Can the crypto industry become as safe as banking?

WHAT makes banks safe? Would you feel like your business capital or life savings are at risk if you were to choose one bank over another?

According to The Association of Banks in Singapore (ABS), you’re not likely to lose sleep because of who you bank with; only 5 per cent of Singapore consumers have low trust in banks. Confidence in banks isn’t shared around the world though. Gallup’s latest poll shows that 23 per cent of consumers in the United States expressed little or no confidence in banks – more than four times greater than the Singapore figure.

On the other hand, Singapore’s cryptocurrency and blockchain industry still has some inroads to make before it reaches the trust levels of banking. In our latest cryptocurrency survey, while only 9 per cent of Singaporeans believe Bitcoin is a scam, 49 per cent would not recommend cryptocurrency to their family and friends. Moreover, 62 per cent of Singaporean respondents said “clarity around government regulation” would increase their trust in cryptocurrencies and the industry.