
It's time for Singapore to start universal basic income, giving everyone living in Singapore, a basic level of financial security so our citizens can focus on their future without worrying about just getting by.
Singapore have the right setup. First, Singapore's borders are very secure; the border security measures in place will stop people from flooding in. Second, Singapore have Singpass, a state owned app which ensures the money goes directly to Singaporeans.
The win-win-win approach: Universal basic income should be issued as a state-backed cryptocurrency. This also offers an opportunity for global investors to invest in the citizens and in the confidence of Singapore's government.
Major Challenges: The state-backed cryptocurrency must be able to defend itself against bad actors, whether from outside or within. Smart contracts should ensure that developers using the state-owned cryptocurrency cannot execute rug pulls, protecting Singaporeans and investors from malicious acts.
Adoption Challenges: The state-backed digital currency must be as easy to use and access as PayNow or PayLah. Its purpose will be defeated if it is not accessible to Singaporeans. This initiative will help address the cost of living and enable Singaporeans to pursue meaningful goals, such as starting a family. Solving the low birth rate in developed nations should be a priority in the upcoming space age.
Liquidity locks and timelocks should prevent sudden withdrawals that could lead to collapse, while limits and taxes on large sales can discourage whales from collectively dumping tokens. Regulations on short selling and liquidity management via exchanges are essential. Deflationary mechanisms, such as burning, halving, or pegging, can help increase its value over time.
Most importantly, the currency must be decentralized, transparent, and trustworthy.
To attract widespread investment, it must be free from centralized control. The goal is that, even if you do not like Singapore, it’s in your best interest to invest in Singapore. It is inclusive prosperity because wealth and value do not discriminate.
The Singapore government must match the investments made by NGOs and MNCs in Singaporeans. This will give investors confidence and a guarantee that the Singapore government is fully committed to investing in its people.
Despite the increasingly AI-driven society, the future still belongs to humans. Skilled labor with critical thinking skills is required to complement and augment AI.
Singapore’s education system is consistently ranked among the highest in the world, and investing in Singaporeans will ensure a steady supply of highly skilled labor with advanced problem-solving abilities. This is further supported by Singapore’s strong work culture and the work ethics rooted in conservative Asian values.
This investments will prove valuable in long term. NGOs and MNCs will always have a pool of highly skilled labor to draw from. The government will continue its role as a stable force for wealth distribution. Singapore’s citizens will benefit from well-funded lifelong learning opportunities, leading to increased happiness and higher birth rates.
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