The Socialist Republic of Vietnam is one of the biggest Bitcoin users in the world and the cryptocurrency industry is growing at a high speed in this Southeast Asian country. Around 22% of the citizens own or transact with cryptos.
Recently, the South Korean Finance Ministry announced imposing a 20% tax on cryptocurrency earnings. Curiously enough, the decision comes a couple of days before the announcement concerning the testing of the digital won. Is this a way to push people away from cryptos?
Bitcoin has now reached a market cap (MC) of over $1.13 trillion whereas Visa combined with MasterCard have a market cap of about $864 billion. This is a clear indication that the world's original cryptocurrency is more attractive than the two giant financial services added together.
The sudden death of Tanzanian President John Pombe Magufuli, also a coronavirus skeptic, shocked Tanzanian citizens and the entire world. However, the cryptocurrency community is curious about what the new government would have in store for them.
This decade has witnessed a high wave of central banks wanting to make digital versions of their fiat money, also called the Central Bank Digital Currency (CBDC) following the success of cryptocurrencies. Thailand just announced it would be unveiling its own CBDC next year. What shape does the race take after then?
The features presented by blockchain would be forcing central banks to adopt and use the technology on a large scale, but some governments including China, Jamaica, etc., don't want their central banks to use the tech in the issuance and distribution of their own state-backed central bank digital currency (CBDC).