Shocking drop of Bitcoin to 50% feared not only the investors but some countries are also scared for future of bitcoin. Now the latest news shows the country Germany & France are one of them. France – Germany are going to make joint bitcoin regulation proposal in March. Especially bitcoin at summit of the G20 group of major economies in Argentina.
Bruno Le Maire, the French Finance Minister said on Thursday that;
“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,”
Bitcoin Price Drop
50 percent drop of bitcoin price the biggest cryptocurrency left the question mark for the future of bitcoin. He also said to the reuters that this is the responsibility of them. To make awareness the risk of bitcoin cryptocurrency to the citizens. Difficult to say at this time that this, joint meeting what to decide for the future of crypto in France and Germany.
Saturday morning is really Good Morning for the crypto lovers. Market started again to rise more than yesterday and btc also crossed 12,800$ USD. Day by day it’s gaining fame again but the news from Germany and France can be dangerous for the crypto holders. South Korea banning news is also a bubble which is still not cleared. From Government of South Korea either they are banning or not. However more than 20k petition signed against banning proposal in South Korea by the citizens.
A lot of people have a loss in alt coins due to drop of bitcoin. Drop of btc price also affects the whole market because the main market for any coin is bitcoin. Bitcoin has dominance around 34%-35%. Today the total market capitalization has also crossed more than $613,676,733,568 and still growing.
Really this is a positive sign that means people are coming back to this market. Furthermore Indonesian authorities are investigating the use of bitcoin in the holiday island of Bali.
Also warned by the central bank in South Asia’s biggest economy over the risk proposed by digital currencies, an official said. Central bank last December issued a regulation banning the use of cryptocurrencies in payment systems. “We found out from some postings on social media that Bali appeared to have become a haven for btc transactions,” said Karana.
Central bank officials and police went undercover at the end of 2017 to investigate scores of businesses in Bali advertising online that they offered bitcoin payment services and they found two cafes still offering bitcoin payment system. Around 44 business including car rental outlets, hotels, travel companies and jewellery stores, previously offering the service, had now stopped.
Bitcoin Payment System In Bali
Bali is hub for Indonesia’s tourism; according to some local, Bitcoin used mainly through foreigners on the island. This is also a big gap that digital currency can used in money laundering. And have an impact on the stability of the financial system which causes losses for society, it has said.
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