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52% of Crypto Holders in Singapore Use It for Payments of Goods and Services: Reports https://cryptonews.com/news/52-of-crypto-holders-in-singapore-use-it-for-payments-of-goods-and-services-reports/

50% of Crypto Holders in Singapore Use It for Payments of Goods and Services: Reports

Singapore is emerging as a major crypto hub, fueled by increasing adoption among Gen Z and millennials, who are increasingly using cryptocurrency for payments, despite facing many hurdles.

According to a Straits Times report, 26% of the population in Singapore owns cryptocurrencies, with 52% of them using it for payments. The report also revealed that 67% intend to use crypto tokens for future transactions.

Younger generations, particularly Gen Z and millennials, are leading cryptocurrency adoption in Singapore, with around 40% holding crypto. Usage patterns vary by generation, with over 41% of younger users using crypto for online shopping, while 36% pay bills with digital currencies, and 27% make in-store purchases.

Despite increasing usage, over 60% of respondents find crypto complex, while security concerns affect 60% of users and limited merchant acceptance frustrates 54% of crypto holders.