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The trouble starts with bitcoin as Immediate Edge the cryptocurrency faced substantial difficulty in 2018. After reaching stratospheric heights with a near-$20,000 valuation in December 2017, bitcoin prices came crashing down in January and have struggled to reach its previous highs.
Earlier the Finance Minister had noted that trade in cryptocurrencies, which is unregulated and anonymous, involves risks of terrorism and organized crime. Regulators in several countries have warned against cryptocurrency and some have taken concrete regulatory measures to dissuade users. Additionally, many banks do not offer services for cryptocurrencies and can refuse to offer services to virtual-currency companies. Gareth Murphy, a senior central banking officer has stated "widespread use would also make it more difficult for statistical agencies to gather data on economic activity, which are used by governments to steer the economy".
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