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Singapore Central Bank and Fake News in the Crypto World

September 19, 2018

 

Just recently, two blogs claimed that Singapore’s government had publicly further endorsed Blockchain projects, with the equivalent of a $1 billion investment into Bitcoin by Singapore’s Central Bank. 

 

Shortly after these articles were released, the central bank denied the truth of these claims directly, stating that they were essentially fake news. 

 

According to an article by Cointelegraph, the two websites in question, Gulf Weed Crab and Positive Bath Hour, had already been known as being hubs for different kinds of fake news stories, which brings into question why anyone might have believed their posts in the first place. 

 

In addition to this, it was also made clear that one of the sites, Gulf Weed Crab, even went so far as to seemingly bait readers into clicking on its article with a headline that said the SCB’s de-facto head of Crypto endeavors had invested $1 billion directly for Singaporean citizens. 

 

With all of this in mind, it can be concluded that now more than ever, the Crypto space should be doing more to combat fake news, since even the idea of a Blockchain being used to improve businesses, is in its infancy. 

 

In connection with this, it could even be argued that the issue of fake news could be a threat that is on par with over-regulation of the Blockchain industry. 

 

If we allow the fake news cycle to get more out of hand than it already is, including what some Blockchain projects claim related to partnerships as well as the utility of their technologies, with little proof.

 

As it is reasonable to assume that all Crypto firms would categorically deny such claims, we have refrained from mentioning specific examples here to illustrate this point. Even so, a quick Google search with a little digging will unearth rebuttals from well-known firms related to their supposed partnerships with Blockchain projects.

 

Just the same as with anything in the Blockchain world, all of this brings to mind again the importance of conducting considerable research before trusting anything that is said by internal Blockchain sources, whether they are companies or news outlets. 

 

At this juncture, it would not be inherently wrong to ask: why do we need to do things this cautiously?

 

The answer is simple, if you agree that clear regulations that encourage innovation in an industry can help it to continue to grow. 

 

Because the Blockchain industry is not explicitly required to follow any clear laws related to protecting investors, it can be extrapolated that it also has no clear laws related to fraud. 

 

Until a global framework, or at least, a national framework of this sort is fully put into place, investors will have to protect themselves, to the best of their ability. As this occurrence is not likely to take place any time soon, we, as a space, might have to turn to projects like Civil, to focus on reforming Crypto news first. 

 

 

By: BGN Editorial Staff

 

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