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David Lau, a business development manager based in Singapore, made a first order payment at a car dealership with Ethereum.
The 27-year-old paid half of the cost of his $ 84,000 Honda Vezel using the Ethereum digital currency.
Lau has been investing in cryptocurrency for over two years and will pay the rest of the amount using a bank loan.
Details of the transaction
The car that Lau is buying has a value of $ 84,000 for which it made an advance payment of $ 10,000 through Ethereum coins (ETH).
He will make another $ 32,000 payment for the car using Ethereum in the next three weeks. The other half of the payment of your car will be made with a bank loan.
Lau is a believer in the cryptocurrency that has invested in the crypt for two years.
He bought this car for his father and suggests that "it's a good way to let these resources go".
His first cryptocurrency investment was $ 500 in 2018, and now he has about $ 50,000 of crypto in his wallet.
He was not shy to admit that it was "riding the hype"Of digital goods when it started investing.
The president of the Singapore Fintech Association and president of the Token Economy Association Chia Hock Lai was surprised by the payment and called him "lump sum"Transaction: Chia believes that encrypted payments are not trivial in Singapore.
Crypto pays a gray area in Singapore
The car dealership that Lau is paying with Ether is MHG Cars, which started operating in December last year.
Lydia Ang, the company's director, claims to be the only car dealership in Singapore to accept digital currencies.
He added that it is a "niche market"But it will be significant in the future, specifying how cryptos reduces transaction fees from 3 percent to 1 percent of credit cards.
The Singapore authorities do not regulate cryptocurrency payments at this time.
This leaves a gray regulatory area where companies like MHG Cars can accept encrypted payments.
They are currently working with Bizkey, a blockchain-based payment solution provider, to enable customers' cryptographic payments.
Singapore lawmakers are expected to again consider the law on payment services in parliament this year.
If it passes through, the Monetary Authority of Singapore (MAS) will have the power to impose regulations on intermediaries that make payments of digital token payments.
MAS has historically been aggressive on crypts, advising people to be careful with digital resources as they are "very high risk".
Less than a hundred traders accept encryption payments in Singapore due to questionable regulations.
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