Letters to the editor - November 30, 2022
Don’t touch crypto Further to the recent excellent (as always) article by colleague Tony Curmi about cryptocurrencies, one wonders how is it possible that sane people dare to burn their money on things like cryptocurrencies when it is well known that: (a) There are still no internationally accepted accounting and auditing standards (IAASs) governing how this illusory creation should be accounted for and, of course, also audited. (b) There are still several important jurisdictions all over the world where even the simple holding of such so-called currencies is decreed to be illegal (the important one of China)… quite a long shot from the concept of “legal tender”. This photo illustration shows a message reading “We strongly advise against depositing” on the website of cryptocurrency FTX, in Washington DC earlier this month. Photo: AFP (c) Since its creation this “guzzler” (for want of a better word) has accumulated a record of instability in market worth that is without paragon in the whole centuries of financial history. What few winners there may have been are far, far outweighed by the number of losers and this on a worldwide scale. Along with Curmi, my advice to all Maltese...