Summary:
The Adoption of cryptocurrency has become a growing trend in Singapore. Especially the younger peers are seeking to capitalize on generational wealth like Bitcoin (BTC) and other digital assets – according to a recent survey carried by the Asia-Pacific cryptocurrency exchange Independent Reserve.
Detail:
The Independent Reserve Cryptocurrency Index (IRCI) surveyed a poll conducted for 1000 Singaporeans under different classes like gender, age and location. The IRCI results showed that 43% of the polled response reported that they owned cryptocurrency. And with 46% of responses saying that they are conspiring to buy digital assets in the upcoming days.
66% of responses from the 26 to 45 age groups said they owned crypto assets. Without any doubt, 93% of the survey stated that they have heard about Bitcoin. Nearly 40% reported BTC as an investment asset. 25% of responses titled them as “store of value” or “digital gold”.
Amidst the age group of 26 to 35, 3/4 of them believe cryptocurrencies will grow widely and get accepted by individuals and top companies. These opinions reveal Singapore’s firm grip on digital assets beyond multiple sectors of society. Financial critics in Singapore affirmed their partnerships with French counterparts to discover cross-border applications of central bank digital currencies or CBDCs.
The Monetary Authority of Singapore, also the states central bank, has even proposed citizens a cash prize to submit their digital currency approaches and ideas. Adrian Przelozny, chief executive officer of Independent Reserve, represented Singapore as a pivotal hub in Asia due to its strong and well-regulated economic exchange infrastructure and openness to upcoming technologies”.
Raks Sondhi, MD of Independent Reserve, further described how many cryptocurrency transactions and blockchain markets are seeking regulatory certainty. The Monetary Authority of Singapore Payment Services Act presents a solid regulatory licensing and functioning framework.
With that, Singapore is assured to advance its stature as a leader in the space with license appeals from top digital assets exchanges with their submission from around the world. Singaporeans oblige to be greatly ahead of the adoption curve when compared with other nations.
Credits: www.cointelegraph.com