Singapore Issues Bitcoin Banknotes, Hopes To Spread More Adoption
All new cryptocurrency hardware wallet manufacturer, Tangem, just launched the test sales of bitcoin notes in Singapore.
Tangem banknotes allow brick–and–mortar transaction, users can conduct cash-like physical crypto transactions by just handing them over or receiving them. Unlike transacting cryptocurrency online, Tangem bank notes are anonymous and instant without any fees. Users can physically hand over the whole wallet together with the blockchain private key.
They are truly decentralized, meaning it will never be restricted by technology limitations.
They are using a Tamper-proof technology which addresses all known attack vectors on hardware and software domains. This tech has been continuously improved for decades for various government applications like identification and access control, or for the financial services and telecom industry, recent credit cards and SIM cards.
Being an uncopyable cold wallet, irretrievable private keys prohibit replication of wallet and its assets using high-grade EAL6+ protection for all cryptocurrencies.
Tangem claims that their cost-effective technology makes them cheap enough to use like actual cash. Currently, they plan on releasing denominations of 0.01 and 0.05 BTC which is currently equivalent to $96 USD and $480 USD respectively.
Singapore is one of the few countries that has encouraged regulatory stance on both cryptocurrency and blockchain technology. They don’t view Bitcoin as a threat and claims there is no reason to ban cryptocurrency trading within the city-state. This resulted in them benefiting from China’s increased crackdown on crypto trading.
Singapore is only second to Japan in crypto-adoption. In Japan, consumer spending of Bitcoin is extremely high as mass consumer adoption pushed putting options in hundreds of thousands of merchant outlets.
Essentially, Tagem is the first physical manifestation of digital assets. These advanced banknotes have a special chip that allows users to carry cryptocurrencies or any other digital assets.
Thanks to Tangem, you can now buy BTC and load into Tangem in the Suntec City outlet in Singapore. Soon, Tangem should be available all over the world, from retail chains, convenience stores, and special ATMs.
Here was a great quote from Co-Founder Andrew Pantyukhin in an interview:
“With these banknotes you can conduct physical crypto transactions by just handing them over or receiving them. Unlike using crypto currency online, physical transactions are immediate, free, anonymous and there are no fees.”
He would also go on to say,
“The tamper-proof chip technology has been developed and continuously improved for decades for military and government applications… [and] addresses all known attack vectors on hardware and software levels.”
What do you guys think? Just another step forward in the name of all things bitcoin and user adoption, awareness and one day, appreciation!