Financial cryptography

Cryptocurrency has generated consistent, and sometimes shocking returns over the past year. Since the first cryptocurrency emerged back in 2009; there has been rapid growth of the digital asset and we have seen the emergence of numerous other cryptocurrencies. There are over four thousand cryptocurrencies today, and more are being created constantly.

Many governments have attempted to ban or regulate Bitcoin with little success. While China banned all cryptocurrencies in 2021, making Bitcoin illegal in the country, other countries have not been so successful. While most countries still do not consider Bitcoin a legal currency, they have allowed its use.

France has proposed the EU to create its own national digital currency and abandon the use of Facebook's Libra cryptocurrency to protect its financial sovereignty. This was stated today by French Finance Minister Bruno Le Maire on his arrival at the meeting of the European finance ministers in Helsinki, BTA quoted Reuters and TASS as saying.

After five years of researches, the Chinese Central Bank has come close to introducing its own cryptocurrency, the official state media announced quoted by the Wall Street Journal over the weekend.

Today, Facebook is expected to present its cryptocurrency. It is reported that the virtual currency will be convertible into dollars and euros.

The $ 1 billion project named "Libra" has been developed for over a year and has the support of over 12 corporations.

Turkey has announced exemptions to its ban on using foreign currencies in business agreements, including export-related contracts, capital market instruments and employment contracts involving foreigners, the Official Gazette said.

As the popularity of cryptocurrencies grows, so the legislation of the crypto industry develops too. Some states have their vision concerning digital currencies and are actively working on their implementation and adoption, while others are contra, fearing for security and considering crypto to be a threat.

The number of hedge funds focused on trading cryptocurrencies more than doubled in the four months to Feb. 15, despite sharp falls in the value of the virtual coins in recent weeks, data from fintech research house Autonomous NEXT showed on Feb. 15.

Arizona may become the first US state, residents are expected to soon be given the opportunity to pay their taxes in bitcoins and other cryptocurrency. The Daily Express announced that the bill was passed by the Senate last week. This bill received the support of 16 senators, 13 of whom voted against, and the document was adopted.

The digital currency market is extending its losses, with all the major cryptocurrencies on a broad sell-off. Bitcoin is headed for its worst monthly slide since December 2013.