Bitcoin has now "deflated like a soap bubble" but boosted investments in new technologies, Russian Economic Development Minister Maksim Oreshkin said Wednesday.
The Ministry of Finance (MoF) has proposed to temporarily halt the import of bitcoin mining machines to improve the management of bitcoin and cryptocurrency transactions.
The Bitcoin cryptocurrency saw a sharp rise in both price and interest from investors in the beginning of 2017, with its value soaring to above $25,000 per coin. 2018 was not as good of a year, with the cryptocurrency losing over 50% of its value in January.
Prime Minister Nguyen Xuan Phuc has required the State Bank of Vietnam (SVB), financial institutions, and other organisations providing payment brokerage services to intensify inspections and promptly report suspicious cryptocurrency transactions.
In 2018, the global economy will face a shockwave, reflecting political tensions in the EU and the loss of investor interest in bitcoin, the recently released "Outrageous Predictions" report revealed.
PSNews - Despite official warnings and recommendations from the local authorities, cryptocurrencies still become more and more popular in Vietnam. It is more worrisome as the trading of crytocurrency may lead to many hidden risks, such as fraudulent acts and money laundering, especially when crytocurrency tends to spread toward the countryside.
The State Bank of Vietnam has said Bitcoin is banned in the country and those who break this rule will be subject to fines or even criminal charges, following an announcement by a private local university to accept the digital currency as tuition.