Sunday, 25 April 2021

Another country have just banned cryptocurrencies


After many Asian countries had introduced tougher regulation with regard to all use of cryptocurrencies, last week the Turkish Central Bank banned payments in Bitcoin, Ethereum, Tether, etc. According to the Central Bank, cryptocurrencies aren't subject to any central regulatory authority, and their market value can be excessively volatile.

In addition to this, Bitcoin and other cryptocurrencies may be used in illegal transactions due to their anonymous structures. I was astonished to hear that the Turkish Central Bank also said that wallets can be stolen or used without the authorization of their holders. The regulation outlaws the use of  cryptocurrencies to pay for goods and services. Meanwhile, Bitcoin and Ethereum plunged to their lowest level in nearly two months. 

When we own cryptocurrencies we don't have anything in terms of dividends or profit. Cryptocurrency's value only increases when more people participate, and when fewer people participate the value decreases. This is a structure that creates a great deal of risk. 


12 comments:

  1. ...I invest in stocks, but I've never been able to understand cryptocurrencies!

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    1. It is not easy to understand how Cryptocurrencies are stored in a digital wallet. Anyway, I think buying Cryptocurrency is not investment ... it is like gambling.

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  2. Non ho mai avuto fiducia nei Bitcoin...
    Buon inizio settimana!
    Kisses, Paola.

    Expressyourself


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    1. I agree with you, Paola!
      Thanks for sharing your point of view about this topic.
      All the best!

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  3. I've never been able to understand cryptocurrency either but my son is really into it.

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    1. Actually, it's a bit complicated, Veronica. With regards to Bitcoin, Ethereum and other cryptocurrencies, we have no idea who bake them, and who is behind the their value.

      Enjoy the International workers' day (1st May)!

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  4. Ciao Giorgio, come stai? Tutto bene? Spero di sì. Ti lascio un saluto e un sorriso di cuore. Buona giornata.

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    1. Ciao Viví, grazie per il caro saluto.

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  5. Thank you for the information, I also have bitcoin. Should I sell it right now?

    Greetings from Indonesia.
    I follow your blog.
    We look forward to welcoming you to my blog. Thank you.

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    1. I'm sorry to say that the post hasn't been published with the aim of providing any financial advice.  What I have been trying to say is that many governments around the world have banned criptocurrencies.

      Thanks for visiting my blog!

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