How Bitcoin Trading System Affects Businesses in Brunei

The decentralized nature, advanced security, and incomparable flexibility of the Bitcoin trading system allow it to access different industries, including traditional businesses in Brunei.

Investors learned to embrace cryptocurrencies, including their benefits and disadvantages. So far, Bitcoin is the most popular and widely used. See how the Bitcoin trading system affects businesses in Brunei and other ASEAN countries.

Bitcoin Trading System Effects on Brunei Businesses

Before, people were sceptical about using cryptocurrencies, but now, its burgeoning recognition has spread worldwide. Investors and businesses learned to trust Bitcoin and other digital currencies like Ethereum. Due to its high level of security,  unmatched versatility, and decentralized nature, it could access even Brunei’s traditional businesses.

One of the most recognizable effects of the Bitcoin trading systems in Brunei businesses is the convenience and capabilities of cross-border transactions. It drops the requirement for third-party middlemen, diminishing transaction expenses. Likewise, it allows quick and secure transactions.

Hence, business operations in Brunei can easily trade with other firms abroad. They could prevent complex transactions of currency exchange or negotiate with several intermediaries. It promoted business growth in the country and boosted international trade.

The Bitcoin trading system also proliferated the profit margins of various regional business operations. Most enterprises now accept Bitcoin payments, thus, avoiding towering transaction fees that come with traditional payment processing systems. Transactions are final when using cryptocurrency payment, with no reversals or refunds. Besides, it strips the necessity for businesses to budget for possible scams.

Moreover, the transparency and security features help establish the financial data storage of different businesses in Brunei. Companies and enterprises in the country can utilize blockchain technology to save their financial data securely, ensuring that all records are impenetrable.

Indonesia Updated Its List of Approved Cryptocurrencies

Meanwhile, Indonesia disclosed its list of updated and approved cryptocurrencies for trading. Bitcoin starts the trading week in Asia down 0.5% to $26,366. On the other hand, Ethereum is down 0.2% to $1,724.

“With Fed having left interest rates unchanged, the environment appears supportive for  crypto assets to start rallying again. However, the Fed went ahead to add that rate cuts were not on the horizon in the near-term, which saw the market struggling,” said Joe DiPasquale, BitBull Capital CEO and crypto fund manager.

He added that all would focus on Bitcoin since its supremacy is soaring because of selling pressure in altcoins. Supposing the market leader retains the range between $20k-$22k, bulls must not be too concerned. However, these issues are much different in Indonesia.

Cryptocurrencies or digital assets in Indonesia trade with commodity contracts under the governance of the Commodity Futures Trading Regulatory Agency or Bappebti. Its supervisory board issued a document titled “Regulation of the Commodities Trading Supervisory Agency Number 4 of 2023 (in English).” It contains the list of 501 tradable cryptocurrencies in Indonesia, including Cardano (ADA), Solana, XRP, Polygon (MATIC), and The Sandbox, to name a few.

The Indonesian government is wary of digital currencies rivalling the rupiah. However, it still supports the use of cryptocurrencies by individuals, businesses, and stakeholders. Rupiah is the country’s sole legal tender or fiat currency.