- Bizkey is holding ‘Token day’ in Singapore from the 31st of October till the 18th of November
- During this time, over 30 retailers will accept cryptocurrency payments
- This is in a bid to promote cryptocurrency use in daily life
Cryptocurrency payments are gaining ground in Singapore following the launch of the XPOS in the country. However, things seem to be getting kicked up a notch as in celebration of the 10th anniversary of Bitcoin, Bizkey is launching ‘Token Day’.
This will hold from the 31st of October till the 18th of November. During this period, about 30 retailers in Chinatown are accepting cryptocurrencies such as Ethereum (ETH), Binance Coin (BNB), Aelf coin (ELF) and Zilliqa coin (ZIL) in payment.
These payments can be made with Bizkey’s POS machines. Some of the retailers that will be participating in Token day are SK Jewellery, Koryo Mart, and Hotel 1887.
The primary objective of this exercise is to not only commemorate the 10th anniversary of Bitcoin but also to further promote the acceptance of cryptocurrency.
This allows cryptocurrency holders to spend their coins at retailers they otherwise would not have been able to, help these retailers test the waters with regards to cryptocurrency payments and also serve to educate the public about cryptocurrency and how it works.
Singapore as a nation has been quite friendly towards cryptocurrency. The Monetary Authority of Singapore (MAS) issued official regulations which formally differentiated cryptocurrencies from securities.
There is also a booming ICO market in Singapore and this year there were 56 Initial Coin Offerings (ICOs) held in the final months of 2018 which raised over $1 Billion. This is compared to the 35 ICOs that were held during the entirety of 2017 which raised $641 Million.
Still not easy to pay in crypto
Despite the booming ICO market, Singapore has not quite been able to get cryptocurrency to be widely accepted as a form of currency in day-to-day life.
By organizing Token day, they can, hopefully, bring more retailers on-board who will embrace cryptocurrency and soon, this could become commonplace.
“Although cryptocurrency was first invented 10 years ago, very few people in the world have the chance to actually use it to buy products and services,” Said Ken Huang, Co-founder and CEO of Bizkey,” We hope these individuals and the wider public will be keen to try out the novelty of being amongst the pioneering cryptocurrency spenders in Singapore,