Singapore last week hosted the CAIA-SKBI Cryptocurrency Conference, focused on services and innovation in the local and global cryptocurrency sector. The conference was quite unusual for bitcoin, as it was mainly organized by individuals and institutions not associated with the cryptocurrency world. Responsibility for organizing the symposium was taken by the Financial Economics Institute of the Singapore Management University (SMU) along with the Chartered Alternative Investment Analyst (CAIA) Association. The conference was attended by about 250 participants from the world of politics, finance and academia - both those associated with cryptocurrency technology and those who are not in closer contact with it on a daily basis. The main points of discussion were the proper definition of bitcoin as a means of payment and the potential impact of various applications of the technology (including alternative uses of blockchain) on the global financial system. The interviewees also wanted to determine whether Singapore offers a favorable environment for the development of new digital payment technologies. During the talks, quite often many unresolved regulatory issues concerning digital payment services were pointed out. Mikkel Larsen, Managing Director of DBS Bank, co-organizer of the conference: Trust is a priority issue, both for banks and customers. Another equally important obstacle is, of course, the frequent regulatory gaps on many aspects. This hinders the adoption of any [type of] currency, but perhaps most significantly, the development of the underlying technology." Responding to a question regarding the conditions for the development of cryptocurrency technology in Singapore, Larsen made it clear that despite still many unresolved questions regarding issues of accounting records or the legal status of digital currencies, the country's lawmakers are to be commended for their swift and transparent regulatory actions. However, many people emphasized Bitcoin's potential and its importance for global as well as local markets, especially the role the currency can play in leveling the playing field for the poorest. It is also important to note that Bitcoin eliminates the reliance on traditional financial institutions, offering more people access to the global marketplace. Alyse Killeen, vice president of investment firms March Capital Partners and Clearstone Venture Partners: 10 years from now, the most relevant perspective in which we will view bitcoin is that it has managed to attract billions of souls who currently have zero or negligible contact with banks. Bitcoin is the same development for currencies that email was for the traditional postal institution." Killeen also added that the efficiencies that bitcoin offers will strengthen traditional trade and the global economy, accelerating GDP growth for countries that nurture the innovation of bitcoin technology. Anson Zeall, of Coinpip, seemed to share her view: Bitcoin will make its way into the mainstream, there is no doubt about that." Based on: CoinDesk.com Photo licensed under: Creative Commons. (Flickr.com) Any reproduction, distribution, electronic processing or transmission of content from the bitcoin.co.uk website requires prior permission from the portal. Tags bitcoin business CAIA-SKBI economy conference cryptocurrencies Singapore symposium
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