Singapore could be first country to fully adopt Cryptocurrencies

Singapore has a well-devised plan for implementing cryptocurrencies into their economy.

The financial regulators of Singapore have a good understanding of the working of the cryptocurrency industry and have already devised plans for its future.

The Monetary Authority of Singapore (MAS) has made a clear distinction between the different types of cryptocurrencies: utility tokens, payment tokens, and security tokens. They have focused on learning the power of cryptocurrency in all time domains – past, present, and future, rather than just looking at the technology – Blockchain.

Singapore is already known to be one of the first countries that will issue cryptocurrency debit cards. The MAS also has been working with various global institutions to introduce tokenized digital currencies.

There are reports that Singapore has been working with South Korean firm Dunamu to launch the Upbit Singapore by October.

Always known to be the country that is ahead of the rest of the world, it is no surprise that they could be the first country to adapt and adopt the cryptocurrency into their system.

Read the full news here.

 


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Bank of Hodlers is building a customer-centric bank on the blockchain, by providing financial services like cryptocurrency-backed loans and cryptocurrency-backed cards.

We have recently launched our asset-backed lending product where you can earn interest on your BTC, ETH, TUSD and DAI. You also have the option to borrow DAI against Ethereum. You can sign up to the platform by clicking here: app.bankofhodlers.com/register.

 

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