Asia embraces digital currency and cryptocurrency

• Main Author: LEE, David Kuo Chen
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2021
• Subjects: cryptocurrency; technology; blockchain; innovation; online trading; fintech; Asian Studies; Finance and Financial Management; Technology and Innovation
• Online Access: https://ink.library.smu.edu.sg/ami/165; https://ink.library.smu.edu.sg/context/ami/article/1162/viewcontent/12.WTAsia.pdf
• Institution: Singapore Management University

A decade ago, everyone was sceptical about cryptocurrency. Today, Asian governments are harnessing its technology to raise payment efficiency and improve financial inclusion. Initially, the technology was advocated and harnessed by ‘cypherpunks’, that is, individuals who advocate the use of cryptography and other strong encryption technologies to promote social and political change. At that time, being a cypherpunk meant standing on the opposite side of the government; today, I see cypherpunks, otherwise more appropriately known as cryptopunks, working closely with governments.