All countries whose economy relies on free financial transactions will soon follow suit
Surprising the crypto community, Judge Philip Jeyaretnam of the Supreme Court of Singapore, an East Asian “tiger” and one of the freer economies in the world, ruled on Tuesday, July 25th, that digital currencies hold no significant difference from fiat money. The decision affirmed that cryptocurrencies can be treated as property eligible for trust status and a valid method of payment. This stands in contrast to the common skepticism surrounding digital assets expressed by governments and financial institutions, which often argue that cryptocurrencies lack real or “fundamental” value. That’s precious coming from institutions that have no problem printing more and more fiat money, which by definition has no “real value” as well! It all comes down to a simple yet terrifying hypothesis: only a state, a collective agent with weapons, can alchemically turn paper and hash functions into money, never a private entity!
Judge Jeyaretnam’s perspective likens both crypto and fiat money to physical objects, like shells, emphasizing that an object’s value derives from the collective human belief in its worth. Can it be any clearer?
