Saturday, 18 November 2017
Can Bitcoin Survive Central Banks' Scrutiny?
KUALA LUMPUR (Bernama) -- With threats of serious financial crime looming with the emergence of new technologies, including cryptocurrencies, can bitcoin survive scrutiny from central banks globally?
Amid growing warnings of a market bubble, central banks, such as that of China, have restricted cryptocurrencies trading, which sent the virtual currency dropping as much as 40 per cent since reaching a record high of US$4,921 on Sept 1, cutting about US$20 billion in market value.
This is following a crackdown by Chinese regulators on cryptocurrencies trading, including bitcoin, which according to the authorities have become a tool for speculation among investors and also serves as a payment conduit for illegal fundraising and money laundering.
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