South Korea’s lawmakers and Ministry of Finance have reportedly shot down a crypto-trading ban proposed by the South Korean Ministry of Justice (since more than 2 million South Koreans own bitcoin, such a ban would inevitably lead to many retail traders booking heavy losses).
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The value of cryptocurrencies like bitcoin, just like any other kind of money, comes fundamentally from what you can do with it. As a follow up to What Backs Bitcoin, I want to dig into that value.
The idea, which comes from Austrian economist Carl Menger, is that just as a shovel’s value comes from its ability to dig, a currency’s value comes from its ability to help you do two things: transactions and savings.
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While many in the financial services industry are dreading the day that AI technology becomes advanced enough to render broad swaths of the human workforce obsolete, Deutsche Bank’s John Cryan ironically sees the technology as something that might help him save his job.
The leader of the biggest German lender has been tasked with putting the bank back on sound footing, regaining market share and - of course - reining in costs, including the bank’s bloated headcount. DB has 97,000 employees worldwide, about double the number of employees at many of its European peers.
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Cryptocurrency remains one of the hottest topics in recent years. The combination of technological innovations, software prowess, and business acumen attract a wide variety of people.
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China has clamped down on cryptocurrency trading and financial deals away from the central bank by banning Initial Coin Offerings (ICOs).
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A Swiss Bank is set to offer its customer the chance to buy and sell Bitcoin and other cryptocurrencies as part of a plan to expand its digital asset management service.
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