Bitcoin Nears Six-Day Low; OECD Explores Crypto
Investing.com - Cryptocurrencies were lower on Thursday, with Bitcoin nearing a six-day low as it struggled to gain traction.
Bitcoin was trading at of $8,282.10, falling 0.87% as of 8:55 AM ET (12:55 GMT) on the Bitfinex exchange.
Other digital coins fell, with Ethereum, the world’s second largest cryptocurrency by market cap, inching down 0.95% to $697.23 on the Bitfinex exchange.
Ripple, the third largest virtual currency, decreased 0.39% to $0.68937 while Litecoin was at $137.96, a decrease of 0.90%.
On the regulation front, the Organization of Economic Development and Cooperation (OECD) is looking into cryptocurrencies and initial coin offerings (ICOs), to help government bodies develop legislation to protect consumer rights.
While the OECD recognizes virtual currencies as a means of payment, the discussions will mostly be held to ensure the financial safety of consumers, according to Elina Sidorenko, head of Russia’s cryptocurrency risk department.
Elsewhere, PayPal CFO John Rainey told CNBC that the payments firm doesn’t have any interest in cryptocurrencies due to its volatility, which could threaten the livelihood of merchants.
“Right now, we don't see a lot of interest from our merchants. But if it's something that stabilizes in the future and is a better currency, then we'll certainly support that,” he said.
Meanwhile, Iran’s central bank is working towards using digital coins in international trade as a way to circumvent the use of the American dollar. With pending U.S. sanctions against the country, Iran is looking for ways around using the international banking payment system, known as SWIFT.
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