek: We have decided to write down our full investment (S$377 million) in
   FTX
 * Temasek takes US$275M loss on FTX seriously
 * Temasek subsidiary Vertex Ventures to continue tech investments, specifically
   in China

ABOUT US
Founded in 2013, The Independent News & Media is a Singapore based news media
company.
Contact us: news@theindependent.sg
FOLLOW US
 * About Us
 * Join Us
 * Contact Us
 * Privacy Policy
 * International Edition
 * Singapore Edition

© The Independent News & Media Pte Ltd, Singapore



The Independent Singapore News


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