A Watershed Moment For Bitcoin

[phanpp]

https://www.youtube.com/watch?v=kIKe_xUKJqA

Transcript : "... there are other technologies like Blockchains which is used for bitcoins, but can also be use for many other applications like, Real Gross Time Settlement and Trade Finance Verification. So our banks and our regulators MAS must keep up to date and up to scratch with these developments..."

Real Time Gross Settlement : "Gross settlement" means the transaction is settled on one to one basis without bundling or netting with any other transaction. RTGS systems are typically used for high-value transactions that require immediate clearing, usually by a country's central bank.

and

Trade Finance Verification : Same-day affirmation (SDA) also known as T0 refers to completing the entire trade verification process on the same day that the actual trade took place.

He refers to Blockchains (plural), He points out that there are many type of blockchains and only one of which is bitcoin. This actually sidesteps the previously negative image attributed to bitcoin.

It shows a clear understanding of what blockchain technology is all about. Furthermore he directs that their banks and regulators keep up to date with developments. Singapore have always maintained a level headed approach towards bitcoin. It was the first country to clearly define the legal position of bitcoin. Here regulators treat bitcoin for tax purposes it the way it is used, either as a commodity or currency. This has allowed many innovative bitcoin companies to setup and thrive in Singapore.

In his speech he praised the banking industry for it's success but also points out that there are other banks that are better in other areas of the finance and banking, such as mobile payments. This is reinforcing Singapore's model of always wanting to be the best in areas of industry that they target. Being a financial hub have been part of the plan since the founding of Singapore as an independent state.

I would argue that this is a watershed moment for bitcoin and blockchain technologies in general. The community have always hoped for a country to "adopt" bitcoin. This endorsement from the leader of a major developed nation and a global financial hub comes close. It is a good bet that a good many leaders have been taken by surprise and are "scrambling for the exits" so to speak.

[LiteCoinGuy]

hello phanpp and welcome,

you did a good summary of this clip.
https://www.youtube.com/watch?v=kIKe_xU ... be&t=7m54s

countries like Singapore, Isle of Man, the UK, switzerland and some other, where the financial sector is the main part of the economy, have to adopt bitcoin and have to have a soft touch when it comes to regulation. the leaders of these countries have of course a strong will to be always on the forefront of fintech.

i guess this was the first endorsement from the leader of a major developed nation in TV?

[phanpp]

Thanks for the comment. Singapore is a global financial hub after London, New York, Tokyo and Brussels. You can imagine the risk involved in taking such a stand especially with the movers ans shakers of Finance. Where Singapore goes others take notice. They have a good track record. The model of special economic zone development which made China into the second largest economy was pioneered by Singapore and introduced to China's Teng Siao Ping by Lee Kwan Yew, Lee Sian Loong's father. Singapore's influence on the world is dispropotionate to it's size. This speech will influence regulators in many countries that have ties with Singapore and those that are trying to emulate it's success, such as Kenya. This is why I believe it is a watershed moment in Bitcoin's history. It changes the perception and narrative.