Commentary

Celebrate blockchain - whether you're for or against Bitcoin

It has wide range of applications outside of cryptocurrencies, and can benefit global financial system

South Korean dealers at Hana Bank in Seoul last Friday. When it comes to central bank digital currencies, central banks in China, Hong Kong, Japan, South Korea, Singapore and Thailand have begun research, entered a proof-of-concept phase or, in China
South Korean dealers at Hana Bank in Seoul last Friday. When it comes to central bank digital currencies, central banks in China, Hong Kong, Japan, South Korea, Singapore and Thailand have begun research, entered a proof-of-concept phase or, in China's case, started to issue an actual currency.PHOTO: EPA-EFE

Even after the recent correction to the price of Bitcoin, the asset has more than tripled in value from a year ago.

The rise of the highly volatile cryptocurrency has been remarkable, but it has also divided opinion. Is this an innovative global currency or a speculative bubble?

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A version of this article appeared in the print edition of The Straits Times on June 01, 2021, with the headline 'Celebrate blockchain - whether you're for or against Bitcoin'. Subscribe