• Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
What's Hot

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023

Ukraine Stands Strong: The SpendWithUkraine.com Initiative

February 2, 2023
Facebook Twitter Instagram
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
Home»Crypto»Singapore could follow in El Salvador’s footsteps on Bitcoin
Crypto

Singapore could follow in El Salvador’s footsteps on Bitcoin

Donald MunnBy Donald MunnAugust 29, 2022Updated:September 29, 2022No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Singapore, the city-state south of Malaysia, attracts capital from around the world and, unlike El Salvador, has a very different balance of state and international reputation. It has long been adopting 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?

Singapore city Singapore may be ready to make Bitcoin legal tender

One of the world’s most attractive financial hubs appears to be gearing up to prepare for common and widespread use of the quintessential cryptocurrency.

The state of Singapore has long been in the process of adopting a detailed regulatory framework and measures to make it easy to use Bitcoin even in transfers of value in simple transactions, such as grabbing a coffee or shopping, which suggests that the path being taken is to emulate the country of Nayib Bukele.

The Asian country is a hub for capital from all over the world, and if it adopts Bitcoin it would give a major boost to the digital currency.

The Economist in a survey of 3,000 citizens from countries around the world, brought to light the desire to adopt the new digital gold for common 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 became in effect a legal tender on par with the Bolivar and the U.S. dollar.

The strange thing that came out of the survey is that the same percentage of respondents are also in favor of CBDCs, which turn out to be a way to integrate with Bitcoin in daily transactions. The idea is that people are more comfortable using the currency they already use in paper form, however, digitally, and that this facilitates getting Bitcoin out to people.

The research, The Economist explains, also brings to light how 43% of respondents remain neutral, while 18% say they are against it.

Other countries likely to adopt the same choice

Some states are candidates to follow in the footsteps of the South American country, and among them are Singapore itself, the United States of America, 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 level of appreciation of Non-Fungible Tokens (NFTs), bringing to light how 60% of the sample would buy, sell or collect an NFT.

The post Singapore could follow in El Salvador’s footsteps on Bitcoin appeared first on cryptodailynews24.com.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Donald Munn
Donald Munn
  • Website

Related Posts

The best PR films to inspire your crypto marketing strategy

January 2, 2023

Japan: tax breaks proposed for crypto investors

September 1, 2022

Bitcoin may have hit its low after Powell’s speech

September 1, 2022

Ripple’s plans to tokenize land in Colombia did not take off

September 1, 2022
Add A Comment

Comments are closed.

Advertisement
Top Posts

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

The latest news about Bitcoin, ICO, blockchain and fintech.

Top Insights

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023

Ukraine Stands Strong: The SpendWithUkraine.com Initiative

February 2, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
© 2023 cryptodailynews24.com Submit news release

Type above and press Enter to search. Press Esc to cancel.