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Saudi Arabia, UAE Crypto Operation to Extend to other Countries

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Saudi Arabian Monetary Authority (SAMA) and the UAE are working indoor to finally bring their jointly designed cryptocurrency to the world, Today’s Gazette has learnt.

The two allies say it is finalizing the pilot operations of the digital currency Aber designed for cross-border remittance, which they both unveiled early this year.

A report by Al-Eqtisadiah quoted SAMA’s Deputy Governor for Banking Operations, Hisham Al-Hogail, on the finalization of the pilot operations, which will possibly be centered on the technical aspects.

However, the economic and legal operations are to be looked into during the latter period.

According to Al-Hogail, SAMA is working on expanding the digital currency to other countries to facilitate the transnational remittance. The Deputy Governor did not state the countries it intends extending to in the nearest future.

The two countries’ central banks are making use of Blockchain and Distributed Legders technologies to achieve a proof-of-concept digital currencies for low fees cross-border remittance.

In January when Saudi and UAE launched a trial version of their digital currency dubbed Aber, it used

the test version to confirm how cheap the cross-border remittance could be with the cryptocurrency. At that time, the two countries limited the test version to few banks.

Scam Alert

As the two countries prepare to launch their jointly managed digital currency, Saudi’s Finance Ministry had recently warned citizens of Saudi to be careful while trading using cryptocurrency within the country.

The ministry importantly warned against imposters using the image of the country to promote fraudulent cryptocurrency assets to unsuspecting citizens, saying it has no relationship with them.

The ministry mentioned CryptoRiyal and SmartRiyal to be properties of a Singapore-based firm.

The crypto firm was alleged of claiming to be using proceeds from the digital currency to finance Saudi’s smart city NEOM, a new tourism project by the country.

Save for Aber, which the country is involved in, Saudi does not have any relationship with any cryptocurrency firm as at now.

Do not forget that Saudi banks makes use of RippleNet, however, the country is not using XRP for cross-border remittance as far as we know.

source:todaysgazette

Cryptocurrency

ING to develop a cryptocurrency custodial platform

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  • The bank said that it sees “increasing opportunities” with regards to crypto.
  • The project is reportedly being controlled from its Amsterdam offices. 

According to a recent report by Reuters, major Dutch bank ING is currently working on a custodial platform that will enable their clients to store digital assets like cryptocurrencies. The firm stated that it sees “increasing opportunities” with regards to crypto – both asset-backed and security tokens.
 
ING bank aims at providing its users with a compliant way to access the sector. As per Reuters’ sources, the project is being controlled from its Amsterdam offices. However, it is still in its early stages. Additionally, the bank is also working on developing other blockchain initiatives. Not all banks are sharing ING’s enthusiasm. Another major Dutch institution,

ABN AMRO, has dropped its plan of creating a custodial cryptocurrency wallet, citing a lack of interest.  
 
 
 
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

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US court dismisses case against FTX worth $150 million

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The U.S. court is said to have dismissed the case worth around USD 150 million against the cryptocurrency derivatives exchange FTX. It was said the suit was made due to market manipulation and unlicensed securities sales, but the court has not found any solid grounds to continue with the lawsuit.

The company called Bitcoin Manipulation Abatement LLC filed the suit for the sale of unlicensed securities in the U.S. and market manipulation. 

It was said in the report that:

Defendant Alameda Research LLC’s motion to dismiss Bitcoin Manipulation Abatement LLC’s Amended Complaint in the above-captioned action came on regularly for hearing before the Court on February 13th, 2020. After considering the papers submitted by the parties and the argument of counsel, the Court finds that plaintiff has failed to comply with the requirements of Fed. R. Civ. P. 9(b) or 8(a)(2), and that dismissal is warranted under Fed. R. Civ. P. 12(b)(1) and 12(b)(6). Accordingly, Alameda Research LLC’s motion to dismiss is granted, and the Amended Complaint is dismissed in its entirety with prejudice.

In a reaction to the news infamous CZ (the CEO of Binance) said:

A market maker from a smaller futures exchange tried to attack @binance futures platform. NO

ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that

It was clear that something went on but as always these things are hard to prove. This is not the first case of its kind but it is important that Binance had security measures in place to keep its customers safe.. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

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Cryptocurrency Is Still the World’s Best Performing Asset Class This Year

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As the year and decade come to an end, cryptocurrencies once again outperform other major asset classes.

Despite trading significantly down from their record highs of late December 2017, large-cap cryptocurrencies had a phenomenal year and remain one of the greatest investment success stories of the decade.

Cementing themselves as the world’s leading asset class for yearly performance, cryptocurrencies have risen well above annualized returns of the U.S. equities, commodities and bond markets for 2019.

Ryan Alfred, President and co-founder of Digital Assets Data said large-cap crypto assets possess significantly higher returns versus traditional markets for this year.

“Looking back at the performance of the top ten large-caps (Bitwise 10) in comparison to other major asset classes, we can see their special signature,” Alfred said.

Crypto versus traditional assets

Credit: Digital Asset Data

As seen in the chart above, research provided by Digital Assets Data shows how this year’s performance of the top 10 cryptos by market capitalization fared against other major asset classes such as gold, oil and equities.

Of course, 2019 didn’t start out that way. Back in February, the top 10 crypto began a fairly dismal run, resting well below all other traditional asset classes when viewing their return on investment figures. However, sentiment began to pick up significantly in March and by mid-year, cryptocurrencies were far out ahead of other the other assets.

That gap has begun to narrow as stocks, bonds and commodities begin to increase their lead. Yet cryptocurrencies remain significantly ahead

of all other asset classes as the year comes to a close.

Much of this rally is courtesy of bitcoin (BTC). The world’s first cryptocurrency is currently up 100 percent since the year began. Meanwhile, Ether, the world’s second-largest crypto is up 35 percent year-to-date, though  XRP is down 25 percent from where it traded on Jan. 1.

The big picture: Crypto’s success story

In the year before the decade began, the world was in the throes of a financial crisis. Since then, stocks have rebounded. From its March 2009 market meltdown lows to now, the S&P 500 has gained a respectable 369 percent. Similarly, the Dow Jones Industrial Average has also had a good run, up 326 percent in that same time period.

Bitcoin Price Index

However, BTC has blasted those figures, rising well above a staggering 12 million percent (yes, you read that correctly) over a one-year-shorter time frame, beginning March 2010. That’s when the price of 1 BTC was around $0.05, data taken from Messari shows.

Crypto’s success can likely be attributed to its most defining characteristics: high volatility and liquidity, allowing market participants to quickly and easily trade between digital and fiat currencies.

Lorenzo Pellegrino, CEO of Skrill, a cross-border payments platform utilizing crypto, said digital assets resembled a nascent market. Prices bouncing around in a frantic manner enable the asset class to outperform all others based on irrational sentiment and low barriers to entry.

“As it (crypto) matures we should start to see increased stability and the core fundamentals will become more apparent,” Pellegrino said.

source:coindesk

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