Bitcoin defies the doubters as price soars

Bitcoin defies the doubters as price soars

Published at: 2018-02-21 08:02 | Author: CIJ Journal
European leaders confounded by the rise of cryptocurrencies have been flailing about in an attempt to form a credible approach to the ability of the private sector to set up its own medium of payment. First in line was the Bank of England governor Mark Carney who tried to pour water on the emergence of virtual currencies during a speech covered by Reuters. "It has pretty much failed thus far on ... the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange," he said.

Meanwhile, European Union regulators made a bombshell revelation by agreeing to meet next week to discuss the issue at a 'high level' roundtable between central banks, supervisors and possibly even market players. "The aim aim is to look at long-term trends linked to virtual currencies, and examine if current regulation is fit for purpose," said EC vice president Valdis Dombrovskis.

Uninterested in the opinion of skeptics, Bitcoin has surged back up to $12,000, double the level it fell to during January's price crash. In fact, the world of digital finance is undoubtedly a tricky one to navigate full of potholes and hucksters. Venezuela recently launched its own virtual currency in what's being seen as a frantic attempt to bring in cash. And then there's Bitcoiin2Gen, which has hired the actor Steven Seagal to act as its brand ambassador. "As a Buddhist, Zen teacher and healer, Steven lives by the principles that the development of the physical self is essential to protect the spiritual man," wrote the company in a press release.

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