Africa and the Middle East consider crypto and blockchain network

Saudi Arabia and UAE: The central banks of both Saudi Arabia and UAE have been working hard to design a borderless currency for transactions between the two nations. This project is part of a seven-point cooperation plan between UAE and Saudi Arabia for solidifying the financial and banking channels between them.

The joint statement from the two countries says that,

“The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments. The virtual currency relies on the use of a distributed database between the central banks and the participating banks from both sides. It seeks to safeguard customer interests, set technology standards and assess cybersecurity risks. The project will also determine the impact of a central currency on monetary policies.”

South Africa: In the repercussions of the newly proposed crypto ratification by the South African government, firms are now into responding to the changes. The paper named ‘Consultation Paper on Policy Proposals for Cryptocurrencies’ was put forward by the South African Reserve Bank (SARB) which has drawn mixed reactions from the crypto industry.

Luno, a crypto platform in South Africa has appreciated the latest venture by the government of South Africa. The fact that cryptocurrencies are not placed on the Value Added Tax (VAT) list has been much praised. While other crypto firms have shown mixed reactions, it has been a relief that the taxes are not as high as it was expected.

Israel: Amongst allegations that he swindled funds, the founder and CEO of Sirin Labs Moshe Hogeg has said that the whitepapers of ICO’s aren’t a legal binding. He also said that people investing in ICO’s have no clear ownership stakes in the company. Although Hogeg has not been convicted as of now, this public revelation could give potential investors a clear picture about getting involved in ICO’s.

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