As the Central Bank has limited consumer advertising of crypto, cryptocurrency automatic teller machines (ATM) are being taken offline.
FREMONT, CA: In Singapore, cryptocurrency automatic teller machines (ATMs), which offer a convenient platform for trading in digital tokens, are being taken offline as its central bank has limited consumer advertising of crypto. Users can trade digital payment tokens (DPTs) like Bitcoin and Ether for fiat money, or government-issued cash, using cryptocurrency ATMs. The Monetary Authority of Singapore (MAS) stated in a new regulation released on Monday, 17 January, that such easy access could lead to people trading on the spur of the moment.
Daenerys & Co, the biggest crypto ATM operator in the city-state in terms of its footprint, has taken down all of its crypto ATMs to comply with the requirements, which it stated came as a surprise. Daenerys said in response to Reuters queries that to comply with the sudden announcement, they have ceased to offer buy or sell services via their five ATMs while seeking further clarification from the MAS. On its website, Deodi Pte, another crypto ATM operator, stated that it had also shut down its sole ATM in accordance with the guidelines.
On a yearly basis, the core inflation rate, the central bank's preferred pricing index, climbed to 2.1 percent in December, 2021, the most since July 2014 and exceeding expert expectations. Economists polled by Reuters predicted a 1.7 percent increase. In October, Singapore's central bank tightened its monetary policy for the first time in three years, in response to rising cost pressures. Its next policy review is set for April, 2022 and economists expect it to tighten even more. The headline inflation rate increased to 4 percent, a near nine-year high, exceeding economists' expectations of 3.75 percent. However, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said in a statement that there is still a lot of uncertainty about the forecast for inflation in the short term.