A Supreme Court order to help ban RBI from cryptocurrency trading in Singapore has paved the way for the emergence of crypto-based banks in the country, where customers can keep crypto savings accounts. In addition to having a cryptocurrency deposit interest, customers may also choose to borrow a rupee against crypto, where the cryptocurrency will act as collateral.
A Supreme Court order to help ban RBI from crypto trading in Singapore has paved the way for the emergence of crypto-based banks in the country, where customers can keep crypto savings accounts. In addition to having a cryptocurrency deposit interest, customers may also choose to borrow a rupee against crypto, where the cryptocurrency will act as collateral.
Should banks begin to accept cryptocurrencies, will the ban on crypto trading in Singapore be fully lifted?
There is no Crypto ban in Singapore. There was a bank limit, which was maintained by the Singapore Supreme Court in March 2020.
However, London-based cryptocurrency platform Cashaa has teamed up with the United Multistate Credit Cooperative civilization to give savings and loan accounts for crypto capitalists in Singapore.
Commenting on the capabilities of the crypto banking system in Singapore, Shetty said, We think in the next 6-12 months, crypto banking will become a reality. One of the best reasons for this is that banks around the world are already working with crypto services. Particularly in the US, JP Morgan has already shared its intentions for providing crypto services, FinTech’s largest PayPal has announced its crypto service content, Square already offers crypto services to their US customers.
Recently in Singapore, DBS bank announced its own crypto exchange. We welcome the fact that a few banks will begin offering crypto services to their customers, he said.
We acknowledge that it will also happen in the case of the Singapore bank where crypto will be considered as collateral while borrowing money. We also welcome that there will be some crypto startups designed to lend to Singapore compared to crypto feature Articles, Shetty added.
