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Commentary: Will Bitcoin become mainstream currency in Singapore one day?



SINGAPORE: We are seeing increased interest in Bitcoin and other cryptocurrencies as the price of Bitcoin rebounded and plummeted, seeing a nearly ten fold price increase over a period of a year.

Bitcoin is to date the highest rated or most expensive cryptocurrency in the world and has grown by 276 percent in the last year alone, far ahead of others such as ether used on the Ethereum network.

It peaked in April of that year before dropping to almost half its value in June. Singapore investors are also keeping an eye on Bitcoin and cryptocurrencies, with traditional institutions such as banks launching blockchain funds to give their wealthy investors the opportunity to invest in cryptocurrencies.

We even see traditional companies like Kopitiam in Funan announcing that they will accept cryptocurrencies like Bitcoin and Ethereum. According to Statista, there were eight Bitcoin ATMs in Singapore in January and about 51 companies that accept cryptocurrencies for payment.


However, Bitcoin has several properties that make it unsuitable for use as a transactional currency.

Bitcoin’s volatility suggests that both consumers and merchants bear the exchange rate risk that arises from the need to change fiat currency to bitcoin.

For example, in 2010 we saw the first commercial transaction using bitcoin to buy a pair of pizzas for 10,000 bitcoins – what was about $ 40 at the time, would cost nearly $ 400 million today.

People use a smartphone app to pay bills with Bitcoin, shop for groceries, or get their hair cut, and make a direct online transfer to AFP / Stanley ESTRADA

The inefficiency of the blockchain with transactions that take hours or even days to be confirmed and the use of proof of work in Bitcoin mining also leads to excessive power consumption, leading to sustainability issues.

As a result, Bitcoin is unlikely to be widely used locally as a currency for transactions, although other forms of virtual currencies or stable coins with values ​​pegged to specific fiat currencies may find wider acceptance as a currency for transactions.

In addition, there is limited regulatory protection for cryptocurrency customers, which means that, unlike e-money stored on an EZ-Link card or bank account, cryptocurrency customers may lose the if the company goes bankrupt lose entire amount.

READ: Comment: Bitcoin is now legal tender in one country. Regret may soon follow

READ: Comment: Don’t trust the hype – Bitcoin will never be a smart investment

In this regard, the Monetary Authority of Singapore (MAS) has required cryptocurrency firms to provide clear and reasonable information to their customers, including merchants, so that all customers are aware of the risks.

Cryptocurrencies are neither legal tender nor securities. Instead, they are considered a commodity, just like trading cards that you can buy from vending machines or in shops. And as a good they can be used as a medium of exchange.


However, as high net worth investors are increasingly interested in adding cryptocurrencies to their investment portfolios, and mainstream banks such as DBS offer customers with cryptocurrencies as part of the portfolio investment opportunities, we will, given its increased availability with banks.

However, it should be noted that the size of the Singapore cryptocurrency market remains extremely small, according to MAS. Over the years the MAS has repeatedly issued consumer warnings to warn the public of the risks of trading or investing in cryptocurrencies.

A Bitcoin Automatic Machine (ATM) is seen in the Hong Lim Complex in Singapore

A Bitcoin Machine (ATM) can be seen in the Hong Lim Complex in Singapore on February 7, 2018. Picture from February 7, 2018. REUTERS / Dewey Sim

The prices of cryptocurrencies can be very volatile and are often speculative in nature. This is not surprising, since cryptocurrencies are factually and scientifically nothing more than bytes of data that sit on computers in networks.

They are not tied to a nation’s economy or economic fundamentals, and their value cannot be objectively measured or determined. Their values ​​are just what people think is worth, very much like trading cards and even fluctuate according to the tweets of billionaires like Elon Musk.

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READ: Comment: Maybe Elon Musk should stop tweeting about Tesla

The massive, rapid increases in value are attractive to those hoping for quick gains – investors always hope they can buy at the bottom and sell at the top, especially since the cycles of rise and fall are frequent and rapid.


Not only does the MAS warn consumers about the speculative nature of many of these virtual assets, it also has rules to combat the misuse of cryptocurrencies to finance terrorism and the proliferation of weapons, as well as money laundering such as laundering drug revenues and the use of cryptocurrencies Combat ransom or other illegal payments received.

The ability to move or use cryptocurrencies quickly, relatively anonymously, and the cross-border nature of such transactions make them ideal mechanisms for money laundering.

In addition, cryptocurrency assets stolen from cryptocurrency companies with poor governance or cybersecurity measures can be laundered unnoticed either by other companies with equally poor governance or cybersecurity measures or by DeFi – decentralized financial systems – that have no intermediaries for transactions.


In Singapore, companies that offer trading in cryptocurrencies are regulated as providers of digital payment tokens under the Payment Services Act and must be licensed.

Likewise, companies that trade in cryptocurrencies or facilitate the transfer of cryptocurrencies or offer custodian bank services must be licensed and meet all requirements.

Crypto 03 cryptocurrency cryptocurrency bitcoin ethereum litecoin atm - file photo

A cryptocurrency ATM in The Arcade in Raffles Place Singapore (Photo: Jeremy Long)

Although the regulatory intent is to address money laundering and terrorist financing risks, the requirements on companies are quite high, which in turn can discourage companies from offering the services fully.

For example, a strict duty of care towards customers is required before every transaction, combined with constant and continuous monitoring.

READ: Comment: Cryptocurrency powers the underground economy of vice and crime

READ: Comment: Dogecoin and Why We Should Stop Taking Cryptocurrencies Seriously

In addition, the MAS has now been given the authority to quickly impose additional measures on cryptocurrency companies if necessary. All of this will put a damper on cryptocurrency providers and investors.

Overall, we believe Bitcoin is unlikely to go mainstream as a transaction currency. Cryptocurrencies that can become a currency that supports transactions should be stable and efficient – attributes not associated with Bitcoin.

Bitcoin could attract increasing interest from investors who have to deal with the inherent volatility, as Bitcoin is not tied to an underlying asset, but its value is highly dependent on investor expectations – which is why a tweet from Elon Musk is all too strong Lead to fluctuations in value.

Hannah Yee-Fen Lim is Associate Professor of Business Law at Nanyang Business School, NTU and one of 15 international legal experts appointed by the International Institute for the Unification of Private Law to draft new international model laws on cryptocurrencies and other digital assets. Boh Wai Fong is the assistant dean and professor of business informatics at Nanyang Business School, NTU.

In this episode of the Money Mind podcast, hear experts discuss the risks and rewards of decentralized finance:

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Crypto News: Ethereum bounces, Shiba Inu jumps, and HUH Token releases white paper



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Ethereum continued its rise this week despite being under pressure from the announcement of a new strain of Covid-19 and negative comments from the Federal Reserve. Meanwhile, Shiba Inu is up over 30% and HUH Token has released its highly anticipated white paper.

Bitcoin plunged lower this week after Federal Reserve Chairman Jerome Powell warned that the risk of higher inflation was “increasing,” meaning the central bank will consider stepping up its buying policy to reduce risky asset markets has cranked.

On the flip side, Ethereum, the second largest cryptocurrency by market capitalization, posted its fifth consecutive profit day, trading above $ 4,600 according to data from CoinMarketCap.

Ethereum remains the most popular cryptocurrency bet for most traders, and it looks like it will make another run towards $ 5,000 once risk appetite returns.

Ethereum’s growing market dominance is also reflected in the Ether-Bitcoin (ETH / BTC) daily chart on the Binance cryptocurrency exchange, which is up more than 5.2 percent at the time of writing.

Bitcoin (BTC) buyers were unable to sustain the price rally on Monday, although support near $ 54,000- $ 56,000 could help stabilize the current decline.

The cryptocurrency has fallen about 2% in the past 24 hours and has remained relatively stable for the past week.

On the 4-hour chart, the downward sloping 100-day moving average is indicating a near-term downtrend. This suggests that buyers have benefited from rallies across the board over the past month.

Lately, despite oversold levels on the charts, the $ 60,000 resistance level has been a significant hurdle for buyers. So far, support levels have remained intact, implying the possibility of a tight trading range between $ 55,000 and $ 60,000.

Shiba Inu price is seeing a slight decline after a sharp surge in buying pressure that led to a rally. This correction gives sidelined buyers the opportunity to get in before the next higher leg.

Between November 28 and November 30, the price of Shiba Inu rose 50% from $ 0.0000362 to $ 0.0000543. This massive rally is currently retreating and trading near the middle of the $ 0.0000452 range.

Investors can expect SHIB to reverse course as soon as it re-enters the buy zone. This high probability reversal zone offers investors who missed the initial Shiba Inu price surge the opportunity to participate in the next bull market.

Market participants should wait for the 62 percent Fibonacci retracement level at $ 0.0000431 to be retested before entering a long position. That slump will create the conditions for a 25 percent rise in Shiba Inu price, causing a retest of the range high at $ 0.0000543.

Finally, HUH Token has released its highly anticipated white paper, which is preparing to launch on Monday December 6th.

According to the whitepaper, “The HUH Token dream is a decentralized metaverse where everyone benefits from the data they generate. The data generated through engagement, be it information, opinions, images, sound or any other form of self-expression, generated value for the influencer and the individual, because all data creates influence, and HUH believes

this influence is a currency that must be shared for the common good ”.

This “tokenization” of influence is certainly a new idea in the crypto space and could be a hit among creative and influencer communities. Musicians, artists and influencers could use this crypto and their social network called “MetHUH” to monetize their works or to “influence” them with the help of HUH tokens.

The makers of HUH Token say they built the world’s first “UTIMEME”

Cryptocurrency that combines the power of “meme” tokens with the usability of utility tokens. “Tokenomics will rapidly increase the value of the HUH token, which will be the basis for transactions and rewards through a major social network called ‘MetHUH’, where user data ownership is first taken seriously from a cryptocurrency perspective. With the social network of the HUH, MetHUH, everyone in the HUH can be rewarded for the exchange of content and commitment. ”

HUH Token will be available on PancakeSwap and Uniswap from Monday, and to promote long-term stability and growth, its creators tie up $ 1 million in liquidity for 2 years from launch.

Currently in the final days of the pre-sale, this could be the ideal time to buy HUH tokens. Follow HUH Token on their social networks before they start:

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Mukesh Ambani backs data privacy, cryptocurrency bills



Billionaire Mukesh Ambani on Friday backed proposed privacy and cryptocurrency laws, saying India is implementing the most forward-looking policies and regulations.

Ambani, who was a voice of Indians who owns and controls its own data and the nation that has strict rules for storing and sharing digital information, said nations have the right to build and protect strategic digital infrastructure .

He stated that data was the “new oil” and said that every citizen’s right to privacy must be protected.

“India is introducing the most cutting-edge policies and regulations,” he said at the Infinity Forum hosted by the International Financial Services Centers Authority (IFSCA).

The country, he said, already has a great framework for digital identity – through Aadhaar, digital bank accounts and digital payments.

“We are about to introduce a data protection act and the cryptocurrency act. I think we are on the right track, ”he said.

The comments came as the government wanted to bring a new bill into parliament to treat cryptocurrencies as a financial asset while protecting retail investors. The legislature can prescribe a minimum amount for investments in digital currencies and prohibit their use as legal tender.

The legislative agenda for the current winter session of Parliament, which began on November 29, lists the submission of a bill aimed at banning all private cryptocurrencies with the exception of “certain exceptions to promote the underlying technology of cryptocurrency and its uses” . While the government is considering taxing cryptocurrency profits, the Reserve Bank of India wants a total ban on digital currencies as it believes it could hurt the country’s macroeconomic and financial stability.

“Data and digital infrastructure are of strategic importance to India and every other nation in the world. Every country has the right to build and protect this strategic digital infrastructure, ”he said, adding that a unified global standard is needed so that cross-border transactions, collaborations and partnerships are not obstructed.

He stated that every citizen’s right to privacy must be protected, saying that the right policies and regulatory framework must balance this with the country’s need to protect data and digital infrastructure.

Ambani, chairman and general manager of Reliance Industries Ltd, said he was a big believer in blockchain technology.

“I believe in blockchain technology and that is different from cryptocurrency,” he said, adding, “Blockchain is very important for a trust-based, fair society.” While the bill to regulate cryptocurrency is in the works, RBI- Governor Shaktikanta Das to those who believe that the blockchain technology underlying cryptocurrencies could also exist on their own without the currency.

“With blockchain, we can provide unparalleled security, trust, automation and efficiency for almost any type of transaction,” said Ambani. “It can be used to modernize our supply chains, which are the lifeblood of our economies.” India is now well on its way to becoming a leading digital society with the digital infrastructure and regulatory framework in place.

“Data is indeed the ‘new oil’. But the new oil is fundamentally different from the traditional oil. Traditional oil was only extracted in selected locations – so it only created wealth for a few countries. In contrast, the new oil – that is, data – can be produced and consumed anywhere and by anyone. It has the potential to deliver equitable value across sectors, regions and economic classes, ”he said.

His comments are against the backdrop of a debate on how India should balance user protection with supporting its digital economy in the world’s fastest growing major internet market. Foreign companies and hundreds of domestic startups thrived amid a lack of regulation.

Ambanis Jio has accelerated internet adoption and has contributed to the crash in data prices since launching in the retail market.

The country, he said, is switching completely from 2G to 4G. “We are in the process of creating an equally affordable ecosystem of devices to enable greater adoption, supported by faster adoption of fiber, cloud and data center infrastructure.

“The next step will be the connectivity of machines, devices and vehicles, in other words the Internet of Things. With the introduction of 5G in India next year, we are on our way to have one of the most advanced digital infrastructures in the world. ”Ambani said India is well on its way to becoming a leading digital society after digital infrastructure and the regulatory framework had been created.

“Finance is at the heart of everything, and I think we are in the very early stages of sporadic digitization, and with the advent of various new age technologies, there is an opportunity to adopt a decentralized financial model,” he said.

There will be centralized government and central bank policies, but there will be a path to decentralized technological solutions where funding is enabled and available to everyone, Ambani said.

Real-time technologies will help complete trades, not in days or hours, but in real time. Smart contracts are becoming a reality.

“The convergence of real-time technologies, distributed ledgers, blockchain, smart tokens, etc. with physical infrastructure using IoT will redefine the decentralized finance sector in ways we never imagined,” he added.

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‘Wolf of Wall Street’ Jordan Belfort Warns About Investing in Dogecoin and Shiba Inu Cryptocurrencies – News Bitcoin News



Jordan Belfort, the former stockbroker whose memoir was made into a film with Leonardo DiCaprio, has warned against investing in meme cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB). Belfort stated that “people are taking advantage of an unregulated market”, stressing that “the sooner governments step in, the better it is for crypto.”

The Wolf of Wall Street’s advice on Dogecoin and Shiba Inu cryptocurrencies

Jordan Belfort, also known as the Wolf of Wall Street, warned investors not to invest money in meme cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) in an interview published Tuesday with The Sun.

“I’m a fan of blockchain, but there is a lot of nonsense out there, a lot of bullshit coins that serve no purpose and are only there to separate people from their money,” he said.

Belfort is a former stockbroker whose memoir was adapted in a film titled “The Wolf of Wall Street” starring Leonardo DiCaprio and directed by Martin Scorsese. Belfort founded Stratton Oakmont, which acted as a boiler room, marketing penny stocks and tricking investors with “pump-and-dump” stock sales. In 1999 he pleaded guilty to fraud and was jailed for 22 months; he is now a motivational speaker.

“I got greedy. … Greed is not good, ”he said in 2014 at a motivational interview in Dubai.

The writer of The Wolf of Wall Street told The Sun:

You hear crazy stories from people who make millions and billions, but for every such person there are 10,000 or 100,000 people who get their money in Shiba Inu … It’s not a real investment.

Belfort added, “People are taking advantage of an unregulated market and creating shit coins that have no value and no use.”

Both Dogecoin and Shiba Inu have grown in popularity tremendously in the past few months. At the time of writing, DOGE is the 10th largest cryptocurrency by market capitalization and SHIB is the 13th largest. The price of Dogecoin is $ 0.210057. It has grown by more than 6,154% in the past year. The price of Shiba Inu is $ 0.00004284. The meme coin gained 66,650,613.9% over the past year.

Belfort then proposed against crypto investment programs like MILF Coins and Yummy Coin, stating that “unscrupulous people start the coins and come into a chat room and say things that are obviously illegal”.

He stressed: “People should go to jail seriously – they are not legitimate. There is no way they will ever work … I suspect someone will be charged for this stuff. “

He pointed out, “What I hate most about it is this legitimate stuff – it gives these digital coins a bad name,” he said:

The sooner governments step in, the better it is for crypto, because when the authorities start regulating a dark market, it gets bigger and better.

What do you think of the advice from the Wolf of Wall Street? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

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