Saudi Arabian Monetary Agency (SAMA), the financial watchdog for Saudi Arabia is considering to expand the scope of digital currencies to several banks and other countries after completion of its pilot project later this year, reported Al-Eqtisadiah. Hisham Al-Hogail, Deputy Governor of SAMA revealed that the pilot project was dedicated to understanding technical aspects of digital currencies. After completion of the pilot project at the end of this year, the expansion phase would be focused on legal and economic aspects and how to issue the digital currency.
The revelation about expanding the scope of use for the digital currencies in numerous financial sectors came during a program organized by the Ministry of Finance, “Diwaniyat al-Maarifah”. The program was attended by a number of experts from the financial and economic sector where Al-Hogail stressed on the role of SAMA in developing emerging techs like blockchain for the financial sector and also develop the necessary legislation to encourage private sector participation.
Saudi Arabia is focused on harnessing emerging tech
“Diwaniyat al-Maarifah” conference was organized with the aim of enriching specialized knowledge and making this initiative as a platform to inform interested and specialists on the latest technologies and developments in the financial sector. The conference touched on many aspects ranging from how SAMA deals with the warnings issued by the Ministry of Finance about e-currencies and the risks involved. The conference further discussed use cases of blockchain technology in B2B transactions, to solve the problems in trust and settlement field and the extent of security in the business.
“We are presenting the competition to a consultant to close the deal, which will help us to build the logistics area and benefit from a deposit area according to customs procedures and regulation. We expect that in the expansion of this application and adoption of blockchain technology in many countries, the Saudi exporter and importer will also be able to speed up the procedures, given a large amount of information documented by the General Authority of Customs to enable them to determine the level of risk for each consignment.”
Al Hogail also acknowledged that the emerging tech like Blockchain is still in its infancy and its development needs to be done in accordance with multiple parties and a network of experts. The interest of Saudi Arabia towards the emerging tech is a part of its “Vision 2030 Kingdom” objective, where the country is investing heavily in the renewable energy sector, the tourism sector and now blockchain as well to end country’s heavy dependence on oil exports.
BitMEX CEO responds to Binance’s market maker slip up, offers CZ a “copy/paste” course
Arthur Hayes, the CEO of BitMEX, responded to Changpeng Zhao’s false accusations of a Binance futures market maker attack—satirically. Hayes offered him a “copy/paste” course for 51 percent of his equity, alluding to earlier plagiarism accusations. Zhao replied he’d be happy to buy-in.
CZ’s quick fingers get him in trouble, yet again
The rivalry between two of the biggest crypto derivatives platforms in the world shows no signs of stopping. The CEO of BitMEX, the first exchange to introduce a crypto futures trading platform, Arthur Hayes missed no opportunities to take a jab at their main competitor—Binance.
Changpeng Zhao, the CEO of Binance, has been known for his easygoing attitude towards slip ups and mistakes made by his company. But, this time Zhao’s attitude got the best of him when he hastily accused one of Binance’s clients of attacking its futures platform.
In a Twitter post, Zhao said that the attacker as a “well-known” account that attempted to use the sudden price drop in Binance’s Bitcoin futures to turn a profit and liquidate other clients. However, it quickly turned out that the sudden futures price drop wasn’t due to a malicious attack, but was caused by a “bad parameter” set by the client.
Zhao’s lighthearted way of dealing with situations like these wasn’t well-received by the crypto community, with many criticizing him for posting harsh accusations and lacking a fundamental understanding of how futures trading platforms work.
Hayes uses the opportunity to take a jab at CZ
Joining the slew of those criticizing Zhao was Arthur Hayes, the CEO of Binance’s main competitor BitMEX. He took the opportunity to continue his Twitter back-and-forth with him and criticize him for the incident.
In a tweet, Zhao said that no users were affected by the drop in the future’s price thanks to a supposed invention by Binance. The innovation, he explained, was setting off liquidations based on the exchange’s own index price, and not the futures price.
In response to a user who tweeted that liquidations tied to the index price were a long-time staple at BitMEX, Hayes offered to teach Zhao how to run a crypto derivatives platform.
This isn’t the first time a crypto-influencer used the old “Ctrl+c/Ctrl+v” hotkey hook and jab combo. Ethereum co-founder Vitalik Buterin used the same insult against Justin Sun when evidence surfaced that a significant portion of the TRON whitepaper was plagiarized from other projects.
Zhao seemed to have appreciated the joke, saying he would be happy to attend any class taught by Hayes in exchange for 49 percent of a venture he runs.
The jokes were well received by the crypto community, where (mostly) light-hearted insult-slinging between industry heavyweights is a favorite spectator sport among Crypto Twitter.
Crypto Analyst Outlines Short Term ‘Panic’ Level for Bitcoin (BTC)
The price of Bitcoin continues to move sideways in an extremely narrow range. And amid the low volatility, analysts are trying to gauge which direction BTC may pop next.
Analyst Nick Cote tells his 63,000 followers on Twitter he’s bullish on BTC after its next halving in May of 2020.
He points to BTC’s Bollinger Bands, which uses two lines of standard deviation to measure volatility, as a sign that traders should be cautious.
In the short term, Cote warns the leading cryptocurrency could suffer another significant drop.
“Week long consolidation has broken down to the downside. No need to panic unless $9,750 falls. Above $10,270 and I’ll be thinking this was a fakeout, but below, the course looks to be back towards the liquidity box below. Currently no position for me with volatility this low…
To clarify my position with Bitcoin: I’m a big bull post-having, but I believe there is plenty of room (and opportunity) for a pre-having shakeout to the tune of 30%.”
As for the altcoin market, Cote says Ethereum needs to remain above support levels around $182 to keep pushing forward.
“Ethereum has hit the $195 target and needs to hold above $182 to continue its recent bullish break from the FW, which if held, will push Ethereum to the $225 mark.
A move below will spell disaster and a high probability re-test of the $165 long term
Cryptocurrencies price prediction: Bitcoin, Ethereum & Litecoin – American Wrap
Bitcoin price in the session on Monday is trading with minor gains of some 0.10%.
BTC/USD bulls are trading ever so close to a critical barrier of resistance, as part of a narrowing triangular structure.
A game-changing barrier appears to be at the round psychological $10,500 mark.
Ethereum price is trading in negative territory, with losses of some 0.25% on Monday.
ETH/USD price action via the daily chart view has broken out to the upside from a descending wedge structure.m
A large barrier of resistance was observed at the $180 price mark, the daily break and closure above is attractive for further potential buying momentum.
There is a downtrend on the daily timeframe, and today there has been a break to the upside.
The trendline originated back in June and bounced off another wave high in August.
There has been a base forming with 62.11 the new support low.
On the upside 78.65 is now the main point of resistance and it was used as a big support zone on the 15th of July.