Singapore announced three prototypes of payments on the blockroom

[jimblasko]

The Central Bank of Singapore has revealed new details about its research on the use of detachment in the field of finance. The Central Bank and the Singapore Financial Regulator (MAS), in conjunction with the Singapore Banking Association (ABS) trading group, today introduced a new set of prototypes based on distributed registry technology, which is the second stage of "Project Ubin", launched last year to study the issue of creating a tokenized version of the Singaporean dollar.

[Mometaskers]

The Central Bank of Singapore has revealed new details about its research on the use of detachment in the field of finance. The Central Bank and the Singapore Financial Regulator (MAS), in conjunction with the Singapore Banking Association (ABS) trading group, today introduced a new set of prototypes based on distributed registry technology, which is the second stage of "Project Ubin", launched last year to study the issue of creating a tokenized version of the Singaporean dollar.

Well looks like states are taking notice. Though most governments would probably go the same route as Singapore is going, getting into the tech to make a digital version of their fiat. Seems bitcoin is even hastening the transition to cashless.

[HabBear]

Seems bitcoin is even hastening the transition to cashless.

Yep, which doesn't help Bitcoin. It only means these Countries are increasing their oversight and control over their own currency. None of this improves adoption for Bitcoin until people realize that currency owned by government is part of the problem that Bitcoin solves.

[Sylenth]

so the country is realizing the potential of crypto currencies,and is trying to get digital , but the catch is there are doing that for their own currency which still  be in controlled  of their government and laws will be formulated on it too.  Bitcoin is not going to benefit from it,whose whole idea is   being decentralized and direct peer to peer transactions.smart move for the country and but nothing beneficial for btc.

[dimastegar]

Good news, I think this will make cryptocurrency users easier and safer in paying. Let them try first, maybe if successful there will be other countries that follow to use the same thing.

[bitart]

Seems bitcoin is even hastening the transition to cashless.

Yep, which doesn't help Bitcoin. It only means these Countries are increasing their oversight and control over their own currency. None of this improves adoption for Bitcoin until people realize that currency owned by government is part of the problem that Bitcoin solves.

It's just a way to move the society to a cashless one, and the only similarity to bitcoin is the digital form of the 'money' (and the basics of the technology too, it should be a kind of blockchain, but not a decentralized type). Maybe, on the long run, when people get accustomed to a digital money (like they get accustomed to bank cards instead of cash), they will trust bitcoin more, and it can help bitcoin to get widespread.

[bitcoindusts]

so the country is realizing the potential of crypto currencies,and is trying to get digital , but the catch is there are doing that for their own currency which still  be in controlled  of their government and laws will be formulated on it too.  Bitcoin is not going to benefit from it,whose whole idea is   being decentralized and direct peer to peer transactions.smart move for the country and but nothing beneficial for btc.

Definitely, government will never adopt bitcoin, it will expose them of their corruption and how they steal money from the taxes people are paying.  Bitcoin blockchain is so transparent that even a single satoshi  moved is recorded and government official knows that  .  They will rather spend billion of dollar researching for the kind of technology that will benefit them and keep their dirty secret out of the eyes of people.

[salad daging]

so the country is realizing the potential of crypto currencies,and is trying to get digital , but the catch is there are doing that for their own currency which still  be in controlled  of their government and laws will be formulated on it too.  Bitcoin is not going to benefit from it,whose whole idea is   being decentralized and direct peer to peer transactions.smart move for the country and but nothing beneficial for btc.

Definitely, government will never adopt bitcoin, it will expose them of their corruption and how they steal money from the taxes people are paying.  Bitcoin blockchain is so transparent that even a single satoshi  moved is recorded and government official knows that  .  They will rather spend billion of dollar researching for the kind of technology that will benefit them and keep their dirty secret out of the eyes of people.

It is surprising that Singapore a few weeks ago was rumored to be closing down all the crypto currency services in the country following South Korea and China's attitude, but this time they made the opposite, I think this news needs to be confirmed with official links to avoid multiple interpretations.

japan has adopted bitcoin successfully so you do not have to worry, if there is a binding rule then kyc rules will apply more strictly to crack down on money laundering from corruptors.

[Mometaskers]

Seems bitcoin is even hastening the transition to cashless.

Yep, which doesn't help Bitcoin. It only means these Countries are increasing their oversight and control over their own currency. None of this improves adoption for Bitcoin until people realize that currency owned by government is part of the problem that Bitcoin solves.

What I'm still hoping is that bitcoin would get a large enough distribution before the governments manage to force their population to use their digital fiat. Coz once they do, we all know what other things will follow.

[bitart]

Seems bitcoin is even hastening the transition to cashless.

Yep, which doesn't help Bitcoin. It only means these Countries are increasing their oversight and control over their own currency. None of this improves adoption for Bitcoin until people realize that currency owned by government is part of the problem that Bitcoin solves.

What I'm still hoping is that bitcoin would get a large enough distribution before the governments manage to force their population to use their digital fiat. Coz once they do, we all know what other things will follow.

Bitcoin have to reach the masses before the digital fiat time and bitcoin needs to gain enough trust. If some government issued digital currencies start and get mass adoption, the trust in government and banks (which is not backed by any technical or material things, just 'blind' trust in the financial system itself) will give them real advantage.

[Mometaskers]

Seems bitcoin is even hastening the transition to cashless.

Yep, which doesn't help Bitcoin. It only means these Countries are increasing their oversight and control over their own currency. None of this improves adoption for Bitcoin until people realize that currency owned by government is part of the problem that Bitcoin solves.

What I'm still hoping is that bitcoin would get a large enough distribution before the governments manage to force their population to use their digital fiat. Coz once they do, we all know what other things will follow.

Bitcoin have to reach the masses before the digital fiat time and bitcoin needs to gain enough trust. If some government issued digital currencies start and get mass adoption, the trust in government and banks (which is not backed by any technical or material things, just 'blind' trust in the financial system itself) will give them real advantage.

That's the problem, people trust the gov't much when it comes to finances. I read somewhere that scams are more likely to be successful when they have stuff like "National" in the name. Guess it's the influence of authority at play, like how many nurses would administer anything if it was given by a man wearing a doctor's gown.

Might not be the case if people are educated about economics more but why would the gov't do that?

[Ilegendph]

Seems bitcoin is even hastening the transition to cashless.

Yep, which doesn't help Bitcoin. It only means these Countries are increasing their oversight and control over their own currency. None of this improves adoption for Bitcoin until people realize that currency owned by government is part of the problem that Bitcoin solves.

Probably its not the same characteristics as bitcoin. Bitcoin is decentralized and volatile, while what they're making is removal of their tangible currency but its not as good as bitcoin that you can earn a lot to it by simply buying them.