A survey conducted by the IRCI (Independent Reserve Cryptocurrencies Index) revealed some astounding facts regarding cryptocurrency’s influence over the Singaporean population.
43 % of individuals, who took part in the survey, possessed cryptocurrency, with around 46 percent of respondents wishing to purchase virtual currencies by the end of 2022 at the earliest. Additionally, almost 40 percent of the total of respondents believed Bitcoin to be a type of “investment asset,” while 25% thought it to be “digital gold” or a new “store of value.” Finally, almost 90 percent of individuals who took part in the poll had known of Bitcoin (BTC) to a certain level, even if they did not have a great deal of knowledge and awareness regarding the cryptocurrency.
With the above-given facts in mind, it is simple to infer that Singapore has seen significant growth in the use of cryptocurrencies over the past several years. In particular, the youngsters are lured towards it as they reckon it as a new revenue stream, which is destined to stay and conquer. As shocking as it might sound, the majority of the respondents firmly believed that cryptocurrency would definitely be embraced by Singaporean businesses, organizations, and individuals over the course of time.
Adrian Przelozny, the CEO of Independent Reserve, believes that Singapore is a substantial financial center in Asia, primarily because of the country’s strictly regulated and sophisticated financial sector environment and technology, as well as its willingness to embrace new techniques and methodologies.
There have been conversations with France’s monetary authorities on the possibility of implementing a CBDC or just exploring the possibility of cross-border applications in recent years, according to the government authorities.
Government Fosters New Crypto-related Ideas
In an effort to further encourage individuals to come forward and offer fresh and inventive ways of putting digital currency-related ideas into action, Singapore’s primary central bank has gone to great lengths. They have even given financial awards to people who have brought up outstanding cryptocurrency-related projects in the past, and they intend to continue doing so in the future.
