Category Archive : Regional News

BoE Governor Bailey Shares ECB President Lagarde’s Anti-Crypto Views

Key Insights:

  • The TerraUSD and Terra LUNA collapse has given central banks a platform to deliver crypto warnings.
  • On Monday, Bank of England Governor Bailey talked of cryptos having no intrinsic value.
  • Bailey’s comments follow ECB President Lagarde’s comments from the weekend. Lagarde said that cryptos are worthless.

This week, Bank of England Governor Bailey talked crypto. In the week ending May 13, the crypto market experienced its first major ‘Lehmanesque’ collapse.

Stablecoin TerraUSD (UST) lost its peg to the dollar in a collapse to an all-time low of $0.04, sending Terra LUNA into oblivion.

The Terra collapse led to a broad-based crypto sell-off, wiping out $472 billion from the crypto market and a bitcoin (BTC) slide to a May 12 low of $26,591.

In the wake of the market collapse, central bankers seized the opportunity to crypto-bash.

Bank of England Governor Bailey Goes Anti-Crypto, again

On Monday, former government advisor Jimmy McLoughlin interviewed Bank of England Governor Bailey on Jimmy’s Jobs of the Future. The 49-minute podcast included questions on Russian sanctions, the economy, and cryptocurrencies.

Bailey said that products like bitcoin were not “practical means of payment.”

Governor Bailey also took the opportunity to send a warning on cryptocurrencies, stating that they have no “intrinsic value” while noting they do have “extrinsic value.”

The BoE Governor also explained the value of digital assets by saying, “people collect all sorts of things.”

While negative on cryptocurrencies, Bailey acknowledged the benefits of the underlying technology that supports the transformation into digital currencies.

Bailey’s comments followed an April interview when the Governor said cryptocurrencies were a “New Front Line” for criminal scams.

The anti-crypto commentary followed ECB President Lagarde, who spoke on Sunday, calling cryptos worthless.

Bank of England Governor Bailey and ECB President Lagarde’s comments come…

Read more at www.fxempire.com

Bitcoin Market would Register a Healthy Growth of USD 49.93 billion by 2027 :Blockstream, Coinbase, Coinify, Bitstamp, Bitpay – The Daily Vale

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Read more at thedailyvale.com

Binance to Launch Payment and Trading in Dubai

Binance continues the path to its first headquarters in the Middle East with an upcoming launch of payment and trading services in Dubai.

Binance is working with local banks while reciting country managers and compliance officers in Dubai and Bahrain for the launch, according to an «SCMP» report citing Dubai-based regional head of Middle East and North Africa Richard Teng

«Regulators in the Middle East region see that supporting the development of crypto assets is critical in developing the Web 3 ecosystem,» said Teng. «Trading cryptocurrencies is just one of the business areas that we could deploy in the region, and there are many more opportunities besides trading.»

Rebuilding Stage

Binance was first reportedly in talks to establish a Dubai headquarter in December last year before obtaining a virtual asset service provider (VASP) license in March.

Founded by crypto billionaire Changpeng «CZ» Zhao, Binance is seeking to regain regulatory trust after watchdogs from Hong Kong, Singapore, Japan and the U.K. issued multiple warnings over the past few years.

«In some parts of the Middle East, we often communicate with one single regulator which has a consistent framework that straddles banks, asset management, exchanges and broker-dealers,» said Teng. «That cuts out a lot of disagreement from multiple agencies, which may differ in their views about how crypto should be regulated.»

Read more at www.finews.asia

Veteran Investor Jim Rogers Optimistic About Future of Crypto Money – Bitcoin News

Renowned investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says he has “optimism about the future of crypto money.” However, he is skeptical of central bank digital currencies and warned that the world is looking for something to replace or compete with the U.S. dollar.

Jim Rogers on Bitcoin, Crypto, and U.S. Dollar

Veteran investor Jim Rogers shared his outlook for cryptocurrency and the U.S. dollar in an interview published by the Economic Times Markets Sunday. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.

Despite the Fed and other central banks stating that they would start normalizing, Rogers stressed, “There are still gigantic amounts of money printing all over the world.” He opined:

One should not listen to these guys. They rarely tell the truth … The U.S. Fed has more than doubled their balance sheet in the very short period of time.

He added: “Even if they cut back for a while, it is not going to be enough to make up for the gigantic money printing that has been going on.”

Commenting on the future outlook for the U.S. dollar, Rogers said: “I do not like saying it but the U.S. is the largest debtor nation in world history and the world is looking for something to replace it or compete with the dollar.”

He explained that after Russia began its invasion of Ukraine, the U.S. just blocked Russia’s assets. Reiterating that “America just took the Russian’s money away,” Rogers warned:

Well, people do not like that and so many countries in the world … are looking for something to compete with the U.S. dollar.

Rogers also discussed cryptocurrency during the interview. Replying to a question about whether he owns any bitcoin, the veteran investor revealed:

I do not own any cryptocurrency. I wish I had bought bitcoin at $1, at $5.

The Quantum Fund co-founder proceeded to talk about central bank digital currencies (CBDCs). He…

Read more at news.bitcoin.com

Crypto Espresso: Contrarian ideas rule today’s quick shot of the latest crypto moves and news?

Morning Coinheads!

While BTC has vacillated between US$28k and US$31k over the last week, the focus remains the fallout from terraUSD’s unhinging from its fiat equivalent, eToro’s market analyst and crypto expert Simon Peters says.

But, it’s the first time Bitcoin has copped eight straight weekly falls.

It’s full bear, the technicians reckon, but there’s debate that’s a bad thing.

It’s Tuesday in cryptoland, let’s begin.

 

Bitcoin tech analysis #1: Eight weeks in the red, sellers win

Newsbtc.com is speculating on what the record breaking price slide means for Bitcoin fans, saying for the past two months it’s been a consecutive nightmare.

“Now, it can be safely assumed that the crypto market has successfully made its way into the bear market. This has been the reason for the low and negative momentum among investors over the last couple of months. But with Bitcoin closing so many weeks in the red, it is expected to get worse,” says Newsbtc’s Owie Best.

“Even though there are those who see this as a time to accumulate, the massive sell-offs triggered by these red closes have simply won out in the end. These types of consecutive negative weekly closes have become known as an unavoidable part of being in a bear market.”

 

Bitcoin tech analysis #2: Contrarian bulls to trigger rally to US$33.7k

FX Street’s Tony M reckons BTC’s price sentiment is “in extreme fear, which is contrarian bullish”. So prep for a breakout.

The Bitcoin price Fear and Greed index has been “residing in extreme fear levels for over two weeks”.

“This Index can be used as a contrarian bullish signal since more investors are unwilling to invest in the current BTC price leaves more room for smart money to accumulate large orders.”

Talking of contrarian, he goes on to say BTC is forming a B wave triangle, so er, the sideways price action is now becoming more clear. But all that bullish talk is out the window if there’s a “breach below the swing low at $26,500”.

 

El Salvador’s BTC whack now equal to next bond payment

Bitcoin’s troubles are now El Salvador’s; its losses the equivalent of the next due payment to bondholders.

Since becoming the world’s first government to make Bitcoin legal tender last September, President Nayib Bukele has snapped up around US$105m of BTC.

That’s now worth circa US$66 million.

The loss exceeds the next payment on its foreign debt, with US$38.25…

Read more at stockhead.com.au

SBI Offers Real-Time Xpress Credit Loans on YONO

The State Bank of India (SBI) has announced that its personal loan product for salaried customers, called Real-Time Xpress Credit (RTXC), will be available through its YONO bank app, a report from IBS Intelligence said Monday (May 23).

Customers will be able to access RTXC from anywhere, the report said.

The service will be 100% paperless and digital, the release said. It added that by using RTXC, central and state government and defense salaried customers won’t have to visit the branch to get a loan, and everything from credit checks, eligibility, sanction and documentation will be digital.

“We are pleased to introduce Real Time Xpress Credit (RTXC) Loan facility for our eligible salaried customers on YONO,” said Shri Dinesh Khara, chairman of SBI. “The Xpress Credit product will enable our customers to experience a digital, hassle-free, and paperless loan process.”

See also: India’s SBI Latest Bank to Bar Payments to Crypto Exchanges

Last year, SBI cut off payments made with its Unified Payments Infrastructure to crypto exchanges, PYMNTS wrote, with several Indian banks doing the same around that time.

As of September last year, SBI bank customers weren’t able to transfer funds via the UPI to buy crypto, including big names like Bitcoin.

The decision could have made other banks less willing to accept crypto merchants for onboarding onto their UPI platforms, but the National Payments Corporation of India (NPCI) said it wouldn’t block payments to crypto companies using UPI.

Instead, the NPCI said banks should make their own decisions on how to handle the issue.

As with many crypto regulations, crypto companies and advocates objected. Wazirx, one of the biggest crypto exchanges in the country, came out against the decision, saying the company was trying to meet with SBI and talk about alternatives, adding that this would affect “millions” of people.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL…

Read more at www.pymnts.com

crypto: Despite regulatory hurdles, new crypto ventures abound

Rohit Jain, the head of the recently launched CoinDCX Ventures, is swamped with pitch decks from aspiring crypto entrepreneurs even as the chorus of a long and harsh crypto winter grows stronger by the day.

“Every week, we hear 20–30 pitches. In the last 2-3 months, when we hadn’t even formally launched, we were getting close to 100 pitches every month, if not more,” said Jain. “We have closed seven investments and two are in the final stages.”

Unfazed by a severe crypto market crash, the imposition of a high income tax rate by the Indian government, a massive dip in trading volumes, the collapse of a popular token and continuing global uncertainty around digital asset regulation, Indian entrepreneurs have continued launching scores of new crypto ventures supported by strong angel funding.

Not wanting to miss the Web 3.0 bus, Indian tech entrepreneurs are quickly finding need gaps in the crypto ecosystem and building new products that solve investor pinpoints.

“We have seen that for many young Indian investors, crypto was their first ever investment, but the biggest problem they faced was at the discovery stage of the transaction. Hence, we wanted a product like a…

Read more at economictimes.indiatimes.com

Nigeria to Launch Major Crypto Initiative, IP Exchange Marketplace and Wallet, on Algorand in Partnership with Developing Africa Group and Koibanx

MONTEVIDEO, Uruguay, May 24, 2022 /PRNewswire/ — The Nigerian government has signed a 3-year exclusive IPR (intellectual property right) agreement with Developing Africa Group to launch a nation-wide wallet which will enable the international commercialization of all IP forms being created and registered within the country, both locally and internationally. In this context, the IPR exclusivity agreement consists in the government granting Developing Africa Group – a regional software development company – to build the country’s official platform for its people to be able to upload any form IP rights and trade, sell or exchange them abroad, while collecting the royalties and proceeds of these operations on their wallets.

IP forms reached by the above mentioned agreement include trademarks, patents and all forms of copyrights such as songs, lyrics, videos, shows, lectures, podcasts and all forms of streamable content.

The Developing Africa Group has chosen Koibanx, with the Government’s approval, as the tokenization and payments engine to be utilized in the country and the Algorand Blockchain the protocol to build on top of. Koibanx, the leading Latin American asset tokenization and Blockchain financial infrastructure company, will be in charge of implementing the wallet, the token both for the IP being sold and stable token (equivalent to the Naira) to pay the creators in addition to the overall technical integration of the different vendors in play, which include one of the top card issuing companies worldwide, a content streaming platform and top firms both legal and data mining, they will all be announced before launch date.

All tokens will be launched on top of the Algorand Blockchain. “Algorand’s protocol not only provides the performance, scalability, security and functionality required to implement such a large scale project but is also environment-friendly which is important for the Government and has a huge philosophical match with the `creators economy…

Read more at finance.yahoo.com

Davos Jumps Into Metaverse; Bankers Blast Crypto

The World Economic Forum’s (WEF’s) first live meeting in two years kicked off on Sunday (May 22), and the cryptocurrency industry is out in force.

The annual gathering of world leaders, central bankers, business titans and cultural influencers is an important event for the crypto industry, in large part because WEF was an early adopter in taking the world of digital assets seriously and giving it access to, and a hearing in front of, an influential global audience.

That worked both ways, and Davos, Switzerland, is now a place where the crypto world is taken very seriously indeed.

Which goes a long way to explaining why the WEF unveiled a new partnership with Microsoft and Accenture to build a “Global Collaboration Village” in the metaverse.

The Monday (May 23) announcement by WEF founder and CEO Klaus Schwab that the organization “is embarking on an ambitious new journey to harness the potential of the metaverse as a platform for collaborative, inclusive and effective international action,” certainly has the sweeping grandeur metaverse true believers tend to use when extolling its virtues as the future of social media, of socializing, and even of marketing and commerce. Mark Zuckerberg’s Meta, for example, recently predicted that the immersive virtual world we are promised will be a $3 trillion reboot of the internet.

See also: What’s a Metaverse, and Why is One Having a Fashion Show?

And while the 3D metaverse is still in its early days, Accenture CEO Julie Sweet said it nonetheless has the potential to redefine how people work. And for his part, Schwab is betting that it “will provide immersive spaces where stakeholders can convene, create and take action on the world’s most pressing challenges.” And extend the WEF’s influence footprint, of course.

Then there’s the WEF’s new Defining and Building the Metaverse initiative, aimed at creating governance and policy rules of the road for metaverses in order to “create an equitable,…

Read more at www.pymnts.com

e-Naira Will Ensure Fraud-free Transactions, Says CBN

Omon-Julius Onabu

The Central Bank of Nigeria (CBN) has urged Nigerians, and the business community in particular, to embrace its e-Naira initiative because of its numerous benefits including acting as foolproof against fraudulent transactions.

Asaba CBN Branch Controller, Mr Goodwin Okafor, who was represented by Bright Orji, Head of Customer Service, stated this at a sensitization/elightenment for traders at Ogbeogonogo Market in Asaba, Delta State, describing the digital platform as effective as it was accessible, flexible and free of hidden charges.

He said that people should consider the e-Naira rather than Bitcoin, “Unlike the Bitcoin, e-Naira is still part of of CBN. The money will not disappear but with Bitcoin, the money can disappear any time.” 

He said the people have nothing to fear about digital financial platform as it is operated on international standards and so have come to stay, adding that eNaira will greatly promote financial inclusiveness.

Consultant with the CBN on e-Naira, Aminu Bizi expatiated on the benefits of the financial initiative and urged the people and especially the business community to embrace the e-Naira.

“Why we’ve come to this market is to sensitize traders before others in the state, “he said, adding that the CBN was out to ensure the initiative succeeded.

He said that CBN in collaboration with Bizi Mobile consultants are bringing the eNaira to every Nigerian.

“Become an e-Naira agent today and earn when customers open e-Naira Wallets, “he said, even as he hinted that ATM and POS have become analogous with the emergence of e-Naira.

He noted that Nigeria played pioneering role in electronic banking in Africa, noting that countries like Uganda had come to learn so as to replicate same initiative in their own country. 

He explained that even traders in fish, yams, onions, tomatoes, sachet water, pepper and other commodities would be…

Read more at www.thisdaylive.com