Singapore Hopeful on Launching Bitcoin Banknotes
As per new reports, Tangem, hardware wallet manufacturer for digital currencies, has released bitcoin banknotes in Singapore as a trail to know its practicality. Tangem has been trying to develop digital coins in the form of cash for the comfort of its entry-level consumers has planned to produce millions of notes by the end of this year.
Singapore is widely acknowledged as a popular destination for crypto supporters due to its encouraging regulatory stance on digital currencies as well as blockchain technology. Suntec City, subsidiary of design store chain Megafash, will be hosting the first sale of the bitcoin banknotes.
The banknotes will be available in the denominations of 0.01 BTC and 0.05 BTC ($92 and $463 respectively). Samsung is backing the initiative through its technology to create banknote-like hardware wallets. Tangem has claimed that low production costs are the major reason for using bitcoin banknotes like regular cash.
The press release reads, “Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users. Based on a recently developed S3D350A chip from Samsung Semiconductor, Tangem Note is the first… on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.”
The ambitious start-up has already sent 10,000 notes to its partners and distributors. The offerings made by Tangem have added a new dimension to challenge of making regular consumers attracted towards digital currencies. Until now businesses build on crypto solutions have gathered huge profits. They have been relying on expensive fees and a basic knowledge of digital currencies’ usage.
Likewise, neighboring country Japan has pushed the application of virtual currencies to the next level. More and more retailers and brands are accepting bitcoin and other altcoins as means of payment.
Singapore has always backed digital currencies. In similar news, Deputy Prime Minister Tharman Shanmugaratnam said, “Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed […] If some do succeed, their full implications will also not be known for some time.”
The country has allowed Tangem to release bitcoin banknotes which seems like a distinct reality in other countries. Shanmugaratnam added that the Monetary Authority of Singapore (MAS) is keeping a close watch on the developments of this projects and the risks that it may pose. He said, “as of now, there is no strong case to ban cryptocurrency trading here.”
Crypto enthusiasts from all over the world are turning their ships towards Singapore due to its co-operative policies. The country, unlike China and India, does not see any major fault in digital currencies. Meanwhile, the Chinese government has banned crypto trading and mining in the country which has forced most of their exchanges to move in Singapore. Here, they are trading with full freedom as the crypto space is healthy and growing with each passing day.
If Tangem’s experiment becomes successful, then Singapore might be trading to currencies in cash simultaneously. Even if the initiative fails, Tangem has every chance to re-package its offer and launch bitcoin banknotes again.