The adoption of cryptocurrencies is growing Singapore, Especially among the younger generation who want to take advantage of the wealth potential of the Bitcoin generation (Bitcoin) And other digital assets, according to a new survey conducted by the independent reserve of the Asia Pacific Cryptocurrency Exchange.
43% of respondents said they own cryptocurrency, 46% of respondents plan to purchase digital assets in the next 12 months, IRCI result show. Among respondents in the 26 to 45 age group, two-thirds (66%) said they own cryptocurrency.
Unsurprisingly, 93% of respondents said they had heard of Bitcoin. Nearly 40% of respondents described BTC as an “investment asset” and 25% described it as a “store of value” or “digital gold”.
Among 26 to 35-year-olds, three-quarters said they believe that cryptocurrencies will be widely accepted by individuals and businesses. These attitudes reflect Singapore’s active embrace of digital assets in many areas of society.As Cointelegraph recently reported, Singapore’s financial authorities have confirmed that they are Cooperation with French counterparts Explore cross-border applications of central bank digital currency (CBDC).
related: Countries that account for more than 90% of global GDP are exploring CBDC
The Monetary Authority of Singapore, the central bank of the city-state, and even Provide cash rewards to citizens Submit their digital currency ideas.
Adrian Przelozny, Chief Executive Officer of Independent Reserve, described Singapore as “Because of its strong and well-regulated financial market infrastructure and openness to new technologies, Singapore is an important hub in Asia.”
Raks Sondhi, Managing Director of Independent Reserve, further explained Singapore’s advantages in an email to Cointelegraph:
Many cryptocurrency exchanges and blockchain companies are seeking regulatory certainty. The Payment Services Act of the Monetary Authority of Singapore provides a stable regulatory license and operational framework. With this, Singapore is ready to further enhance its reputation as a leader in this field, and licensing applications from leading digital asset exchanges around the world have been submitted.
A spokesperson for the exchange told Cointelegraph that compared with other countries, Singaporeans seem to be far ahead of the adoption curve. To give an example: the exchange published an independent study on Australia in 2020, showing that the cryptocurrency ownership rate is 18.6%. Overall, Singapore has a score of 63 on a scale of 1 to 100 in the IRCI, compared to 47 for Australia in 2020.
related: Singapore’s DBS Bank Launches Digital Bond Securities Token
