SINGAPORE, Oct 20 (Reuters) – Singaporeans will soon be able to buy cars with cryptocurrency as a payment option, as a major dealership and payment provider team up to accept digital assets..
ZCars, part of Singapore’s largest motor vehicle distribution company, ZACD Group, has partnered with cryptocurrency payment provider Fomo Pay to allow customers to purchase vehicles with cryptocurrencies such as bitcoin, ethereum, and tether. Singaporeans will also be able to pay in the stablecoin USD Coin..
The partnership is the latest in a series of moves by companies in Singapore to embrace cryptocurrencies. The Monetary Authority of Singapore (MAS), the country’s central bank, has taken a relatively progressive stance on cryptocurrencies compared with other regulators in the region..
MAS has issued guidelines for cryptocurrency exchanges and has said it is open to exploring the use of digital assets in the financial sector. However, it has also warned investors about the risks associated with cryptocurrencies..
The partnership between ZCars and Fomo Pay is expected to appeal to Singapore’s growing community of cryptocurrency investors. The country has one of the highest rates of cryptocurrency ownership in the world, with a survey by Mastercard in 2021 finding that 40% of Singaporeans own cryptocurrencies..
ZCars CEO Samuel Yong said the partnership with Fomo Pay was a response to the growing demand for cryptocurrency payment options among its customers..
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