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    DBS Denies Reports of Partnership with Jubilee Cryptocurrency Exchange

    Singapore-headquartered DBS Bank announced that it has not entered into any partnership with the Jubilee Cryptocurrency Exchange. The announcement came in response to a media report which suggested that digibank, the digital bank service by DBS, will create a new cryptocurrency called “DGCoin” in partnership with the Jubilee Cryptocurrency Exchange. It also clarified that digibank is not licensed in the Commonwealth of Dominica, as suggested by those media reports.

    BankBazaar Singapore – January 4, 2018

    SINGAPORE: Reports had suggested that DGCoin would be a transactional cryptocurrency aimed at creating a decentralised online banking and financial services infrastructure.

    DBS is one of the biggest banks in Singapore, with credit products such as credit cards, personal loan, home loan and car loan in its portfolio. The bank also offers investment and insurance products to its customers.

    Cryptocurrency is a medium of exchange like other currencies, which uses cryptography to protect the exchange of information and regulate the creation of new units. It provides a unique way of controlling and tracking every single unit of cryptocurrency, which can be as small as USD1 or as big as USD10 billion. When they are controlled by a single entity, they are called centralised cryptocurrencies. Those which are controlled by public are called decentralised cryptocurrencies.

    In recent years, cryptocurrencies have become highly popular across the world. Bitcoin, which was launched in 2009, is the most popular decentralised cryptocurrency currently.

    Last month, the Monetary Authority of Singapore (MAS) issued a statement to warn investors to be careful while investing in cryptocurrencies. The announcement came as investors flocked to invest in these currencies following a sharp rise in prices. In 2017, Bitcoin prices jumped approximately 20 times, surpassing returns from any investment instrument.

    The central bank also reiterated the fact that cryptocurrencies are unregulated and are not backed by any central bank.

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