Cryptocurrency trades most actively with the US fiat currency USDSeptember 8, 2018
GreySpark a management and technology consulting firm, revealed that the USD is the most actively traded fiat currency.
Tom Higgins, the CEO at Gold-I, stated, “The most challenging factor continues to remain the access to and quality of liquidity.”
Higgins implied to state that, it was the quality of Bitcoin liquidity, which initially created difficulties for Gold-i’s cryptocurrency operations.
He also stated, “It was only the retail broker’s strong connections that ultimately enabled it to source higher quality liquidity.”
XTX markets are the first liquidity providers for cryptocurrency. They set up their FX trading engine in Singapore. In the process, they built a new eFX (Electronic Foreign Exchange) trading exchange that went live in June this year.
Way back in just Wai Kin Chan of XTX remarked “We are delighted to be supported by MAS with regard to our regional trading infrastructure in Singapore and look forward to working closely with our key counterparties in its design, development and implementation.
With Singapore being the largest FX centre in Asia, we see huge potential in the Asian FX market as the uptake in electronic trading and increase in Spot & NDF currencies traded in the region continues.”
Investors are in interested in the trading process; however, there are cryptocurrency companies mushrooming everywhere.
Forbes published, “Some exchanges are better suited to less experienced traders and retail investors, while some are geared towards institutions or full-time traders.”
The rules and law governing each of these trading platforms differ by their jurisdiction. All of the platforms are subject to regulatory environments.
Following the regulatory move, Chinese cryptocurrency companies were forced to either shutdown or move elsewhere.
Following regulations from Japanese Financial Services Agency, services were shutdown to Japanese customers as well.
American Exchanges are ruled by state regulations, which vary for different states. New York granted licenses to virtual currency business; however, subject to “BITLicense regulations”
While the crypto trade volumes have gone up in most market places, USD is the most actively traded currency.
Of many countries that regulated digital currency products, Australia, South Korea, Switzerland, and japan adopted quickly to regulations; however, Canada, US, Russia and several others are proceeding with extreme caution.
Of all China and Colombia took a harsh stand by imposing restrictions and bans. With increasing number of universities offering courses on cryptocurrency and the block chain technology, the numbers of people who will join the crypto ecosystem will reach 1 billion in the next five years.
When tokens begin to functioning together, and when every giant institution have their own cryptocurrency ecosystem, there will soon evolve a breakthrough technology that will win government regulations eventually favoring easy crypto to fiat currency conversions.