I think this will create even more confusion, because on the one side Bitcoin people are telling people that Bitcoin is digital money and that the coin in Bitcoin is not a physical coin and now people create physical Bitcoin Banknotes. 
If I was a newbie and I was presented with this Bitcoin banknote, then I would be totally confused. I also doubt if the Singapore government will tolerate people that are printing currency, even if they are just printing the "carrier" of that currency in the form of a Banknote.
If I was a newbie and I was presented with this Bitcoin banknote, then I would be totally confused. I also doubt if the Singapore government will tolerate people that are printing currency, even if they are just printing the "carrier" of that currency in the form of a Banknote.
Do you think that paper wallets confuse newbies? Do you think that the Singapore government is likely to ban Ledger and Trezor?
I'm just extending the logic of the argument as these notes are really just a cross between those two things. It has the convenience of a paper wallet but with the added security of the private key only being accessible to the person physically in possession so the previous owner can no longer access it.
They are not printing a currency any more than any hardware wallet manufacturer is either.