'Bitcoin is a fraud, a happiness chain!'

David Gledhill, head of technology at DBS, one of the largest banks operating in Asia, described Bitcoin as fraud.

David Gledhill, head of technology and operations group at DBS, one of Asia's largest banks , said Bitcoin is currently a financial "rumor, fraud".

Gledhill said in a statement to CNBC, "We see Bitcoin as a happiness chain."

Gledhill argues that Bitcoin trading is incredibly expensive and all these transaction fees are hidden with crypto mechanisms, "We do not consider DBS to be in the game right now to create a competitive agenda, on the contrary, if the Bank focuses on electronic trading of government- more intelligent, "he said.