Singapore, the banking industry, and Bitcoin - page 2.

Gozie51

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Quote from: Wind_FURY on July 14, 2021, 04:31:34 AM

Singapore’s banking industry is what made the country develop into one of the richest countries in the world. It can further develop by embracing the Bitcoin industry.

I went to search the net on this but the banking system was not giving as the reason alone but I understand what you mean here.

Three factors were important for the growth of Singapore development,

1. Being friendly to foreign investors
2. Location
3. Sincerity in governance and policy.

There is however relationship in the last listed point to growth of economy because policies made are going to be followed up sincerely. As for the bitcoin in Singapore, the government may sincerely develop policies that will help to boost the adoption. But I think they will also go the way of developing there own cryptocurrency.

oHnK

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As long as I know, the Singapore's government policy really support their society to advance their life level. Tha public facilities is made for advertising their country to investors, in the south east Asia Singapore is popular as the Bitcoin heaven because the government support their society to trade and invest in BTC, but to protect their fiat existance the government made tax fee for trading BTC at least 7%. I know that is a high fee for paying but this is a win win solution for the country. The government really understand that BTC has a potential for the future currency and there is no forbidden about BTC there, I really admire their government system.

avikz

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Quote from: Wind_FURY on July 14, 2021, 04:31:34 AM

Everyone is looking at El Salvador to be “the home” of Bitcoin, but I believe Singapore is better to be the true hub of the Bitcoin industry, with serious players.

Singapore has made a lot of effort on the technological sector. It cannot be said of El Salvador.

Singapore has clean governance, and almost zero corruption. El Salvador’s government structure might be corrupt everywhere from the bottom to the top.

Singapore’s banking industry is what made the country develop into one of the richest countries in the world. It can further develop by embracing the Bitcoin industry.

Singapore is far better in terms of everything we can imagine compared to El-Salvador. I remember, one of the oldest exchange of my country Zebpay moved to Singapore in just a week when the Central Bank of my country banned crypto exchanges from receiving banking service. It shows how transparent and business friendly the government of Singapore is who can arrange to shift an entire business from one country to another in just a week. No wonder why Singapore is one the richest place on earth and also tops in almost every single human development index.

El-Salvador is probably the one country who is trying to push for mass adoption, but Singapore will remain the business hub for any kind of legal businesses.

Sterbens

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I agree that Singapore is a suitable country to be called a home for Bitcoin. there we feel special if we have cryptocurrency. Apart from their very supportive policies towards crypto growth, we know that Justin Sun has a big project in Singapore. Well, where Singapore is a haven for cryptoners who want to protect their rights to freedom of their assets.

however, I still haven't gotten any actual news on how the crypto tax policy system there is, whether it has been implemented or not, or indeed there will be no crypto tax.

aysg76

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Quote from: Wind_FURY on July 14, 2021, 04:31:34 AM

Everyone is looking at El Salvador to be “the home” of Bitcoin, but I believe Singapore is better to be the true hub of the Bitcoin industry, with serious players.

Singapore has made a lot of effort on the technological sector. It cannot be said of El Salvador.

Singapore has clean governance, and almost zero corruption. El Salvador’s government structure might be corrupt everywhere from the bottom to the top.

Singapore’s banking industry is what made the country develop into one of the richest countries in the world. It can further develop by embracing the Bitcoin industry.

The Singapore can surely hold a special place for bitcoin in coming time as many technical projects have been at first established in Singapore in their intial days and the friendly framework of the government with less or say zero corruption.But the problem at this time for bitcoin and other cryptos is that it is still not mainstream and accepted as legal tender like in El Salvador.This year in Singapore there were around 60 Bitcoin ATM's and almost 51 businesses accepting crypto related payment and the numbers are on the verge of rising due to increase number of investors everywhere.Another reason is that El Salvador was not having any legal currency of their own and major domination was of USD and was not developed and small country but it's not the case with Singapore as it is a technical hub and Singapore dollar is already having good market value of around 74 cents higher than many nations and the economy condition is not too worsen.But soon in the coming days we could see the government having positive approach towards bitcoin and they can provide legal regulations for the same.

Snappycoco

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El salvador is one big step for bitcoin adoption. They proved that even a small country could adopt Cryptocurrency and could implement it without problems. However, when it comes to improvements in bitcoin usage, Singapore is the one with their advance technology added by their clean government aiming for the best for its community.

Wind_FURY

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Quote from: NeuroticFish on July 14, 2021, 05:18:13 AM

Quote from: Wind_FURY on July 14, 2021, 04:31:34 AM

Everyone is looking at El Salvador to be “the home” of Bitcoin, but I believe Singapore is better to be the true hub of the Bitcoin industry, with serious players.

The "legal tender" and the fact that's rather close to US make El Salvador very important.

The fact that other countries are Bitcoin friendly doesn't mean that much. And while El Salvador has its place in history now, Singapore will probably have quite a competition into becoming a "hub" (and probably not from El Salvador).

Quote from: Wind_FURY on July 14, 2021, 04:31:34 AM

Singapore has made a lot of effort on the technological sector. It cannot be said of El Salvador.
Singapore has clean governance, and almost zero corruption. El Salvador’s government structure might be corrupt everywhere from the bottom to the top.
Singapore’s banking industry is what made the country develop into one of the richest countries in the world. It can further develop by embracing the Bitcoin industry.

Imho these don't matter that much and the comparison is uneven. And you tried to compare apples with oranges, making a fruit salad.

As long as the banking industry didn't embrace Bitcoin in Singapore, all you are saying is wishful thinking.
And the history has shown that the "possibly more corrupt government structure" has already done a step the "almost zero corruption" govt of Singapore was afraid to make. So comparing the corruption may not bring anything useful.

I think that El Salvador will probably not become a tech hub for Bitcoin. It may very well be that even Singapore won't be that. Imho, whether we like it or not, US has bigger chance for that.

I believe that will change, and the Singaporean government, and their banking industry might soon welcome crypto-exchanges, hedge funds, and start ups and become the safe haven of the whole Bitcoin and cryptocurrency industry. Serious players have already made Singapore their home. Jihan Wu, Vitalik Buterin, and the Winklevoss twins made it their home in Asia.

Quote from: Karartma1 on July 14, 2021, 06:11:34 AM

Quote from: Wind_FURY on July 14, 2021, 04:31:34 AM

Everyone is looking at El Salvador to be “the home” of Bitcoin, but I believe Singapore is better to be the true hub of the Bitcoin industry, with serious players.

Singapore has made a lot of effort on the technological sector. It cannot be said of El Salvador.

Singapore has clean governance, and almost zero corruption. El Salvador’s government structure might be corrupt everywhere from the bottom to the top.

Singapore’s banking industry is what made the country develop into one of the richest countries in the world. It can further develop by embracing the Bitcoin industry.

I don't see Singapore making bitcoin legal tender anytime soon. That's the main difference between the two countries right now.
Bitcoin doesn't need no tech infrastructure, no govt approval, no banks to function properly.
Singaporean banks are accepting bitcoin to get new revenue streams.
Salvadorans will accept bitcoin to become financially independent in the future.
I see big differences here Cool

It’s not about Bitcoin as a legal tender. It’s about a country welcoming the Bitcoin industry, to build and develop to be as successful as the banking industry.

paxmao

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It is indeed one of the best hubs for innovation in general, not just for crypto innovation. Excellent market conditions, legal system, the largest and fastest growing market of the world (that´s China) right at their door and a system that produces competent professionals. The only handicap I can think of is the ridiculously high price of real state of any type. These conditions are difficult to match for other Asian countries and are very attractive for asset-light companies that do not require massive physical space, but rather a good ecosystem and legal environment.

Comparing Singapore with El Salvador is simply impossible. The only thing they share is being on the same planet.

mu_enrico

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Yeah, with all the qualities, ideally Singapore would be a better Hub compared to El Salvador, but the question is, is Crypto supported by the government? Well, yes (and no), to some extent. But Bitcoin is not the legal tender and treated as goods. They have neutral position regarding to crypto AFAIK.

Anyway, I think Japan is better despite the difference in language (and text), that's why Roger went there.

Karartma1

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Quote from: Wind_FURY on July 14, 2021, 04:31:34 AM

Everyone is looking at El Salvador to be “the home” of Bitcoin, but I believe Singapore is better to be the true hub of the Bitcoin industry, with serious players.

Singapore has made a lot of effort on the technological sector. It cannot be said of El Salvador.

Singapore has clean governance, and almost zero corruption. El Salvador’s government structure might be corrupt everywhere from the bottom to the top.

Singapore’s banking industry is what made the country develop into one of the richest countries in the world. It can further develop by embracing the Bitcoin industry.

I don't see Singapore making bitcoin legal tender anytime soon. That's the main difference between the two countries right now.
Bitcoin doesn't need no tech infrastructure, no govt approval, no banks to function properly.
Singaporean banks are accepting bitcoin to get new revenue streams.
Salvadorans will accept bitcoin to become financially independent in the future.
I see big differences here Cool

Ucy

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I wonder who will then need Bitcoin and decentralized tech more between the two nations. I would go where it's really needed the most and use that to fight corruption where people are humble enough to accept they are corrupt.
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NeuroticFish

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Quote from: Wind_FURY on July 14, 2021, 04:31:34 AM

Everyone is looking at El Salvador to be “the home” of Bitcoin, but I believe Singapore is better to be the true hub of the Bitcoin industry, with serious players.

The "legal tender" and the fact that's rather close to US make El Salvador very important.

The fact that other countries are Bitcoin friendly doesn't mean that much. And while El Salvador has its place in history now, Singapore will probably have quite a competition into becoming a "hub" (and probably not from El Salvador).

Quote from: Wind_FURY on July 14, 2021, 04:31:34 AM

Singapore has made a lot of effort on the technological sector. It cannot be said of El Salvador.
Singapore has clean governance, and almost zero corruption. El Salvador’s government structure might be corrupt everywhere from the bottom to the top.
Singapore’s banking industry is what made the country develop into one of the richest countries in the world. It can further develop by embracing the Bitcoin industry.

Imho these don't matter that much and the comparison is uneven. And you tried to compare apples with oranges, making a fruit salad.

As long as the banking industry didn't embrace Bitcoin in Singapore, all you are saying is wishful thinking.
And the history has shown that the "possibly more corrupt government structure" has already done a step the "almost zero corruption" govt of Singapore was afraid to make. So comparing the corruption may not bring anything useful.

I think that El Salvador will probably not become a tech hub for Bitcoin. It may very well be that even Singapore won't be that. Imho, whether we like it or not, US has bigger chance for that.

Anonylz

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Yeah i heard Singapore is very crypto friendly, but the difference why everyone is looking at El savador is the simple fact that they openly declare btc as legal tender of the country, it is an open declaration which has been recognized by government from other part of the country, it also attracts many headlines, this is the reason why El savador is the center of attraction at the moment,
perhaps if Singapore will also take the initiative and publicly accepting btc as legal tender then the focus will be on them as well, already Singapore is doing a great job in the crypto space and most project have location there it seems.

Obito

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Another serious contender would probably be Japan and South Korea but you are right that Singapore could be the best choice to be named a bitcoin hub because it's practically the perfect country for it. Let's not forget Rwanda because they are basically the Sinapore of Africa even though they are currently in dictatorship, the governance is pretty good too.

Wind_FURY

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Everyone is looking at El Salvador to be “the home” of Bitcoin, but I believe Singapore is better to be the true hub of the Bitcoin industry, with serious players.

Singapore has made a lot of effort on the technological sector. It cannot be said of El Salvador.

Singapore has clean governance, and almost zero corruption. El Salvador’s government structure might be corrupt everywhere from the bottom to the top.

Singapore’s banking industry is what made the country develop into one of the richest countries in the world. It can further develop by embracing the Bitcoin industry.

Topic: Singapore, the banking industry, and Bitcoin - page 2. (Read 224 times)