Singapore Token Day Puts Crypto Center Stage on Bitcoin’s 10th Birthday

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Singapore Token Day celebrated Bitcoin’s 10th anniversary with its own event to promote cryptocurrency and blockchain adoption on the South East Asian peninsula.

The organizers promised that Singapore Token Day would be a national event lasting over two weeks between 31 October to 18 November, with a view to informing the uninitiated about all things cryptocurrency. The hope is that the event will give Bitcoin and other cryptocurrencies a springboard to increase its profile among the public.

Earlier this year, Singapore’s Infocomm Media Development Authority (IMDA) launched a blockchain challenge rewarding winning projects with development funding as part of its long-term plan to back cryptocurrencies and new technology. The city center has become a venue for cryptocurrency promotional events. In May, eyebrows were raised on the day when Bitcoin banknotes appeared at a major shopping center, readily available in denominations of BTC 0.01 (USD 98) and BTC 0.05 (USD 485), each containing a Samsung Semiconductor S3D350A chip.

This event has attracted 30 large retailers to Chinatown and allowed customers to purchase goods and services using a range of cryptocurrencies using organizer Bizkey’s Point of Sale (POS) device. This week hopes to raise the numbers of Singaporeans using Bitcoin, while also encouraging companies to improve their services through DLT.

Bizkey estimate that 10,000-15,000 Singaporeans own one or more cryptocurrencies. Although it is not yet widely used in the retail sector, the government continues to keep cryptocurrency on its legislative radar due to its obvious advantages in reducing the cost of money transfers and the speeding up transaction processes.

The Monetary Authority of Singapore (MAS) has been largely responsible for cryptocurrency’s increase in popularity, due in part to a clarification at the end of last year which outlined the distinctions between different tokens and their uses. The result was an increase in ICOs in the first few months of 2018 with 56 being offered in the city raising more than USD 1 billion in total from institutional and retail cryptocurrency investors – a huge increase on the previous year.

The local market has been further buoyed over the past few weeks by the news that South Korean cryptocurrency exchange Bithumb sold majority control for USD 354 million to a Singapore-based medical group. Bk Global Consortium acquired the 51% share in the exchange necessary to give it overall control. The deal was signed by BK International Consortium, a blockchain investment company formed by BK International, a plastic surgical procedures clinical team in Singapore.

 

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