I concur with Joseph Agius (July 10) about the malicious adverts and suspicious dealings with regard to the new financial patterns under the name of cryptocurrency and its various names, like Bitcoin etc.

Finance and money matters were never my forte but the genesis of the new way of dealing with financial business and savings through crypto-currency frequently raisedmy eyebrows.

Fortunately or unfortunately (time will tell), Parliament has enacted speedily three laws governing this new way of doing business with all political parties agreeing on their adoption and boasting of being a world first. Some other countries are still sceptical about it.

A quick look through the internet paints an alarming picture of cryptocurrency:

“Cryptocurrency loses $13 billion as Bitcoin Ripple and BCH record 6 per cent losses.”

“Cryptocurrency exchange theft losses could rise to $1.58 billion this year.”

“Surge in cryptocurrency crimes caused $761m loss in 2018.”

“World’s largest asset manager says get ready ‘to stomach complete losses’ in cryptocurrency…”

“The ease with which Bitcoins can be accidentally lost forever at the press of a button - particularly given how valuable they now are – can make people uneasy. Avoid Bitcoin like the plague.”

“Bitcoin plunges after cryptocurrency exchange is hacked.”

Much has been written by different authors on the subject but none has given us news like the one above.

Of course, there is the other side of the story but, still, the issue remains of much concern. No wonder commercial banks are sceptical dealing with this new type of financial deals and transactions.