Friends, I hope there are people among you who know what Bitcoin is and are generally well versed in cryptocurrency. I would like to talk with you about such an interesting topic. What do you say?

As per a survey published by the Association of Banks in Singapore (ABS), 74 percent of respondents reported high levels of trust in the country's banks. In contrast, this figure was only 27 percent for a similar survey conducted by Gallup in the US. Thanks to https://www.msn.com/en-sg/news/other/how-the-banking-industry-is-primed-to-shape-the-future-of-crypto-in-singapore/ar-AA19onka I learned that Singaporeans have placed more trust in banks in recent years, while their confidence in crypto has fallen after last year's market crash. It'd seem there's not much use for privately-issued money in the city-state. DBS CEO Piyush Gupta believed so at the Singapore Fintech Festival 2022, where he argued that private money wouldn’t replace public money. He added that digital currencies would offer little in terms of retail use, since services such as PayLah and GrabPay are already very efficient means of transacting.

Bitcoin is unlikely to ever overthrow the Singapore Dollar. However, there are other utilities — from stablecoins to tokenised carbon credits — which could help propel crypto in Singapore’s future. Ironic as it may seem (given Bitcoin’s origins), the country’s banks and regulators stand to play a key role in any such innovations. 

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