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

[Findingnemo]

Regulating is completely different from making it as legal tender, I don't see any trusted source says that bitcoin is going to have a legal tender status in a country like Singapore because its one of the business capital of the world and a country which try to adopt anything and everything if it benefits them so they are regulating which is good also bring more revenue.

You are absolutely right,  but let's not forget that El Salvador didn't just wake up and adopted bitcoin and made it a legal tender in the country,  it started by regulations.
Every plane that is flying high up in the sky started by moving on the ground slowly and slowly until it took off.
I think if Singapore government decide to start regulating bitcoin transactions in the country,  its a good sign that, atleast,  the government is not against bitcoin,  and it's also a sign that they could make bitcoin a legal tender too if the regulation process in the country is successful.

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.

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[darkangel11]

The second? Too late for that. It would have to be the third. The Central African Republic is the second country to use Bitcoin as legal tender. I'm sure there will be a third though, so maybe Singapore?
It looks like it will rather be a South African country. Venezuela is in such a deep shit that if people finally overthrow the government there they might start accepting bitcoin. I feel like the adoption will first come from all the poor countries before the rich decide it's safe enough for them.

[Doan9269]

Let me place it this eay, Singapore is a country that has economy calmness and are desperate and eager in moving every bit chances of opportunity to develop than ever before, also fine and good they are bitcoin friendly but base on my scope of thoughts I don't think they can be equally as El-Savador, theymay oush forward in making bitcoin a legal tender as well since we have many countries that have shown interest in doing that, but the first to follow third place after Central African Republic is the fittest.

[TelolettOm]

I still don't find this regulation.
But so far, we know that Singapore is one of the countries that really support the crypto industry, being friendly to the crypto industry and getting more adoption. However, if considering it as a legal tender like El Salvador, they are still not announcing it right?
Because we know that this will need certain complicated regulations. But for me, as long as they are friendly and accept the crypto industry, it has been enough.

[n0ne]

Singapore is different from El Salvador based on the way bitcoin is being used. In Singapore the usage is regulated and can be used without any legal problem. The country is much into technology and are highly developed in all sectors. El Salvador have made bitcoin as legal tender which no country have done it. Singapore won't be following the footsteps of El Salvador and what El Salvador does is not an easy thing to be done by any of the countries.

[Hamphser]

Singapore is different from El Salvador based on the way bitcoin is being used. In Singapore the usage is regulated and can be used without any legal problem. The country is much into technology and are highly developed in all sectors. El Salvador have made bitcoin as legal tender which no country have done it. Singapore won't be following the footsteps of El Salvador and what El Salvador does is not an easy thing to be done by any of the countries.

We do have currently 2 countries make bitcoin as a legal tender.

1   Central African Republic   Africa   
2   El Salvador

Source: https://coinmarketcap.com/legal-tender-countries/

Its true that making it as a legal tender isnt something an easy integration or total make out such changes
specially if we do talk about currency to be used.

[Yamifoud]

I'm uncertain but what I'd just hope for them is they have planned it carefully and don't be like El Salvador who tremendously lose their effort due to no concrete plan and fail. I'd just hope they got an idea from others and it is not only to have regulations but they need strong support for their members and their people to accomplish this big project, otherwise, they will also fail.

But anyways, it was good to see that more countries are making their way to legalizing Bitcoin as a currency. I'd foresee more countries will going to follow as long as they will see success from those who start already.

[JohnBitCo]

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.

Yes, in order for Singapore to follow in the same footsteps as El Salvador's, they need to declare bitcoin as a legal tender. I think they will never do so, not at least in the short/midterm and they will only support bitcoin acceptance only verbally. Anyways Singapore is much better than countries as they do not declare it illegal as many other neighboring countries.

[RealMalatesta]

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.

El Salvador invests their government funds in BTC that's a big difference from what Singapore is doing. But like Singapore, El Salvador is turning the country into a tourist destination due to the Bitcoin adoption or it could just be hyped by Max Kaiser since he and his wife move to El Salvador to show support.

The government offers the BTC companies tax incentives and citizenship afaik. They really floored the adoption level in the country.

El Salvador doesn't really "invest" the money they have, they invest a fund that they have which normally goes into investments anyway, so they just changed investment method and moved it from like stocks or even business' (like airports which are usually more expensive than what private companies would pay to build) and that's an important thing.

What we should be looking for right now is the fact that there is a whole nation that is fully supportive of bitcoin and the bitcoin community isn't showing enough support. Max Keiser is a great example but we are not really showing love even from far afar. Like "people who support El Salvador from other nations" type of grouping that keeps pouring love. That doesn't exist.

[romero121]

Singapore is different from El Salvador based on the way bitcoin is being used. In Singapore the usage is regulated and can be used without any legal problem. The country is much into technology and are highly developed in all sectors. El Salvador have made bitcoin as legal tender which no country have done it. Singapore won't be following the footsteps of El Salvador and what El Salvador does is not an easy thing to be done by any of the countries.

We do have currently 2 countries make bitcoin as a legal tender.

1   Central African Republic   Africa   
2   El Salvador

Source: https://coinmarketcap.com/legal-tender-countries/

Its true that making it as a legal tender isnt something an easy integration or total make out such changes
specially if we do talk about currency to be used.

Singapore is wealthy and have its own currency. El Salvador is a small country that try to make a change of investment. It is under criticism, but the strong adoption will give hands in the long run. Singapore won't get into such acts, maybe it can make cryptocurrency even more user friendly. Beyond that we can't think of bitcoin adoption as legal tender. Singapore too a country that have taxed cryptocurrency as a higher percentage.

[Leviathan.007]

Most people is Asia know Singapore as a free and developed country compared to other similar countries in Asia there the governments will allow people to have wide economic borders and recently I saw many startups in Singapore about bitcoin and cryptoccurencies where the governments won't have any problems with them, so can call Singapore as a bitcoin and cryptocurrency-friendly country where people can have more economic freedom also in Singapore there are many places where you can use bitcoin as a payment method without of any problem instead of another payment methods.

[Baofeng]

Regardless if it is the second country or not, one thing is for sure is that Singapore will continue to be one of the best country that technology are being utilized and very welcome by the government. Yes, they are tiny, but the people leading this country is a visionary and knows that technology will be the future. So bitcoin and crypto will continue to grow and they will be one of the countries that will lead bitcoin mass adoption and application.

[bestcoins1]

Regardless if it is the second country or not, one thing is for sure is that Singapore will continue to be one of the best country that technology are being utilized and very welcome by the government. Yes, they are tiny, but the people leading this country is a visionary and knows that technology will be the future. So bitcoin and crypto will continue to grow and they will be one of the countries that will lead bitcoin mass adoption and application.

I also think so because Singapore is a country that likes to do business and also likes to develop things with existing technology. So that technological progress in Singapore is also experiencing very good development. And from what I read in an article that for cryptocurrencies there is also no prohibition there even though there are special rules so that things related to cryptocurrencies also run above the rules that have been applied in Singapore.

[CryptoBuds]

Regulating is completely different from making it as legal tender, I don't see any trusted source says that bitcoin is going to have a legal tender status in a country like Singapore because its one of the business capital of the world and a country which try to adopt anything and everything if it benefits them so they are regulating which is good also bring more revenue.

You are absolutely right,  but let's not forget that El Salvador didn't just wake up and adopted bitcoin and made it a legal tender in the country,  it started by regulations.
Every plane that is flying high up in the sky started by moving on the ground slowly and slowly until it took off.
I think if Singapore government decide to start regulating bitcoin transactions in the country,  its a good sign that, atleast,  the government is not against bitcoin,  and it's also a sign that they could make bitcoin a legal tender too if the regulation process in the country is successful.

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.

Singapore is considered a crypto-friendly country and I remember the tax that individuals earn from crypto pay to the government is 22%, unlike India which is up to 30%, Indonesia is 45 %, Philippines is 35%. 22% is also considered one of the lowest tax rates compared to neighboring countries.

Whatever the purpose of the government of Singapore, the fact that they accept bitcoin to become legal in their country is good news for the future of bitcoin as well as for Singapore investors. They are a country with a very developed economy that is considered the dragon of Southeast Asia, so their acceptance of bitcoin is considered an important step in the development of bitcoin in the process of global legalization.

[lizarder]

If we talking about matter of time, then the other countries will be same too. We're only need to wait until Bitcoin price already very high and it's less volatile

But the resources they have can allow it to be realized more quickly, legalization of bitcoin as a means of payment is possible, or limited to the few products and services that can be used. In general, they can also refine things that are deemed necessary after the rules are put in place first

You're wrong by saying Singapore is the most Bitcoin friendly after El Salvador, but the correct is Central African Republic.

Looks like you misquoted, I'm not saying Singapore is the most Bitcoin friendly after El Salvador, you can reread my posts and comments.

So I wouldn't be surprised that up to this day, the government of Singapore is very incline to new technologies like crypto or bitcoin in general. Again, if they become a hub, good for us as they could have been one of the best countries for a crypto startup.

Singapore has abundant capabilities and resources, technology in the country is also quite developed, it is not impossible that Singapore will be the best country for crypto startups, but time is decisive and opportunities must be seen as positive, that's how developed countries work to accept something new.

The possibility is because that there's now a larger market from the crypto market and that's what they have to do filter transactions coming in and out from their country.

Maybe this mess is related to tera luna, as are some of the releases I've read, forcing them to review the standard rules, maybe it's also a way of suppressing decentralized transactions, so crypto is the only one that works and doesn't. have many entrances for other (Controling)

In that case, Singapore would be the first rich country/city that would accept Bitcoin as legal tender, which would be a departure from what we can currently see - which is that mainly poor countries are interested in Bitcoin in this sense. In this context, it makes no sense to compare Singapore with El Salvador, which are two completely different worlds, especially when it comes to welfare and economy.

It is not appropriate to compare Singapore with El Salvador in terms of economic growth, these two countries have vast differences. But I don't mean that, but rather the method of adopting bitcoin by El Salvador, so that Singapore can legalize bitcoin as a legal means of purchase at a later date, after regulations are established and the public begins to accept it.

All they are doing is "regulate" crypto currencies to make it "more friendly" (more like to try and control decentralized currencies) for their own benefit. This doesn't mean they are "the second country" to follow the footstep of El Salvador. There are literally countries that are more friendlier and has better crypto currency regulation. So Singapore isn't the second or anything. You might call it the "third" if they do make it a legal tender.

My point is only on legal tender, but the comparison remains with El Salvador, because the only country that is trying to be different, towards the adoption and legalization of bitcoin, might be a third, fourth country for Singapore

Regulating is completely different from making it as legal tender, I don't see any trusted source says that bitcoin is going to have a legal tender status in a country like Singapore because its one of the business capital of the world and a country which try to adopt anything and everything if it benefits them so they are regulating which is good also bring more revenue.

But it also doesn't rule out the possibility, it hasn't been agreed by Singapore to make bitcoin a legal tender, this is just a discussion and analysis that I made. Based on the new rules they are starting to develop, but at least Singapore is starting to open up to a more advanced direction, in the context of crypto in general and bitcoin in particular.

[bitcampaign]

I'm not from Singapore but I don't agree that Singapore is the same as El Salvador because Singapore, unlike El Salvador, is fully supported by the government, including their president, but Singapore is very supportive of technological progress so it looks good if bitcoin is widely adopted there, let alone the economy in Indonesia. their country is also good, I'm also from an Asian country but I think Singapore is the most crypto-friendly from other Asian countries

[suzanne5223]

There's no doubt that Singapore acknowledges the benefit and use of Bitcoin in their country but they are also a country that's strict regard to laws and regulations. Therefore, a country Singapore will never follow the footsteps of El Salvador because they legal Bitcoin as legal tender while Singapore legalized it as payment with regulations.
To be candid, it will be hard to see a country that will do what El Salvador did.

[tygeade]

Regardless if it is the second country or not, one thing is for sure is that Singapore will continue to be one of the best country that technology are being utilized and very welcome by the government. Yes, they are tiny, but the people leading this country is a visionary and knows that technology will be the future. So bitcoin and crypto will continue to grow and they will be one of the countries that will lead bitcoin mass adoption and application.

I never truly understood what happened to Singapore though, I mean how did they become like... this? I mean back in the day they weren't always like this and they became something that is amazingly well improved which is awesome for them. Nowadays when you think about developed nations, you do think about Singapore as well.

I am not saying that it is something nobody else can achieve, but for a smaller population nation, they regulated the rules good enough to attract many many business' and companies. All in all they are definitely looking into crypto from the same perspective to attract all the big corporations in the crypto world as well.

[Bobrox]

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.

[_BlackStar]

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.

I really only realized now, it is something that is expected to continue to develop especially for a country with a low economy and no currency of its own.

For countries like Singapore or other countries that actually have good economic conditions, I don't think they will legalize bitcoin so quickly as a means of payment. Indeed there is something that can be expected to change and regulation could become legal as a means of payment in the future, but the government will not prioritize that. I think they prefer to regulate and formulate good ideas to generate more profit without interfering with other payment systems by not legalizing bitcoin as a means of payment. So, instead of saying they legalized bitcoin, I think regulating it is much more likely for Singapore at this time.