Singapore Reveals Huge Support for Cryptocurrencies
Is Singapore still pro- cryptocurrencies?
From the state of the art facilities to the vertical farms, and concrete jungles, Singapore is leading Asian nations in promoting a sustainable, healthy, clean and livable environment. As a country, it continues to keep up with the modern-day technology adapting to changes and advancements that could help them improve the economic and administrative aspect of their nation. This vast improvement and exponential development would not be possible without its power to adapt.
Adaptation is necessary for survival. If one can adapt to change and whatever there is in its environment, it will survive. Economically speaking, it is extremely vital for a country. It could make or break a nation’s economy and administrative force. If one country would not adjust to the innovations that this world has to offer, especially if the vast majority has already embraced the change, the tendency is that it will be left out and soon, will crumble. On the other hand, if a country would make itself familiar to what is present in its ecosystem and would be able to use it a resource, it could build and help bolster its economy.
Take into account cryptocurrency. It is new and strange. Initially, it is an alien to most of us, but as we begin to familiarize ourselves with its possible implications such as the blockchain technology, we have figured out ways on how we can use it to our advantage.
Singapore, as a country, opened its doors and took this new market in as an opportunity to empower its people, to provide modern ways financial transactions. It is also exploring the possible implications of the blockchain technology to improve the administrative management system.
Despite all the rumors imploring the possibility that cryptocurrency will be banned in Singapore, the Deputy Prime Minister clarified by answering these questions. He cited that there is nothing in cryptocurrency that is putting the substantial parts of Singapore’s financial system and integrity at risk. He also emphasized that Singapore is a permissive country for the innovations that will soon be products of the crypto market and the blockchain technology and will avoid regulating the crypto economy.
According to him, the Monetary Authority of Singapore is rigorously studying any possible threats from cryptocurrency, but as of this speaking, there is no concrete idea as to how their system would be damaged by the crypto money. He mentioned on a positive note that the link between cryptocurrency and Singapore’s financial system would be greatly significant without any limits.