Bitcoin trades lower as Square creates new cryptocurrency-based business
Bitcoin was trading nearly 3% less early Friday morning.
The price was around $ 31,470 per piece, while rivals Ethereum and Dogecoin were trading around $ 1,861 and 18 cents per coin, respectively, according to Coindesk.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Square Inc. is starting a new business centered around Bitcoin.
The CEO of the fintech company, Jack Dorsey, made the announcement Thursday in a tweet.
The focus will be on creating an open development platform with the aim of facilitating the creation of decentralized financial services, according to Reuters.
The business will be led by Mike Brock, who leads Square’s Cash App payment service strategy development group.
Square previously announced its hardware wallet for Bitcoin, which can be stored offline or online on cryptocurrency exchanges.
COMPANY CLAIMS TO OFFER BITCOIN, CRYPTO TAX RELIEF BY PASSPORT
In other cryptocurrency news, the next country that wants to get involved is Pakistan.
Pakistan has experienced a boom in cryptocurrency trading and mining, with interest proliferating in thousands of views of related videos on social media and online exchange transactions, according to Reuters.
Cryptocurrency is not illegal in Pakistan.
The Financial Action Task Force (FATF), a global money laundering watchdog, has called on the government to better regulate the industry. Pakistan is on the gray list of FATF countries it monitors for failing to control terrorist financing and money laundering.
In response, the federal government has established a committee to study the regulation of cryptocurrencies.