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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

Bitcoin is not regulated, but is traded on specialist platforms. It has no legal exchange rate and no central bank backing it.


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.


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