Singapore is following El Salvador’s footsteps on Bitcoin
Singapore, the city-state to the south of Malaysia, attracts capital from all over the world and, unlike El Salvador, has a very different balance between state and international reputation. It has long adopted a detailed regulatory framework to prepare it for the widespread use of Bitcoin among the population, and this suggests that it will follow in El Salvador’s footsteps.
Bitcoin legal tender in Singapore?
One of the world’s most attractive financial hubs appears to be gearing up for regular and widespread use of the quintessential cryptocurrency.
The state of Singapore has long been in the process of adopting a detailed set of regulations and measures to make it easy to use Bitcoin even in transfers of value in simple transactions, such as having a coffee or shopping, suggesting that the path taken is to mimic the country of Nayib Bukele.
The Asian country is a hub for capital from around the world, and if it adopts Bitcoin it will give a big boost to the digital currency.
The economist in a survey of 3,000 residents from countries around the world, revealed the desire to adopt the new digital gold for regular transactions.
The report shows how 37% of respondents hope their governments will embark on a path to emulate the successful experiment in El Salvador where BTC effectively became a means of payment on par with the Bolivar and the US dollar.
The strange thing that came out of the survey is that the same percentage of respondents are also in favor CBDCs, which turns out to be a way to integrate with Bitcoin in everyday transactions. The idea is that people are more comfortable using the currency they already use in paper form, but digitally, and that this makes it easier to get Bitcoin out to people.
The research, The Economist explains, also shows how 43% of respondents remain neutral, while 18% say they are against.
Other countries are likely to choose the same
Some states are candidates to follow in the footsteps of South American country, and among them are Singapore itself, the United States, South Korea, the United Kingdom and Australia. Emerging countries, on the other hand, include the Philippines, Brazil, South Africa, Turkey and Vietnam.
The people of these countries expressed their eagerness for their governments to legally and practically organize for the full adoption of BTC as a state currency, on par with legal tender fiat currency in the country.
The survey continues by testing the degree of appreciation of Non-fungible tokens (NFTs)which shows how 60% of the sample would buy, sell or collect an NFT.
