7.30am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin is priced at $9,452, a $110 loss on the day so far as the price continues to fall.
News comes as the central asian country of Uzbekistan has devided to embrace Bitcoin technology.In accordance with a presidential decree, a law regulating “electronic money” is being prepared.Bitcoin.com report that the Central Asian country is also planning to open a center for distributed ledger technologies. Mining expenses in Uzbekistan are among the lowest in the world, as the country is a leading producer of electricity.
Uzbekistan is expected to become a major player in the crypto world as the third best placed nation for cryptocurrency mining expenses, according to a recent study.
Minting a single Bitcoin costs just $1,790 and Uzbekistan is actually the largest producer of electricity in the region.
Updates below throughout the day….
8.40am – UPDATE – BTC ‘gamble’
Bitcoin investors have urgently been advised to avoid “playing with sharks” in a cryptocurrency market that is a “gamble” and has “no regulation like in a dollar bill”, an American author has warned.
Matthew Lesko, best known for advertisements in the 90s that promoted his books declaring that US citizens were eligible for free money from the government, issued Bitcoin investors with caution as prices continue to fall.
He stated: “There’s no regulation like in a dollar bill, it’s not backed by anything that you can get the money back if someone screws you over. That’s the other thing — if there’s no regulation, you get screwed, you get screwed.
“Bitcoin right now is a gamble. I don’t see how that improves anybody’s life, gambling.
“If you’re not an expert, this is a hell of a time to get involved in it. You’re playing with sharks right now. This is the beginning of something, and no one knows where it’s going.”
Read the full story here.