The Business Times
SUBSCRIBERS

Bitcoin an 'Uber' currency carrying risks and dangers

It bypasses a central regulatory authority, can be used for illicit purposes and is highly speculative by nature

Published Tue, Nov 28, 2017 · 09:50 PM

Paris

BITCOIN, which this week soared to a new record high of more than US$8,000, is the monetary equivalent of Uber, since it bypasses central bank regulation and could be attractive for financially fragile countries, economists say.

Nevertheless, it is precisely the lack of oversight that opens up the users of cryptocurrencies such as bitcoin to risks and dangers, analysts warn.

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Banking & Finance

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here