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Singapore’s Member of Parliament candidate Tan Wu Meng has stirred national debate with his bold proposal urging the government to establish a Strategic Bitcoin Reserve. Arguing that the digital asset could serve as a hedge against future economic instability, Tan’s remarks come at a time when global discussions around sovereign crypto adoption are heating up.
Speaking during a policy forum earlier this week, Tan emphasized the importance of forward-thinking financial strategies, especially for a highly globalized economy like Singapore’s. He suggested that Bitcoin, due to its decentralized nature and capped supply, could function similarly to traditional reserves like gold.
“Singapore must think beyond conventional finance and prepare for a future where digital assets play a central role in the global monetary system,” Tan stated. “A Bitcoin reserve could bolster our economic resilience, diversify our holdings, and position us strategically in the next era of finance.”
Pushback from Financial Authorities
Tan’s proposal, while gaining attention, has also attracted skepticism—especially from the nation’s financial leadership. The Ministry of Finance (MOF) responded by reaffirming their cautious stance on cryptocurrencies. In a recent statement, the MOF maintained that assets like Bitcoin are too speculative and lack the intrinsic value required for inclusion in sovereign wealth portfolios.
Additionally, Minister of State for Trade and Industry, Alvin Tan, reiterated concerns about consumer exposure to digital assets. “Cryptocurrencies remain highly volatile, and we continue to advise individuals and institutions alike to exercise extreme caution,” he said.
The perception of the MOF shows it’s stance against Bitcoin as regards to it’s volatile nature, thereby antagonizing the suggestion of Tan Wu Meng.
A Global Trend?
Despite the pushback, Tan Wu Meng’s proposal reflects a growing global interest in Bitcoin as a national reserve asset. Countries like El Salvador and the Central African Republic have already adopted Bitcoin at the national level, while others are reportedly exploring the possibility of limited integration into state-managed portfolios.
Analysts suggest that while Singapore is unlikely to act on this proposal in the near term, the fact that such discussions are entering mainstream political discourse is significant.
“Even if rejected, the idea of a Bitcoin reserve is no longer fringe,” said crypto economist Lydia Chang. “As digital assets mature, more governments will be forced to evaluate how to incorporate them into national strategy.”
What’s Next?
Whether or not Tan’s proposal gains traction, the conversation it sparks could influence future policy considerations. As Singapore balances innovation with financial prudence, this proposal may represent the first step in a longer journey toward integrating blockchain and crypto assets into national economic frameworks.
