«AlEqtisadiah» from Riyadh
The digital currency "Bitcoin" recorded unexpected bad performance this year with 80 per cent losing about $ 15,000 per unit.
The value of the currency at 6 pm Saudi time during trading yesterday was 3749 dollars, down more than 3 per cent before rebounding during trading compared to $ 18680, the value of which it closed last year 2017.
Despite the currency attempts during the current year to climb back to 2017 levels, it failed with the state of fluctuation occurring day after day, which reflected in this week's trading.
Bitcoin reached the highest point of the week at $ 4,000 on December 24, compared to $ 3,697 recorded on December 28, which confirms the uncertainty of investors towards the currency.
The sharp decline is due to strong pressure on all digital currencies, as many central banks around the world have been warned including Arab central banks from dealing in digital currencies, because they pose a serious risk to investors' money.
Some countries have begun to crack down on digital currencies such as the South Korean government, which has announced the preparation of a bill prohibiting the circulation of all digital currency in the country after many reports reported that they were used in illegal acts such as drug trafficking, money laundering, tax evasion and the financing of terrorist groups.
Digital currencies do not have a serial number, as they are not controlled by central banks or governments like other conventional currencies but are handled only through the Internet; they are virtual currencies.
Some countries have announced their intention to issue their own digital currencies, backed by central banks for use in payment systems, such as Saudi Arabia and UAE that have been announced during the last period.
