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Bitcoin trading in Japanese yen accounted for about 58 percent of trading volume, while U. The British government is mounting a crackdown on bitcoin amid rising concerns about money laundering and tax evasion, with UK Treasury revealing it is looking into regulating cryptocurrencies. Treasury said it intends to regulate the digital currency to bring it in line with anti-money laundering and counter-terrorism financial legislation. Under the European Union-wide plan, online platforms where bitcoin is traded will be required to carry out due diligence on customers and report suspicious transactions, with the move designed to end the anonymity which has made the currency attractive to criminals.
An ICO is a form of internet-based crowdfunding that can be a source of capital for startups. In return for investor cash, the organisations involved offer virtual coins such as bitcoin or ethereum, and the transaction is recorded over the blockchain. The move from the UK to clamp down on bitcoin transactions follows two high-profile ransomware campaigns that brought organisations around the world to a standstill earlier this year by hackers who demanded ransoms paid in bitcoin to unlock their computers.
According to Stefan Molyneux, a highly regarded Canadian podcast host, it is more important to recognize the free fall of fiat currencies, more so than to acknowledge the exponential growth rate of Bitcoin. For many decades, governments have had absolute control over the global finance sector and monetary policy through the fiat currency system. In an interview with Fox Business, major electronics retailer Overstock CEO Patrick Byrne stated that fiat currencies will continue to fall over the next few years, as investors and the market move onto separate money and state.
As fiat currencies decline, the only form of decentralized currency that is Bitcoin and other cryptocurrencies in the market, will eventually overtake reserve currencies. What do you think that fiat currency you carry around in your purse is? Currently, the two forms of money or assets that are not subjected to the control and manipulation of governments are Bitcoin and gold. But, as demonstrated by the Indian government in late , because of its physical attributes, gold can be confiscated and repossessed by the authorities at their will.
With Bitcoin, confiscation of user funds and assets is not possible, if users store their Bitcoin on a non-custodial platform in which they have full control over their private keys and funds. One major advantage Bitcoin has over gold is its transportability. Gold is a viable store of value given that investors can store large amounts of money in the asset.
But, it is difficult to transfer gold, especially through borders. Considering that Bitcoin remains as the only viable alternative to fiat currencies, the decline of government-issued money will continue to lead more investors and general consumers into the Bitcoin market. Maduro is hoping that a cryptocurrency would allow money to move into the country through channels that are not currently accessible by other governments.
Maduro said that the new cryptocurrency would allow the country to:. Some opposition leaders suggest that Maduro may seek to pay outstanding international debts with the state issued currency. View all posts by SVK Crypto. You are commenting using your WordPress. You are commenting using your Twitter account.
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