Current affairs of cryptocurrency

Cryptocurrencies are prevalent among people nowadays because of their secure transactional procedures and reliability as they are difficult to fake. Cryptocurrency has developed an immune shield against old ways of government interference and control as cryptocurrency is not under control of any central authority. It has benefitted people in terms of avoiding steep fees charged by financial institutes and provided them with minimal processing fees. However, every good thing comes with active and passive features. Let’s have a look into some of the current headlines of cryptocurrency.

SUPPORT FOR DOGECOIN HAS BEEN ADDED BY COINBASE WALLET TO THE WALLET APP
According to the latest announcement by famous American cryptocurrency exchange Coinbase, Coinbase wallet has added the support of Dogecoin (DOGE) to the crypto wallet service that allows the direct storing of DOGE to the Coinbase Wallet App. Hence, suggesting the conjunction of DOGEcoin with other digital currencies that were already supported by the wallet. DOGE Testnet is also supported by the wallet.

DOGE was initially used as a joke currency with its invention in 2013 by Jackson Palmer. The logo was inspired by from the ‘doge’ meme of a Shiba uno dog.

It is depicted from the current status that on the basis of market capitalization, DOGE is the 27th largest cryptocurrency on CoinMarketCap. The volume of the daily trading market of DOGEcoin is around $33.8 million the market capitalization is approximately $309 million.

The transfer from the main accounts to the wallet is made more accessible by the introduction of a new service by Coinbase in March. The service links main accounts of the users to Coinbase Wallet App very quickly.

AFTER A SERIES OF SCAMS, THE USE OF CRYPTOCURRENCY IS FORBIDDEN AND WARNED BY MYANMER’S CENTRAL BANK
In recent news reported by “The Irrawaddy”, Southeast Asian news outlet, the consumers are warned by the Central Bank of Myanmar not to make use of cryptocurrencies for trading purposes. It has been feared that due to less experience of the users and lack of knowledge regarding virtual currencies, they could lose their money. Also, many reported scams are working this way and targeting people with lack of knowledge as they are easy to be manipulated.

Reports by authorities in Myanmar suggests that the social media platforms like Facebook profiles and other websites are trading the likes of ether (ETH), Bitcoin(BTC), Litecoin (LTC) in the country.

Even though the country is unable to block or restrict the usage of cryptocurrencies, The Central Bank of Myanmar has emphasized the use of cryptocurrency to be considered unauthorized.

The Central Bank’s former deputy governor, U Than Lwin told The Irrawaddy the reasons behind forbidding the users to invest in cryptocurrencies. He suggests that the lack of consumer’s protection, price volatility, and difficulty in taking legal actions are the main reasons behind this warning. Also, it is said that cryptocurrency investment is much similar to gambling and due to instability in prices, you are expected to lose everything you invest.

However, the stance provided by government doesn’t mean cryptocurrency use has been restricted. It is still supported by many tech departments. The payments between the central banks of two countries Thailand and Myanmar have been endorsed with the use of ETH-based remittance system.