Bitcoin in Myanmar no more after the Central Bank of Myanmar announced that it doesn’t recognize bitcoin as money. Following the coming altcoin news, CBM considers the number one cryptocurrency as a liability rather than an opportunity.
Myanmar is a developing country that is now considering shutting its doors down for bitcoin merely because it poses a threat to the central bank. Bitcoin proposes to replace banks with an improved decentralized network of transaction validators. This means that everyone with an internet connection can join the bitcoin economy and participate in global economies.
But, the Central Bank of Myanmar stated previously that it would not allow Myanmarese Financial Institutions to accept or to facilitate transactions conducted with Bitcoin. The same rule applies to all other cryptocurrencies with similar properties.
According to reports, Myanmarese investors are increasing their stakes in bitcoin despite the bad news. Local ads for bitcoin exchanges are still increasing and this shows that more people are looking to hop on the bitcoin bandwagon. CBM fears that this process can flush out a large part of the capital from Myanmar’s market to the industry in other countries which is the main reason why the bank is discouraging people from investing and therefore to make no more bitcoin available in the country.
An IT professional Aung Aung who works at the Yangon Company pointed out for the latest cryptocurrency news that the people in the country face a lot of restrictions on banking. He admitted that he purchased about $20 worth of BTC in 2017 since he found that the cryptocurrency is perfect for conducting flawless ‘’global e-commerce and aid.’’
There are thousands of people in Myanmar who got into bitcoin for the same reasons Aung did. The bitcoin frenzy began in 2017 when the market valuation jumped up to $313.89 billion which five times more than the current GDP of Myanmar. The downside correction in 2018 brought the rates of Bitcoin to go down by 85 percent. The market now stands close to the $144 billion and there is a huge interest from institutional players.
CBM now has two options: restrict people from investing in bitcoin or make Myanmar the perfect crypto-hub such as Japan or Switzerland. The chief executive of the digital commerce platform Get Myanmar pointed out:
“Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed.’’
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
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“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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