Bitcoin: in search of a universal currency

By in

11.11The World has long been searching for a universal currency with no strings attached like sanctions, tapering, etc. With the USA constantly losing its dominant position as new world powers emerge like China and Russia. Russia is already challenging the role of the USA in the IMF and demanding the removal of the USA’s Veto power, reforming the organisation and getting a bigger role for China and Russia in the IMF’s decisions. The Yuan is not a replacement for US dollar. It is firmly controlled by the Chinese government. Recently, the Chinese government had allowed the Yuan to depreciate by 1%. In the past, it was only one way – a continuous appreciation. It looks like the Chinese government has tried to engage in a new mechanism of controlling the Yuan’s international exchange rate to make it a two way road. Hopes that Bitcoin will one day become an international currency are in doubt after recent events. Mt Gox had reported the disappearance of 750,000 Bitcoins (under a current exchange rate 1 Bitcoin is equal to nearly US$700) and a mysterious death of an American CEO of the bitcoin exchange firm First Meta in Singapore. Eltoma Corporate Services is offering support in application for broker licences in Cyprus and Singapore. Eltoma Corporate Services has successfully helped to obtain 2 FX broker licenses in Cyprus from local Cyprus regulator CySEC. Cyprus is a favourite destination for FX companies. Among the companies which have settled in Cyprus are IronFx and FXPro. Cyprus has a favourable tax system and lower cost of setting up an office due to the recent drop in costs after the Cyprus banking crisis. A Cyprus financial company can have a bank account outside of Cyprus and offices in any EU countries thanks to the EU passport concept.