Bitcoin Forum

Singapore Sets the Pace in Blockchain Development Over Southeast Asia
The government of Singapore is looking to promote the development of blockchain technology with the aim of improving financial inclusion for Southeast Asian countries.

Speaking at the ASEAN finance ministers meeting on Friday, Heng Swee Keat, Singapore’s minister for finance, highlighted the government’s plans to foster innovations such as blockchain to improve access to finance in the region.

“In particular, we will support digital innovations like fintech,” the minister said. “For example, the underlying distributed ledger technology presents us with many opportunities for cheap and secure transactions. This can promote financial inclusion for underserved and underbanked segments in ASEAN.”

Read More: https://bitzamp.com/singapore-sets-pace-blockchain-development-southeast-asia/ (https://bitzamp.com/singapore-sets-pace-blockchain-development-southeast-asia/)

I have lived in Singapore for quite a while, and I must say it is in this 'crypto' phase that it is acting really stealthily or should I say, carefully. Usually, Singapore is one of the pioneers in terms of adapting anything that is at par with times in terms of technology vis-a-vis efficiency, reliability, adaptability, among others. But today, haven't you noticed that among the most successful countries in Asia, it is very silent when it comes to cryptocurrencies? With this, I can say they are not buying this because it is something their government did not create or authorize. Singaporeans are known to be obedient when it comes to policies, hence, it is no surprise to not hear any big news about it from them. I now conclude that the Singaporean government is only interested in adapting/utilizing the blockchain technology and totally shrug Bitcoin off their jurisdiction. Otherwise, they could have categorically addressed the issue on cryptocurrencies squarely.

Any country which works in acceptance of the crypto currency have hugely scope to develop many things and also to get the good revenue from taxing the gains of virtual currencies. It will help many small business to flourish and also create a new employment opportunity for youngsters.