While many countries have outright banned crypto-related activities due to legal concerns, some have demonstrated signs of acceptance for cryptocurrencies such as Bitcoin. For the last few years, Singapore has been openly supporting the development of blockchain technology and cryptocurrencies through numerous initiatives.
Recently, the Singaporean government announced it was proposing a plan to waive the 7% Goods and Services Tax for digital currencies, which will provide even more incentives for crypto-related businesses.
Singapore’s central bank have also joined hands with leading players in the financial industry to launch “Project Ubin,” an initiative aimed at using blockchain technology to enable securities clearance and payments.
Given the latest developments, Anthony Pompliano – Bitcoin investor and co-founder of Morgan Creek Digital – expressed confidence while on a CNBC show with CoinShares’ chief strategist Meltem Demirors that Singapore will be the first country to openly adopt Bitcoin.
Pompliano praised the city-state’s stance on crypto, saying:
“…Look at Singapore; Singapore’s saying, ‘Bring it on! We’re going to provide rules, we’re going to give you clarity and we want these companies here – we want the innovation, we want the entrepreneurs to come in.”
However, Demirors took an opposing view, noting that cryptocurrencies, though run on a decentralized system, still relied on intermediaries to operate.
“This whole movement is about eliminating our dependence on intermediaries… we see large scale systemic risk coming from these large institutions and so the idea of Bitcoin doing away with these intermediaries is a good one, but we’ve become more and more dependent on intermediaries than ever,” she said.
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