This could pave the way for mass-adoption of new blockchain technologies which offer tangible solutions to the complex challenges of running the world’s largest bureaucracy.

Most major central banks have followed China which has it's CBDC running in several cities.

For many, the next major hurdle will be its 100-day moving average of around $US40,700, followed by its 200-day moving average.

The Singapore survey showed 59% believed crypto would reach mass adoption, and 50% believed that bitcoin will be worth more than $367,000 by 2030.

The ministry will submit the tax review to parliament by Sept. 3 as the proposal needs approval from lawmakers to make it enforceable, the statement said.