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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Single Column Posts

Single Column Posts Subtitle

A brief insight into North America Crypto Round-Up

The United States: JP Morgan has recently Launched a New Crypto asset. JP Morgan has been rated as one of...

QuadrigaCX Accidentally Transferred $500K in BTC to Forbidden Cold Wallets

According to a report published by Ernst and Young on 12th February ’19, one of the major crypto exchanges of Canada,...

Everipedia to Verify Sources through Blockchain-based Geospatial Software

Everipedia is a crypto-based information doorway which was branched from Wikipedia in the year 2017. Everipedia has now decided to...

Airbus detected Data Breach issues

Recently, Airbus reported a data breach. In addition, Airbus is the world's second-largest aircraft manufacturer giant. Airbus manufactures, designs and...

Collaboration between Litecoins and Beam to create a more private system

A bitcoin transaction often discloses the information about the sender’s address, amount sent and receiver’s address, this lead to the...