The future of the acceptance of Cryptocurrencies among various countries of the world is still being debated today. I know you have heard the argument countless times and you still wonder how Cryptocurrencies will survive if it remains condemned to the underworld for a long time. This article brings good news for you at this time because countries are gradually embracing cryptocurrencies and Singapore is taking the lead.
Before I proceed to show you the benefits of this new development, let us see the reasons that make nations to be skeptical about cryptocurrencies.The first reason why nations are skeptical is the independent nature of cryptocurrencies. As a matter of fact, cryptocurrencies were built with the intent of being independent from any form of interference or prying eyes from the government of countries and also major corporations. It is no secret that the traditional banking systems cannot provide total secrecy for your business and personal transactions. This means that anyone, from the government to crazy rich third party corporations can have access to your transaction history if enough pressure is mounted on your banking institution. Cryptocurrencies solve this by ensuring total safety and privacy of every transaction you make and that is why the users of the dark Web (where all kinds of illegal stuff like guns, drugs and prostitution are transacted) make use of cryptocurrencies. There is a new dawn for many cryptocurrency enthusiasts because the endorsement by one country would open the floodgates of opportunities.
How Singapore is leading
So how exactly is Singapore taking the lead in embracing Cryptocurrency?
The answer lies in two major realities.
Government’s Reception to Crypto Projects
On a general note, the governments of many countries of the world, along with their finance institutions are not totally receptive to Crypto currency related projects. In some instances, the volatile nature of the market, along with the inherent issue of secrecy and other factors make it difficult for both the government to come out in support of Crypto projects and the industry in general. This is becoming a past reality within Singapore because the Government sends her officials to represent her at numerous Crypto conferences. As at August 2018, the Monetary Authority of Singapore took a very encouraging position towards the Crypto industry as it announced that it would work in order to introduce tokenized digital currencies. The more beautiful part of this story is that the Monetary Authority would work alongside global institutions.
What a way to endorse the Crypto industry!
This move was a basic flare shot in the industry in order to attract many existing crypto startups and also encourage new ones to make Singapore their landing pad.
First Destination of the first Cryptocurrency Debit Cards
Already, the country of Singapore prides itself to be the most expensive city in the world and is always striving to match the pace set by other advanced nations. This means that the government in Singapore encourages every innovative ideas that are meant to improve the economy. Singapore will be the destination where the first cryptocurrency debit cards will be issued and this is a huge deal for the industry. With the issuance of the Debit cards, cryptocurrencies would no longer be perceived as an enemy to the government and already established financial institutions.
Now that we have seen the ways that Singapore is leading in the embrace of Cryptocurrencies, what are the immediate implications for everyone?
Effects of the Singapore’s decision
More Nations will follow
This is the most significant effect of Singapore’s present course of action. When many nations begin to see the positive effect of cryptocurrencies in Singapore’s economy, they will begin to follow suit. Currently, there are some nations that have harsh laws that are against the operation of cryptocurrencies within. When other nations begin to follow in Singapore’s step, these nations would lessen their stance on the industry and open up to embrace it fully.
Respect For Privacy
Remember I said that most nations do not embrace Cryptocurrency because of its esteem of secrecy? Well, Singapore’s recognition and embrace of Cryptocurrencies means that the government would respect the privacy of her citizens the more.
The Future is Assured
With questions still being asked about the strength and longevity of the Crypto industry, the moves taken by the government of Singapore means a great deal, as it reassures investors and skeptics that the industry is here to stay. In the future, there would be more ICO startups and more governments embracing cryptocurrencies as a legal financial market.