Good news from the Monetary Authority of Singapore (MAS), the country's largest central bank has chosen to not interfere with businesses who accept Bitcoin for goods and services.
Though small in size, Singapore is one of the world's financial hotspots, mainly due to low taxes and relaxed private banking policies. Singapore also has the highest population of millionaires. Nearly 1 in six Singaporean citizens report household disposable wealth of $1,000,000 or more.
Some saw this news as unexpected as an ominous warning occurred from the M.A.S. in late september “If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse,” said a spokesperson.
Others believe the news was to be expected as Singapore's monetary policy states that it should not regulate virtual currencies. The policy of non-interference follows in the general sentiments that governments like Japan and Poland.
Although this is not a promotion of the virtual currency, it has significant impact for the future of cryptocurrencies. In this time of economic uncertainty, the countries that seem to be at the top of the financial health charts are realizing that they cannot afford to stop the progress of a new financial system even if that means they may lose some control over the actions of their citizens.
Business owners know that great value lies in a decentralized, easily transportable monetary system. I would not be surprised if we saw an even larger influx of citizens from around the world moving to Singapore. With it's tax free captial gains policy, mild climate and blossoming expat communities, the island country is quickly becoming one of the most viable options for cryptocurrency advocates.
This is a part of the Cryptocurrency Investment Club by CryptoCoinsNews.com.
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