Singapore is the second country to follow in El Salvador's footsteps, do you agr

[Uang_kartal]

I'm quite familiar with Singapore. I agree with the news that if it's new, the agenda is still a long way to go if it's equalized with countries that adopt bitcoin legally. It will add weight if the legal umbrella they create themselves makes crypto more profitable in that country. strengthening. the positive impact may be that bitcoin will increase the daily transaction volume in liquidity and transaction density. I hope this kind of news can strengthen and will lead to a bullish market in Q4.

[Nrcewker]

Yeah, i have also heard many news about Singapore showing interest in cryptos.
But yes it’s not at all fair to compare it with El Salvador. I mean El Salvador has set high benchmarks for all the nations in accepting Bitcoins as a legal tender, so yes Singapore has a lot of distance to travel.
But this isn’t at all a bad news. I mean seeing this type of positive response from Singapore, other nations might also show their interest in the crypto market and in adopting of the crypto technology.
Nevertheless let’s hope for the best.

[BobK71]

El Salvador is the only country in the world that has directly legalized cryptocurrency. There are no restrictions. The use of Bitcoin in that country is permitted through a legal process. Singapore is one of the modern cities in the world with a large influx of foreigners. Although Bitcoin use has been welcomed there, no legal measures have been taken against it, as in the case of El Salvador. However, Singapore can establish itself as the 2nd country on the list of countries to legalize Bitcoin.

[Questat]

I'm quite familiar with Singapore. I agree with the news that if it's new, the agenda is still a long way to go if it's equalized with countries that adopt bitcoin legally. It will add weight if the legal umbrella they create themselves makes crypto more profitable in that country. strengthening. the positive impact may be that bitcoin will increase the daily transaction volume in liquidity and transaction density. I hope this kind of news can strengthen and will lead to a bullish market in Q4.

I want to see this become successful but yes, it takes more time to finally gain a major adoption to the people from Singapore. I hope they already have learned some lessons from what it happened to El Salvador making them more prepared and probably they already have a better strategy to make things went successful despite the slow adoption rate.
Likely, this could give a huge impact to the market demand but not I think this will lead to bullish, it was not enough to trigger such thing IMO.

[ultrloa]

Singapore makes regulations first before crypto or Bitcoin begins to be used as a means of payment for transactions for goods or services, they care about the friendliness of developing technology, so it is necessary to make clear regulations as a legal umbrella, both to maintain economic growth and early detect money laundering caused by transactions involving crypto.

I do not agree, that this country is a place to hide regulatory obstacles to legal umbrellas in other countries, because they also make special rules governing this issue, which distinguishes Singapore from other countries only in terms of "regulatory certainty" or guarantees for industry players and consumers. also guaranteed to know information about companies that can be trusted.

Singapore is also a country that has a huge income for every native and immigrant, allowing bitcoin to grow rapidly there, and it is possible to achieve status as a Bitcoin hub and become bigger like El Salvador.

Don't give deep meaning about things happening on Singapore since first they are rich country and they can survive even if there's no crypto on their circulation. They are just been a crypto friendly since they see a widespread of demand thru their citizens about it, so if there's adoption the same with El Salvador will happen to that country I think this will not happen any soon since there are so many things need to consider before making it as their legal tender to happen.

[yazher]

They are just crypto friendly but they are not even close to El Salvador if the subject here is how the country adapting Bitcoin technology. El Salvador definitely fully embraced Bitcoin to the point that there leader invest there country money on it. I think Singapore is just for Bitcoin acceptance same with Vietnam on adapting the use of Bitcoin in there economy.

That the real answer is because these countries are just being neutral considering the others are turned hostile about bitcoins. We just need to appreciate those countries that didn't take advantage to implement heavy taxes or totally ban them. Because of them, we feel the growth of bitcoins nowadays and we are not yet into some scenarios where a successful country like Singapore will totally follow El Salvador's footsteps regarding bitcoins. But we are heading towards that future when everything is set.

[Kelvinid]

They are just crypto friendly but they are not even close to El Salvador if the subject here is how the country adapting Bitcoin technology. El Salvador definitely fully embraced Bitcoin to the point that there leader invest there country money on it. I think Singapore is just for Bitcoin acceptance same with Vietnam on adapting the use of Bitcoin in there economy.

That the real answer is because these countries are just being neutral considering the others are turned hostile about bitcoins. We just need to appreciate those countries that didn't take advantage to implement heavy taxes or totally ban them. Because of them, we feel the growth of bitcoins nowadays and we are not yet into some scenarios where a successful country like Singapore will totally follow El Salvador's footsteps regarding bitcoins. But we are heading towards that future when everything is set.

They support Bitcoin because they are concerned about its future development. Might see a lot of countries are planning to fully embrace Bitcoin but they are just observing those who come first before making a move. I'm not sure but I think Singapore also had waited for the right moment to enter the market, unlike El Salvador which got mess upon investing during the bull season which literally gives them losses for now. The lack of preparation seems to be a big factor in failure and I think Singapore has already done it.

[Bobrox]

That the real answer is because these countries are just being neutral considering the others are turned hostile about bitcoins. We just need to appreciate those countries that didn't take advantage to implement heavy taxes or totally ban them. Because of them, we feel the growth of bitcoins nowadays and we are not yet into some scenarios where a successful country like Singapore will totally follow El Salvador's footsteps regarding bitcoins. But we are heading towards that future when everything is set.

Have several countries give neutral feedback about bitcoin as legal currency transaction or not, but another country take care with their travelling business, maybe when accepting bitcoin as legal currency transaction get bigger impact with tourist coming. I think Singapore keep neutral with bitcoin because they not in country list for banned bitcoin as legal currency transaction, I sure what did by El Savador when making bitcoin as legal currency transaction make Singapore want to give opportunity for bitcoin how could develop and help their economic country. Have bigger impact later what most success country like Singapore adopting bitcoin as legal currency transaction at the future.

[Natalim]

Well, wishing for the best and success of this country in regards to crypto adoption, and to all countries who are following the footsteps of early adapters. I was thinking this could be a big challenge for them as this won't instantly get much attention and courage from their people but nothing they lose if they will never quit just like how El Salvador despite of many criticism and rallies.
Someone should have to push and keep moving on in order ta change the mindset of the people, otherwise, this attempt will fail.

[YOSHIE]

Singapore is also a country that has a huge income for every native and immigrant, allowing bitcoin to grow rapidly there, and it is possible to achieve status as a Bitcoin hub and become bigger like El Salvador.

I understand that Singaporeans have a strong belief and awareness of Bitcoin as a crypto currency in the form of investment, Singapore is ranked 63rd, especially the Asian part, Singaporeans' understanding of Bitcoin is different from El Salvador's, there are three categories of Singaporeans who think of Bitcoin as.
1. Investment assets.
2. store of value and
3. There are those who consider Bitcoin as currency.

Talking about adoption, l can say that the average Singaporean, probably almost all of them have bitcoin HODL Bitcoin, the majority are men and the rest are women, for that I believe Singapore can be better than El Salvador in adopting Bitcoin or considering it as a payment asset, in the future.

[lizarder]

1. Investment assets.

Developed countries like Singapore have a different understanding of Investment Assets, they are more likely to put money in something that can generate profits. For example, buying bitcoin, as the discussion we are discussing

2. store of value and

Fiat currency is considered to have failed as a store of value, because it has a much greater intrinsic, bitcoin has utility as a store, that's why bitcoin deserves to be kept in its form.

3. There are those who consider Bitcoin as currency.

Bitcoin as a currency, because it is very possible to be applied in buying and selling, both goods and services, the characteristics of bitcoin itself have a value that can be exchanged, so it is quite possible for bitcoin to be legal in application, this movement has been initiated by El Salvador.
The switch to payment instruments can be done as long as people's understanding has developed, accommodates what needs to be improved and provides security guarantees in the use of bitcoin.

Talking about adoption, l can say that the average Singaporean, probably almost all of them have bitcoin HODL Bitcoin, the majority are men and the rest are women, for that I believe Singapore can be better than El Salvador in adopting Bitcoin or considering it as a payment asset, in the future.

On this basis I think Singapore will be much better off in terms of adoption and legalization of bitcoin as a legal transaction tool. Although in fact today, they are not yet fully implemented, but if you look further, this is very likely to happen

[Findingnemo]

I understand what you are trying to say but I deny the fact regulation means the government is accepting the bitcoin or cryptocurrencies, sometimes government if it doesn't want the people of the country to use bitcoin but also in the same time they don't want to take the blame of a ban what they will do is simply implement the unfair tax rates like 30 to 40% which is too much right for a common man so he may lose his interest if he has to pay half of his earning to the government as an individual.

I not understand what in government minds when they try accepting bitcoin as legal currency transaction but most disappointed when implementing about 30% until 40% tax rate. Looks crazy when have transaction digital assets adopt very bigger tax and how come taking profit as investor or trader when government blame with values for tax rate. Have planning did by Indian government because they want give space and make bitcoin as legal transaction in their country but have bad side with tax rate reach more than 30%. I think give up if tax rate above 30% and not have way for us get profit more than 50% every day. My country have adopt tax when transaction selling or buying altcoin assets with exchange local market, they not care about loss or not keep pay tax each transaction made.

Many government proposes or implement laws without knowing what is going to be the reality, 30% may look fair for them but if the rate applies for small and big traders equally then its a flaw. When taxation system was introduced it meant to collect tax from rich people and serve for the others in the country but now everything changed the richest person in the world is paying less tax than his employee so its time to make better taxation system all over the world.

[Renampun]

El Salvador made bitcoin a legal tender, Singapore has not made bitcoin a legal tender, the second country that makes bitcoin a legal tender is Central African Republic.

There are many crypto friendly countries that do not make bitcoin a legal tender, but still accepting it as a means of payment and for investment.

Singapore categorizes Bitcoin and Altcoins into investment assets, just like my country does...

Southeast Asia has a fairly large interest in cryptocurrencies, making many countries in Southeast Asia think hard to remain friendly with cryptocurrencies.

my country in recent years, not against cryptocurrency circulating here, our government only opposes using the cryptocurrency for payment (legal tender)

in this case, the positive effect that the government can get is a tax from crypto. The growth of cryptocurrencies cannot be stopped by anyone, making them friends is the best decision that many countries have to make.

[budi691]

developed countries and are friendly to bitcoin will make Bitcoin a legal medium of exchange, this will be very good news for the development of Bitcoin in the future.
And it's not only Singapore that will legalize Bitcoin as a means of payment, maybe other developed countries will also follow suit, it's just a matter of how local government regulations regulate it so that Bitcoin can actually be used.

[Rigon]

El Salvador is the only country in the world that has directly legalized cryptocurrency. There are no restrictions. The use of Bitcoin in that country is permitted through a legal process. Singapore is one of the modern cities in the world with a large influx of foreigners. Although Bitcoin use has been welcomed there, no legal measures have been taken against it, as in the case of El Salvador. However, Singapore can establish itself as the 2nd country on the list of countries to legalize Bitcoin.

Yes El Salvador is the only person who has legalized the simultaneous acceptance of Bitcoin in his country In his country now he is trading Bitcoin and fulfilling the hopes of everyone and opening something new in everyone's mind.If the government of every country was like the government of Badr this year, Bitcoin would have been legalized in the country long ago.But very soon every country like El Salvador needs to get and give Bitcoin.

[lepbagong]

developed countries and are friendly to bitcoin will make Bitcoin a legal medium of exchange, this will be very good news for the development of Bitcoin in the future.
And it's not only Singapore that will legalize Bitcoin as a means of payment, maybe other developed countries will also follow suit, it's just a matter of how local government regulations regulate it so that Bitcoin can actually be used.

That's right, my friend, as one of the criteria for developed countries, Singapore must immediately be able to accept developments with the progress of crypto, including bitcoin. but the state must also provide protection for its users with rules that need to be adjusted, because not everyone already understands bitcoin which could just be the bitcoin criteria that are difficult to guess it will harm many people who do not understand.
clearly Singapore will not be able to get out of the development of bitcoin and they must be willing to adopt it immediately, but it seems the government itself is still studying the impact of bitcoin itself by still limiting it gradually.
but this is certainly good news for the development of bitcoin so that it continues to penetrate many countries to be adopted and this will make bitcoin will enter the best period.

[tomos81]

Although Singapore is advanced in many ways, the Terra USD platform claims to be in Singapore. Which is why even though Singapore is cryptocurrency friendly, they are currently suffering the consequences of their failure So currently Singapore has more PCs than unique countries in terms of cryptocurrency.

[avikz]

Singapore makes regulations first before crypto or Bitcoin begins to be used as a means of payment for transactions for goods or services, they care about the friendliness of developing technology, so it is necessary to make clear regulations as a legal umbrella, both to maintain economic growth and early detect money laundering caused by transactions involving crypto.

I do not agree, that this country is a place to hide regulatory obstacles to legal umbrellas in other countries, because they also make special rules governing this issue, which distinguishes Singapore from other countries only in terms of "regulatory certainty" or guarantees for industry players and consumers. also guaranteed to know information about companies that can be trusted.

Singapore is also a country that has a huge income for every native and immigrant, allowing bitcoin to grow rapidly there, and it is possible to achieve status as a Bitcoin hub and become bigger like El Salvador.

Singapore is not going to announce bitcoin as the main currency like El-Salvador. What Singapore is planning is to create a legal framework for the crypto related businesses. Singapore is well know for their business friendliness so it was very much expected for them to create a framework for everyone's benefits. This will possibly allow its citizens to use bitcoin as a payment method but under no circumstances, bitcoin will be notified as the main currency. Singapore's administration is quite well educated not to take such suicidal decision especially when they have an example of El-Salvador.

But yes, with the help of the legal framework, Singapore is possibly trying to become the crypto business hub for the world. And with their determination and corruption free administration, they are highly likely to achieve that.

[n0ne]

Singapore is not going to announce bitcoin as the main currency like El-Salvador. What Singapore is planning is to create a legal framework for the crypto related businesses. Singapore is well know for their business friendliness so it was very much expected for them to create a framework for everyone's benefits. This will possibly allow its citizens to use bitcoin as a payment method but under no circumstances, bitcoin will be notified as the main currency. Singapore's administration is quite well educated not to take such suicidal decision especially when they have an example of El-Salvador.

Singapore is already strong in its position not consider bitcoin as legal tender. They're added under the property which can be used for investment and can be bought through different channels available. Singapore is recognised as the best country to open business based on the survey made by World Bank in 190 countries. A perfect framework will make way for the betterment of cryptocurrency into businesses.

I need to suggest that El Salvador haven't failed, it have taken a big step forward. Maybe now it looks like a suicidal decision, but the growth will happen for sure. If the market could've turned bullish after the adoption by El Salvador, we could've praised the country which is the hard truth.

But yes, with the help of the legal framework, Singapore is possibly trying to become the crypto business hub for the world. And with their determination and corruption free administration, they are highly likely to achieve that.

The corruption free system itself a big success for the government and surely it can serve as the crypto business hub for the Asian market.

[goldkingcoiner]

Singapore has been a very popular tax Haven and regulation-lax place for cryptocurrency entrepreneurs and project leaders to register their businesses ever since countries started regulating cryptocurrency. This is why most ICOs (initial coin offerings) chose Singapore as the country for their business registrations, especially scam ICOs  which wanted nothing more than not to have regulators watching over their shoulders as they stole the hard earned money of investors and paid almost no taxes for it.

If Singapore makes Bitcoin legal tender then that's a step in the right direction towards redemption.