《Singapore 🇸🇬 Does Not Need Cryptocurrency》📖 Long Read, Read with Caution 🚬

"There are no eternal enemies, and no eternal friends, only eternal interests" — Lee Kuan Yew

01. From "First the Cake" to "Smart Nation" — The Stark Background of Lee's Governance Philosophy

In 1965, right after independence, Singapore under Lee Kuan Yew used the most pragmatic means to reclaim its right to survival: the world's strictest anti-corruption laws, an elite civil service system, and a level of order that requires everything from hair strands to road dust to be "as clean as a Swiss bank." Pragmatism is the national DNA.

After taking over, Lee Hsien Loong did not discard the scalpel; he simply shifted the incision from port cranes to data lines:

1️⃣ The Smart Nation initiative fully digitizes nationwide payment, government services, and healthcare.

2️⃣ The FinTech sandbox encourages blockchain and digital payments to first test their explosives in a "safe box."

Pragmatism has evolved into "Pragmatism + Iteration." Singapore has always welcomed new technologies but forever holds onto the brake.

02. When the treasury is sufficiently full, why bow down to cryptocurrency?

2.1 Cash Flow: A Continuously Rising Kelly Curve

Post-pandemic, the world is facing deficits, yet Singapore has raised its government recurrent revenue from S$67.4 billion in FY2020 to S$116.6 billion in FY2024; the FY2025 budget is further projected at S$122.8 billion, and even rising coffee prices cannot stop this 45° slope.

With tax/GDP at 12.1%, far below the Asia-Pacific average of 19.3% and the OECD average of 34%, it can still yield surpluses every year — this is the type of "low tax, high elasticity" curve that the finance minister loves.

2.2 Talent: The Alchemist Lives Here 💰

With a population of 5.7 million, the island can attract "Asian talents" from HKU, Oxford, MIT straight into the Jurong Industrial Estate, and regional headquarters of Google, Grab, and Stripe are as dense as coffee shops. Want to develop Web3? The talent pool is inherently deeper than most crypto-friendly jurisdictions.

2.3 Capital: Sovereign Funds Shopping Daily

The assets held by Temasek and the Government of Singapore Investment Corporation (GIC) are approaching US$$ 1.3 trillion — enough to mistakenly buy half of Silicon Valley. Singapore lacks money but needs good businesses that can reliably convert to cash; the volatility of Bitcoin looks more like casino chips to them rather than a "macro hedge."