Bitcoin has hit another record high, zooming past US$11,000 on Wednesday, before tumbling more than US$1,000 just hours after.
Indeed, the cryptocurrency fad is spreading fast. In Singapore, the popular rooftop Skyline Club and Lounge is now accepting Ethereum as payment for food and drinks, the Hong Kong Economic Journal reports.
Blockshow Asia 2017, a large-scale blockchain gathering, was held in Singapore on Tuesday and Wednesday, drawing a lot of fintech talents from the region and beyond.
The Skyline, in partnership with cryptocurrency platform COSS, hosted a two-day after-party for the event. Customers can pay their bills with Ethereum via a point-of-sale system.
Singapore has been actively promoting a cashless society. With a stable political landscape, reliable infrastructure and stable business environment, the country is seen as a pioneering hub for cryptocurrency.
In a phone interview, Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore, told CNBC that the MAS will complete next year all the “elements” of its Project Ubin, a collaborative project with the fintech industry to explore the use of Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities.
Local banks such as United Overseas Bank, DBS Bank and OCBC Bank are also participating in the project.
Singapore currently houses cryptocurrency trading platforms such as Coinhako and FYB-SG.
In addition, Australian cryptocurrency exchange Kryptos-X, which recently raised a seed funding of US$1 million from Fatfish Internet Group, plans to launch its services in Singapore.
Speaking at a conference in Taipei, Ethereum co-founder Vitalik Buterin said Ethereum will possess the same trading ability as Visa in two years.
However, Buterin said Ethereum is confronted with three obstacles, namely privacy, safety and expansion.
With three-fourths of the privacy issues having been resolved, expansion is a pressing problem to tackle, he said.
This article appeared in the Hong Kong Economic Journal on Nov. 30
Translation by Jonathan Chong with additional reporting
[Chinese version 中文版]
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