Pitch
Digital & Cryptocurrencies like Bitcoin will revolutionize the economy sector, Large funds can be anonymously sent and received.
Description
Make life easier/more difficult for Singapore?
More difficult
Describe the change
There are no proper laws in place governing digital and Cryptocurrencies like Bitcoin which can be used to purchase illegal goods like drugs, weapons and other illegal goods. Since large funds of money can be sent and received anonymously it will very difficult to trace these transactions. Tycoons will invest in Cryptocurrencies to hide their wealth from Governments and escape paying taxes, no taxes means no development funds for Singapore Government.Since Cryptocurrencies are not linked with inflation or deflation it looks promising to people. Since it is digital or virtual asset finding and tracing it will be almost impossible.
How will this change impact Smart Nation Singapore in 2030?
Increasing smuggled goods, drugs, weapons. Increasing number of non tax payers as tycoons will hide their wealth as digital & Cryptocurrencies. It has the potential to disrupt the economy and Singapore dollar. If everyone shift to these then there will be hardly any people left using SGD.
By: