When blockchain and cryptocurrency first made headlines, many saw them as disruptors to the current financial order. This is because transactions that involve cryptocurrencies remove the need for an intermediary – a role banks and other financial institutions have traditionally filled.
Following a regulatory framework which went into effect last month, Thailand’s central bank has announced a set of rules governing cryptocurrency activities in the country.
For the past year, the term “cryptocurrency” has been bandied about by people in the tech and banking industries, usually with admiration from the former and some scepticism from the latter.
We often associate cryptocurrencies with the realm of the intangible, existing in the perplexing world of coding and data. This thought process will now be a thing of the past as physical bitcoin notes have been launched in Singapore.
Bitcoin started the week badly, as prices for the popular cryptocurrency fell 7% to dip below US$8,000. The sudden sell-off follows from Twitter’s decision to ban advertising for cryptocurrencies.
Cryptocurrencies have been the talk of the town, or rather the region in recent times, especially after bitcoin hit a peak of almost US$20,000 at the end of 2017.
South Korea is preparing to shut down cryptocurrency exchanges in the country, its justice minister warned Thursday, sending prices of bitcoin and other virtual units into a tailspin.