The Currency Analytics
By Steven Anderson
David Lau made use of cryptocurrency to pay for 50% of the sum to buy a new car.
David Lau is a business Manager based in Singapore. He was riding on the hype, and he was able to see it grow very slowly.
MHG Cars began their operations on December 18, 2018. Lau brought his car from MHG Cars.
Currently, MHG Cars are the only dealership that accepts cryptocurrency payments in Singapore.
Lydia Ang, the Director of the company, stated that despite being a niche market now, it would be a major payment method in the future.
MHG cars have partnered with BizKey that acts as the middleman doing the job of collecting cryptocurrency and dispensing cash to their partners.
The Singapore authorities do not regulate the current transactions of MHG cars. A bill is likely to be proposed in the parliament this year, and this will eventually set…
Previously, the Monetary Authority of Singapore issued warnings to the public about having to be extremely cautious when being involved in such transactions.
The purchase made by Mr. Lau surprised the chairman of the Token Economy Association. Mr. Chia Hock Lai is also the president of the Singapore Fintech Association.
There have been situations where one will be able to pay for purchases in eateries and café using cryptocurrencies.
Mr. Chia stated that Volatility is a major factor that should be considered when making and accepting payments in cryptocurrency.
When talking about the purchase made by Mr. Lau, Mr. Chia stated that this is going to be a one-time event.
Buying the new car with cryptocurrency by Mr. Lau was a method of cashing out. He chose to use this payment method considering the state of the cryptocurrency market right…