In the first batch, there will be 10,000 notes for commercial pilots and which will be shipped from Singapore to potential partners and distributors who are located around the world. The reason why the banknotes were created was so that it can be easy to spend cryptocurrency for people. The notes were also created to improve the simplicity and security of acquiring, owning and circulating cryptos, according to the press release.
Over the recent past, Singapore has developed a reputation for being an ideal hub for cryptocurrency and blockchain development in the Asian region. The Singapore Fintech Association and the Fintech Association of Japan signed a Memorandum of Understanding to collaborate on Fintech development earlier this year. In April, Singapore and China completed a shipment of gasoline transaction while entirely using blockchain technology. Additionally, in March this year, the central bank of Singapore reaffirmed its commitment to using blockchain technology for cross-border payments.