Thailand to consider digital currency exchange


As cryptocurrencies begin to recover from the lows of last week, Bitcoin rebounded on Tuesday.

Trading at $6,583.50, Bitcoin increased to more than 3.45 percent at the Bitifinex exchange as of 8:46 AM.

Overall, major cryptocurrencies also increased in value with the total capitalization of the market registering at $270 billion as compared to the $250 billion on Monday.

Also on the Bitifinex exchange, Ethereum rose by 4.44 percent to $471.17. The third largest virtual currency, Ripple, even jumped by 7.45 percent to $0.49625 as Litecoin was at $86.144 up to 6.8& percent.

Bitcoin, however, is still down by nearly 70 percent from its peak of $20,000 in December when more digital coins have begun to become worthless. The digital coins in recent weeks have already fallen amidst the concern on security and other issues on regulatory.

Since then, 800 coins have already died. According to CoinSchedule, new cryptocurrencies are more often created by the startups that offer a set of new coins for more investors. Companies raised $11.9 billion through ICOs in 2018 compared to the $3.8 billion in 2017.

More than 3 million people have already held Bitcoin in China despite a ban on trading. Research from the International Monetary Institute at Renmin University in China found that investors have been active in the space of cryptocurrency as they always found a way to bypass the government regulation of the virtual coins.

The Association of Securities Companies in Thailand is considering to create their own digital currency exchange. It will be owned and operated by various security firms in the region which will allow companies in operating as broker-dealers and other exchanges in a security business side.

The Thai government in May ruled their own digital assets and any working firm has an alternative currency which requires to file the Thai Security and Exchange Commission.


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