Privacy Blog

"Friends don’t let friends get spied on.' – Richard Stallman, President of the Free Software Foundation and longtime advocate of privacy in technology.

Singapore Could Embrace Bitcoin First

Bitcoins and other cryptocurrencies have been the subject of several statements from government officials lately, primarily because these cryptocurrencies provide a lot of privacy. The United States, the United Kingdom, and several other government’s representatives have claimed that Bitcoins and other cryptocurrencies should be limited or completely banned because these governments cannot easily spy on their citizens’ transactions.

Indeed, the governments of China and India have already attempted to ban cryptocurrencies although without much success.

“Cryptocurrency will survive regardless of any one country. Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more.” – Changpeng Zhao, Binance CEO

Singapore is one bright spot, however.

Singapore has consistently been extremely open to cryptocurrencies and blockchain technology. Bitcoin bull and Morgan Creek Digital co-founder Anthony Pompliano believes that Singapore will be the first country to embrace Bitcoin. He shared this while speaking on CNBC’s Squawk Box:

“…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.”

Switzerland also has always been very open to cryptocurrencies. That’s not surprising with that country’s long history of welcoming many different foreign currencies as well as maintaining financial confidentiality. Zug, Switzerland is even often referred to as the center of “Crypto Valley,” a global hub for crypto technologies modeled on the success of Silicon Valley.

The Crypto Valley Association is an independent, government-supported association established to take full advantage of Switzerland’s strengths to build the world’s leading blockchain and cryptographic technologies ecosystem.

The Crypto Valley Association attracts leading crypto startups, helping them setup their operations, developing an ecosystem of expert professional service providers, driving the development of a friendly regulatory environment, and promoting Crypto Valley in the industry and the media.

Details may be found at: https://cryptovalley.swiss/about-the-association/.

A number of smaller countries also have been very forward-thinking and have welcomed cryptocurrencies, including Japan, the Netherlands, Denmark, Estonia, Slovenia, Georgia, and Malta.

Even Russia has maintained an off-again/on-again relationship with cryptocurrencies, even banning cryptocurrency exchange services for a while. However, Putin has been a long-time fan of Ethereum and the possibilities that arise in its blockchain. “The digital economy isn’t a separate industry; it’s essentially the foundation for creating brand new business models,” Putin once told interviewers at an event.

Categories: Crypto Currencies

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