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RIYAD: The Swiss financial markets supervisor joined many other regulators around the world on Wednesday in approving the country’s first fund that invests primarily in crypto assets.

The Crypto Market Index Fund is intended for qualified investors only and classified in other funds for alternative investments with particular risks, the Federal Financial Market Supervisory Authority FINMA said in a statement.

Since crypto assets carry particular risks, FINMA said it has tied the approval to specific requirements, including that the fund can only invest in established assets with a sufficiently large trading volume.

No to crypto

Alibaba, the Chinese e-commerce giant, announced via its official website that it will no longer allow the sale of cryptomining equipment on its platform.

The company also pointed out that anyone who escapes these rules and places cryptocurrency products in other categories will be punished, they will remove or delete the listed products, deduct points, restrict the use of site functions, and will close the accounts.

This move is the result of the recent ban imposed by the Chinese government on cryptocurrency trading and mining.

“Alibaba.com will ban the sale of virtual currency minors in addition to the ban on the sale of virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin and Ethereum,” the statement said.

Digital currency project

The Central Bank of Ukraine is looking to hire a blockchain expert to support its digital currency project, as it recently posted a job posting outlining the role and responsibilities, said Vladimir Nagornyuk, the bank’s IT director.

The blockchain specialist is expected to be involved in the development and improvement of highly accessible distributed infrastructure, systems and services.

New legislation

US Senator Maggie Hassan, a member of the Senate Committee on Homeland Security and Government Affairs, and Senator Joni Ernst introduced cryptocurrency legislation.

The bill says its goal is to require the Secretary of the Treasury to report to Congress on cryptocurrencies and global competitiveness, with the aim of improving their oversight and mining operations in foreign countries.

“The bill would require the Treasury Department to report to Congress on virtual currencies and their use around the world, including how other countries use and mine cryptocurrencies, and the impact of cryptocurrencies. cryptocurrency mining operations across supply chains, including critical technologies like semiconductors, ”Sen. explained Hassan.

Expansion

El Salvador, which adopted Bitcoin as legal tender in early September, is expanding its use of cryptocurrency despite protests against it.

The country’s president, Nayib Bukele, posted on his official Twitter account a video of the first Bitcoin mining plant using the power of thermal volcanoes.

Marlet

Bitcoin traded higher on Wednesday, rising 0.33% to $ 41,689 at 7:11 p.m. Riyadh time. While Ether traded at $ 2,863.98, up 0.28%, according to data from CoinDesk.


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