Cryptocurrency payments are gaining popularity among Singaporeans

<p>Cryptocurrency payments continue to expand in popularity and demand on a global scale. Cybercriminals are likely the most vocal proponents of cryptocurrency payments, as it is their favourite method of getting ransom monies.</p> <p>However, it is not just cybercriminals who benefit from cryptocurrency payments. Numerous firms are already rewarding cryptocurrency payments through a variety of programmes and offers. MasterCard, for example, recently stated that it would enable its network partners to enable their customers to purchase, sell, and retain cryptocurrencies via a digital wallet, as well as reward them with digital currencies through loyalty programmes.</p> <p>Another example is Geolancer, a Quadrant-developed programme for manually verifying Points of Interest data on the ground. It compensates Geolancers who collect POIs in their neighbourhood with cryptocurrency.</p> <p>El Salvador became the first country in the world to adopt bitcoin as legal cash earlier this month. Additionally, The Economic Times noted that Indian, Pakistani, Bangladeshi, and Filipino expats in Qatar are increasingly experimenting with cryptocurrencies to send money home and avoid costs levied by wire transfer providers and other middlemen.</p> <p>However, the situation may be different in China. All financial transactions involving cryptocurrency have been declared illegal by the government. After years of salvos against volatile currencies, this move now brings the hammer down on China's digital trading.</p> <p>Singapore's adoption of cryptocurrency payments</p> <p>Singaporeans have been reported to be investing in cryptocurrencies or utilising them as a form of payment. Indeed, 37% of Singaporeans were found to be paying for purchases using cryptocurrency or interested in doing so, according to the latest Worldpay from FIS' Generation Pay report.</p> <p>The study examines different generations' buying habits, purchase experiences, and payment preferences, ranging from Gen Z through baby boomers. While there is still