Singapore’s citizens shows lack of interest toward crypto payments

Reports say most Singaporeans are not showing their interest to use crypto for good service because of volatility and trust issues.

Singapore is a popular region of the world where Cryptocurrency use has been fully allowed under rules & regulation for a long time. And also Singapore is one of the place where First bitcoin ATM machine was installed in 2014 and in present time this number is 10 which is very low in comparison with other countries where Rapid increase in Bitcoin ATM machines can be seen. But now in present time people are not preferring to use crypto in retail payment purpose.

Related: The number of Bitcoin ATMs worldwide is close to 10,000 since March 1, 2020

According to media reports, institutional investors are showing and growing their interest in Cryptocurrency assets but they are interested in using crypto for payment purposes. 

Since the report pointed out many facts, the one thing they talked about is much more notable. 

A coffee shop was opened by a person who was Crypto friendly. He offered crypto payment option but now he suspended crypto through their payment option because people were not showing interest to pay in crypto. According to the shop owner, people claim that they cannot spend their crypto holding for goods because they don’t want loss. And also most of the people believe that it is not a better option to use crypto in payment because crypto is only made for Investment purposes.

Ben Charoenwong, a professor in the department of finance at the National University of Singapore, also shared his point of view with the local media and said that people don’t trust many crypto assets because they are not under legal tender. And this results in a big issue for Merchants to not offer crypto payments. 

So it is a two sided problem because of Cryptocurrency legalisation not as a legal tender.

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