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What Lies Ahead for Blockchain and Cryptocurrencies, Post-Brexit?

A Britain-based CEO has suggested that post-Brexit, cryptocurrencies will benefit the UK as they have key advantages over fiat currencies.

Danial Daychopan of Crypto company Plutus, suggests that due to the pound and euro’s interdependence and the fact that they are both based on other currencies,  allows decentralized cryptocurrencies to offer a “variable and stable alternative” for both consumers and businesses in the post-Brexit UK.

The current lack of direction in Brexit negotiations has led some people to believe that a period of instability is a possibility as both Europe and the UK race towards next year’s deadline. Daychopan sees instability and lack of trust in governments and the global financial system as key to the success of digital currencies. He claims:

“…in economies that aren’t stable, we’re already seeing digital economies developing and thriving. We’re approaching a period of instability and people need to understand that cryptocurrencies are going to be a force for good, not just tokens to be speculated upon.”

In terms of where cryptocurrencies sit once Britain’s departure from the EU becomes a reality, it is still unclear how Brexit will affect the future of blockchain and cryptocurrencies in both zones. The EU including the UK, with the exception of only 6 states, has signed up to the EU Blockchain Partnership which will promote the future exchange of expertise in order to launch EU wide blockchain-based applications across the single digital market.

The EU has called for cryptocurrency regulation at both European and G20 level and would clearly like to regulate the industry from Brussels, a further possible complication for the UK. As current members of the “EU Blockchain Observatory Forum” the UK has already benefited from membership with the EU’s fintech market, now valued at $6 billion.

Kay Swinburne, Member of the European Parliament (MEP), argues that bodies such as the EU Blockchain Observatory Forum are not essential to the UK advancing its fintech impact after Brexit. The UK, with its new crypto haven Gibraltar, having advanced significantly down the cryptocurrency and blockchain route, may be well placed to withstand significant damage to its fintech markets on withdrawal.

As the UK prepares to leave the EU it is also reportedly planning to create its own crypto regulations before 2019. The EU has already passed its own blockchain resolution for a post-Brexit Europe in order to remain a global fintech hub.

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Bitcoin News Radio Show, 17th August 2018

Listen to the 17 August 2018 Bitcoin News Radio Show below.

On this edition of the show, we start with a Bitcoin price update. Hear about Ethereum’s gambling problem. Learn about a USD 224 million lawsuit against AT&T for a sim swapping incident. We discuss a bomb threat to a crypto mining company due tthe o noise level, and how one expert thinks the USD strengthening is the real reason crypto markets have declined.

Follow the Bitcoin News Radio Show on AnchorSpotifyGoogle PodcastsStitcher, Overcast, Radio PublicPocket Casts, and Breaker. We broadcast a new episode every day, covering the most important topics in the crypto, Bitcoin, and blockchain world!

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Russia Joins the Blockchain-Electoral Pilot Project Race

Blockchain experimentation and adoption in Russia has reached a new height with the announcement of a blockchain-based electronic voting system.

Russian Experiment

The non-profit Association of Independent Public Observers, also known as National Public Monitoring (NOM), is reported to have announced a pilot project at a press conference in Moscow.

The Russian news outlet, Tass reported that the all-Russian Congress of Public Observers was held by NOM, the Russian Fund For Free Elections and the Association of Lawyers of Russia; partners such as the “Corps” for Clean Elections and Public Association Group 32 were also among the 300 representatives who were in attendance at the Congress.

The federal coordinator of NOM, Fedor Kolomoystsev told reporters, “As part of our congress, we are launching in the test mode an electronic voting system [in elections], which is built on a blocking system.”

Unfortunately, no technical details have been revealed as of yet, and it could be some time before more information or pilot results are made public. Russia has been particularly bullish on blockchain technology this year. In June, Russian banks made positive strides towards facilitating digital currency trading by planning to launch cryptocurrency portfolios for private investors.

Furthermore, the Russian Central Bank also began testing a blockchain system to replace the globally adopted SWIFT payment system. This move comes after economic sanctions from the EU and US prompted Russia to seek alternative options in the event that it is banned from SWIFT.

In Politics

Blockchain technology in 2018 has been flexing its versatile prowess across any industry or sector it touches. And for some time, the use-case of distributed ledger technology (DLT) in political practice has been cautiously approached due to present perceptions of the technology.

This is slowly changing however as some countries are beginning to pioneer the use of blockchain technology in this field.

Earlier in August, neighbouring country Ukraine officially went live with its voting trial using the NEM blockchain. The technology has been commended for being immutable, transparent and secure. The Ukrainian Central Commission also noted on social media that it will continue to run a number of trials.

In early March, the Mountain State of West Virginia in the United States announced a blockchain voting trial that would be piloted during its primary Senate elections in May 2018. This was concluded to be a success and West Virginia Secretary of State Mark Warner’s office reported that there were no problems.

From this, West Virginia pushed ahead to remedy a situation laterally with a blockchain voting system that provides overseas military troops with a smart-phone application that allows for them to vote in the upcoming November elections.

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Cryptocurrency Market Decline Caused by Strengthening Dollar

A senior market analyst at eToro, Mati Greenspan, recently produced a commentary on cryptocurrency market. He argued that the recent market decline is a product of the strengthening US dollar.
 
As the dollar continued to perform well in recent weeks, fuelled by policies tightening the economy with the intention of preventing high inflation, the economies of emerging markets struggled to maintain the strength of their own currencies. Greenspan believes this has affected cryptocurrencies in the same way.
 
In the commentary that was shared with CCN, Greenspan compared the movements in the crypto market with those of local fiat currencies in emerging markets, noting that they mirror one another. While investors in these markets are choosing to invest in cryptocurrencies when their local currency is on the decline, Greenspan said that the US dollar is still the most popular reserve currency of choice.
 
His analysis suggests that many smaller economies rely on a stable exchange rate with the dollar, something threatened by its current appreciation. Additionally, because of its movements, there is less incentive for investors to move their capital into the digital currency market.
 
The value of cryptocurrencies is often regarded as unassociated with the movements of traditional commodities such as gold and oil. But in this case, they have been fluctuating in the same ways, in reaction to the surging dollar. It is common for these commodities to lose value in the face of the increasing dollar value. The digital currency market has followed suit this time.
 
As the past several days have seen the movement of the dollar slow down, currencies such as the lira, rand, and peso have begun to recover. As Greenspan’s analysis would suggest, so has the cryptocurrency market. Market capitalization hit USD 216 billion Friday from a Monday total of USD 190 billion.
 
An alternative analysis of the decline from Arthur Hayes, CEO of cryptocurrency derivatives exchange BitMEX, suggested that ICO-funded startups were cashing out capital before losing any more in another market dip.
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Landmark Hearing: US Hacker Ordered by Court to Pay Bail in Bitcoin

A US court has ordered an alleged hacker to pay for his bail using cryptocurrency.

Magistrate Judge Corley has ordered the defendant, Martin Marsich — a 25-year-old Serb/Italian national charged for a hacking offense to pay an equivalent of $750,000 in cryptocurrency for bail.

Marsich is accused of hacking US video games company Electronic Arts (EA), and obtaining in-game currency to buy and sell in-game items. He is also said to have sold access to online games though black-market websites. Marsich is accused of hacking into 25,000 user accounts.

Residing Judge Corley has been in the news before regarding cryptocurrency. Last November she ruled in favor of the IRS, against cryptocurrency giant exchange Coinbase. Judge Corley ordered the cryptocurrency platform to submit information about clients’ transactions to the government agency.

District Attorney of St Mateo County, Steve Wagstaffe was quoted saying, “[he has] never heard of anyone bailing out of jail with cryptocurrency in any courtroom.” While acknowledging that cryptocurrency was acceptable in the federal court, he claimed that a similar bail “would fly in a San Mateo County Superior Court”

Assistant District Attorney Abraham Simmons explained that “judges can order many kinds of bail, including real estate owned by another person.”

Further, he was quoted saying, “The judge could order just about anything…It really is quite broad…What the objective is, is to get the defendant to comply with an order to appear later.”

With regards to the fluctuating value of cryptocurrencies, particularly in the current volatile market ,and how this would affect a “crypto-paid” bail, Simmons commented, “I would imagine that either side would alert the court of an extreme change in the value of the asset, but it doesn’t mean that the court would care one way or the other.”

The initial complaint charges Marsich with:

“…intentionally accessing a protected computer without authorization to obtain information for the purposes of commercial advantage and private financial gain…and accessing a protected computer to defraud and obtain anything of value.”

Marsich was arrested while boarding a flight to Serbia on August 8th by San Francisco Police. If convicted, the defendant could face a maximum of  5 years imprisonment, a fine of $250,000 plus restitution.

Although bail bonds paid using cryptocurrency may be regarded as beyond the norm, paying taxes in this may well become acceptable in the US after the Rules Committee of the Arizona House of Representatives passed a bill this year that allows residents of the state to use cryptocurrencies in making tax payments.

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Second Crypto Funded School to Be Built in Rwanda

An NGO and a cryptocurrency platform are planning to construct a school in Rwanda using cryptocurrency funding.

The non-profit organization, Zam Zam Water, in a cooperative project with Peer-to-Peer finance platform provider Paxful is aiming to raise $100,000 for an education center. The project will be implemented in Rwanda’s Bugesera District, complete with full-time teaching staff.

The school building project in Rwanda is not the first of its kind in the region. It follows a similar project which saw the opening of a school for children aged three to six. The new school will be built to complement the first school by catering for children aged six to 15.

The raising of estimated building costs of up $100,000 has been started for the new project with a donation of $20,000 from Paxful. The remaining funds will be raised through online crowdfunding. Cryptocurrency donations via Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash will be matched by the crypto platform’s BuiltWithBitcoin initiative until the necessary funds have been raised. Ray Youseff, CEO at Paxful commented:

“The BuiltWithBitcoin initiative is a testament to the growing power of cryptocurrency…We firmly believe in its capacity to improve lives and make the world a better place.”

The second of the two schools will be larger, almost double the size of the first with six classrooms and six full-time teachers. The school will have its own cafeteria, potable well, and sustainable solar panel power system

Yusuf A. Nessary, Founder and President at Zam Zam Water sees education as fundamental in moving countries like Rwanda forward, suggesting:

“Education is a crucial tool for helping those in developing nations increase their standard of living, so we are very pleased to partner with Paxful to serve these bright young students”, adding, “This is only a small glimpse into what we can and will continue to do with the power of cryptocurrency.”

Cryptocurrency is increasingly being used to fund humanitarian projects in developing countries around the world, particularly on the African continent. Global micro-leasing marketplace Powerhive announced a partnership this year to offer decentralized solar power to poorer nations.

AfricaPowerhive will be the beneficiary of funds generated from the sale of Sun Exchange’s SUNEX rewards tokens through public sale. The money will then be spent on developing solar-powered mini-grid projects in Sub-Saharan Africa. The project will allow for the solar panels used to be sold later to Sun Exchange members who will, in turn, own the cells used in the projects and subsequently profit from a sustained period of “solar-powered money”

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North America: Crypto and Blockchain News Roundup, 10th to 16th August 2018

North America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

USA

ICO scam slapped with $30,000 fine: The US Securities and Exchange Commission (SEC) has issued a USD 30,000 penalty for David T Laurance and his fraudulent ICO. Laurance was a director of a new coin project.

Laurance, previously the CEO of oil drilling company Tomahawk Exploration LLC, with whom he had been associated for over eight years, launched the ICO for new tokens of the oil drilling company called Tomahawk tokens. The ICO stated that the funds from the ICO would be used for oil drilling and exploration services in California.

The ICO overall failed to meet the USD 5 million target. An online bounty program of promotional activities thrived but was eventually shut down by the SEC. Laurance and Tomahawk have been given cease and desist orders and further action is being deliberated by the authorities.

Coinbase acquires San Francisco startup for decentralized login tech: Coinbase, the largest cryptocurrency exchange operating in USA, has acquired a local startup that was offering decentralized login solution to secure its verification and login processes.

The firm, Distributed Systems, Inc, was selected by the Coinbase company to utilize blockchain for verification purposes. According to Coinbase project manager B Bryne:

“Blockchain technology that powers cryptocurrencies offers a new way to let us all be “verified” everywhere we go on the internet, feeling safer about our interactions with others and opening the door to the experiences that require trust.”

Distributed Systems was a successful startup at the seeds round with millions of investments garnered from around the world.

Facebook to launch crypto?: The world’s largest social network Facebook may be looking to launch its own cryptocurrency, according to recent chatter from inside the company.

Earlier this year, the company created a blockchain research team led by David Marcus that was aimed at leveraging blockchain technology and possibly even cryptocurrency across the vast social media platform. Marcus was on the board of directors of Coinbase but has since then stepped down from his position.

Other sources also claim that the Facebook’s blockchain team has met with the Stellar team to discuss forking the Stellar cryptocurrency and blockchain to create a native Facebook cryptocurrency similar to Kin crypto tokens. The purpose of the rumored Facebook crypto token is still unknown.

Jamaica

Jamaican stock exchange set to offer crypto for trading: The Jamaica Stock Exchange (JSE) has announced that it will offer cryptocurrency trading services by the end of 2018.

The announcement came after the exchange signed a collaboration with cryptocurrency firm Blockstation. The latter will develop digital assets for JSE platform and JSE will then integrate them into its platform for trading purposes. Blockstation has been developing these assets in collaboration with the JSE for the last six months.

According to co-founder and chief architect of Blockstation Jai Waterman:

“Our mission is to provide a secure method of trading cryptocurrencies with broker-dealers and stock exchanges. We’re providing the stock exchange the technology for a broker-dealer network and repository, so that from end-to-end, their life cycle of trading – just like with securities – they can do the exact same thing with blockchain and cryptocurrencies.”

Canada

Blockchain and crypto improving finance and accounting in Canada: In addition to disrupting the fintech businesses, blockchain technology and cryptocurrencies are also improving accounting and finance functions in the country.

According to a Robert Half Finance and Accounting survey, both will become common in business transactions in the next five years. But to do so, financial professionals will have to expand their skillsets and put greater focus on inter-departmental collaboration with information technology.

 

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Europe: Crypto and Blockchain News Roundup, 10th to 16th August 2018

Europe

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

France

Cryptocurrencies have the same status as pets, cars and other movable property: The French State Council has recently designated cryptocurrencies as movable properties, bringing them at par with movable properties like cars, jewelry, furniture and gold. This step has reduced the taxation on cryptocurrencies from 45% to 19%, thus making it easier for new coin companies and exchanges to shift to the country.

But mining even now is considered as an enterprise and liable for 45% tax. The move is understandably taken to discourage resource-extensive mining operations. The overall move is part of President Emmanuel Macron’s move to bring innovative industries back to France.

Germany

Ripple in talks with banks in Germany: Popular cryptocurrency XRP’s parent company Ripple is in talks with representatives of a few big banks in Germany to talk about possible adoption. Ripple has already made inroads with other technologies like xRapid and xCurrent that have been adopted by hundreds of banks around the world.

Marjan Delatinne, the head of banking in Ripple said that the company was in talks with many German banks in Berlin and elsewhere. Delatinne herself switched from SWIFT banking to the blockchain driven company back in 2017.

XRP continues to be one of the top cryptocurrencies in the world despite a substantial decrease in price in the last four months.

United Kingdom

30% UK firms hit by cryptojacking malware: Over 30% of UK businesses were hit by a cryptocurrency mining malware last month. Over 60% of the companies also said that they found malware in their computers at some time in the past, mostly in the last six months alone.

Most of the malware found is designed to channel the computing power of an affected computer for cryptocurrency mining initiatives which is illegal. Kaspersky Labs, a prominent antivirus company said that new malware has been reported in other countries as well that can control workstations and servers for cryptojacking purposes.

Hungary

Government working on crypto regulatory framework: The Hungarian government is working on a regulatory framework for cryptocurrencies in the country to encourage cryptocurrency adoption and blockchain research.

The country doesn’t recognize cryptocurrencies but increasing public interest and regional outlook are forcing the government to look into cryptocurrencies. A Hungarian ministry spokesperson said:

“Hungary is currently looking into regulating crypto instruments, and the central bank, the tax authority, the finance ministry and other authorities have set up a joint workgroup to evaluate legal, economic, law enforcement, money laundering and other aspects of cryptocurrencies with an eye to introducing more detailed regulation.”

Spain

Political coalition calling for regulatory body to explore crypto: Spanish coalition party Unidos Podemos is calling for the implementation of blockchain and crypto regulation in the country.

The coalition was formed from various left-wing parties including Podemos, United Left, Equo and smaller parties. It underlined the importance of blockchain in the future and its widespread application in public administration in the country as well as means to complement industrial potential.

Malta

ICOs make gains in Malta in 2018: Malta, one of the top crypto havens in Europe, is seeing big gains in ICO businesses according to latest research from Crypto Fund Research.

Malta raised almost USD 180 million in ICO funds in the last quarter, which clearly shows that it is leading the way along with Switzerland and Gibraltar. Continent-wise, Europe is second overall with USD 1.12 billion behind North America’s USD 4.98 billion.

 

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Asia and Australia: Crypto and Blockchain News Roundup, 10th to 16th August 2018

Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Japan

Financial watchdog publishes findings on crypto exchange inspections: Japanese financial watchdog Financial Services Agency (FSA) has recently published the results of its on-site inspections of cryptocurrency exchange operations.

New exchanges hoping to get an official operating license will now be required to submit to more rigorous oversight of the FSA as a result of these inspections. According to official data from the FSA, hundreds of companies in the cryptosphere including exchanges are in its waiting list for approval. As of now, more than USD 7.1 billion worth of assets are present in domestic exchanges across Japan with each exchange having an average of just 20 employees. This means each employee is managing as much as USD 29.7 million assets.

The agency also highlighted Anti-Money-Laundering (AML) concerns among certain exchanges as well. The investigation of the USD 532 million heist of Japanese exchange Coincheck will also resume after this internal investigation.

South Korea

Exchanges criticize tax break exclusion: South Korean exchange and blockchain associations have hit back at the new tax breaks announced by the government for new growth technologies as they appear to have been excluded from the benefits.

The decision to offer tax breaks came from the South Korean Ministry of Small and Medium Enterprises (SMEs) and they excluded cryptocurrency platforms because they are categorized as entertainment or gambling businesses and, therefore, not eligible for tax reliefs. Overall, 157 technologies across 11 areas were made eligible by the ministry.

$4.4 billion innovation plan to give fiscal support to blockchain innovation: The South Korean Ministry of Economy and Finance has outlined KRW 5 trillion (USD 4.4 billion) for innovative industries in 2019, including some for blockchain industry as well.

The official press release titled ‘Growth through Innovation Investment Plan’ revealed the increase of KRW 2 trillion for 2019. The education program intends to have 10,000 qualified workforce personnel in these cutting-edge fields in the next five years.

China

Aerospace industry turns to blockchain for invoicing issues: The Chinese aerospace industry is looking towards blockchain technology to provide a solution for its invoicing for tax issues.

According to the government website, more than 1.31 billion electronic invoices were circulating in the system in 2017 and it is forecast that it will rise to 54.55 billion by 2020 thus creating massive problems for the airlines.

The efforts to introduce blockchain technology aim to reduce the burden of these invoices including false reports and streamline the overall data sharing process.

Government releases blockchain guide for bureaucrats: The Communist Party of China (CPC) has announced a blockchain guidebook that outlines the key features of the technology and future applications, meant to be used by bureaucrats for future reference and understanding.

The tech guide covers many facets of the futuristic technology. Ye Hao, the president of the People’s Network said:

“We call on the industry peers to continue to look at the blockchain technology with a development perspective. Looking at the blockchain label from a scientific perspective, look at the blockchain industry with a strategic eye, look at the blockchain business opportunities with a calm eye, promote the sustainable and healthy development of the blockchain industry.”

IT ministry focuses on blockchain tech for data security: The Chinese IT ministry is focusing on blockchain technology for future data security applications with a blockchain research laboratory in the cards.

The ministry is looking to develop a strong ecosystem for the future applications of the technology especially in data security and management. It also intends to expand the research into other fields.

India

Government considering replacing smart travel cards with crypto tokens: The Indian government is considering replacing smart travel cards with crypto tokens for the ease of commuters.

A senior official from the finance ministry said that the committee is looking to undertake research on how to create a crypto token using a custom blockchain to help replace smart cards in the public sector, especially metro cards.

Australia

Former cricket captain Michael Clarke endorses ICO: Michael Clarke, ex-captain of the Australian national cricket team, has endorsed an initial coin offering, prompting skeptical reaction on Twitter from the wider cricket audience.

The platform claims: “…[it] combines premium education, important industry updates and a social platform, which is sure to revolutionize the way we invest and live. Our mission is to develop, advance and modernize the industry, making it more accessible, transparent and forward-thinking.”

The platform is looking to raise up to AUD 50 million in its upcoming ICO.

 

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Africa and the Middle East: Crypto and Blockchain News Roundup, 10th to 16th August 2018

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

South Africa

Crypto regulation needed to settle inheritance, divorce cases: The South African government is moved to attend to the issues arising from the ambiguity of cryptocurrencies in the country when it comes to settling inheritance claims and divorce cases.

Cryptocurrency has been around for a decade now and South African Revenue Service (SARS) designated them as an asset of intangible nature as far back as 2009. While it may have granted Bitcoin some legality, issues remain as legality of cryptocurrencies are unclear in comparison with other assets like shares and bonds and that can complicate things.

VAT may not be applied to Bitcoin in South Africa under new regulation: According to a draft being prepared by the South African Revenue Service (SARS), cryptocurrencies in the country will not be liable for Value Added Tax (VAT) but other regular tax laws will be applicable.

SARS has been deliberating on cryptocurrency regulation for some time and according to it, transactions of cryptocurrencies are seen as a service and thus it will be exempt from a VAT for now, something that is often a damaging perspective for cryptocurrencies in a country. All crypto dealers, however, will have to declare their gains and losses in crypto transactions and trades and pay relevant taxes.

Nigeria

Crypto exchange Luno educating users on identifying scams: Cryptocurrency exchange Luno is trying to educate the masses to help them avoid scams in the cryptosphere.

Luno’s country manager while speaking in a conference in Lagos said:

“The Central Bank of Nigeria while presently studying the market to enable it come up with a regulatory framework that will protect every player, Luno will not hesitate to guide present investors against scams.”

The exchange is advocating for self-regulation right now but welcomes regulation from the government in the future to help secure a better future for crypto.

Government launches blockchain hub: The Nigerian government’s blockchain innovation KAD ICT Hub, in collaboration with UK Blockchain company Coinfirm, has announced a new blockchain hub in the country called Africa Blockchain Lab.

The initiative is to launch a program to help bring together Blockchain companies across the continent to bring solutions to various problems in the continent and Nigeria itself. Some startups like Kora, a blockchain marketplace and digital payment system, have already signed on the new project.

Middle East

Turkey

Bitcoin popularity soars as lira freefalls: The recent freefall of Turkish lira has resulted in cryptocurrencies becoming more and more popular in the country as Koinim, the largest cryptocurrency exchange in the country, recorded more than 63% increase in trades last week alone.

Turkey is currently embroiled in a diplomatic tussle with the United States as the latter recently imposed sanctions on the country that followed up with a sharp decrease in demand for lira, the national currency. More and more Turks used platforms like Localbitcoins.com to save themselves from inflation. However, with the recent USD 15 billion loan from Qatar on the cards, it is yet to be seen how the future of cryptocurrency trading will look like in the short term as lira might bounce back.

12,000 investors affected in TurCoin scam: Turcoin, self-styled national cryptocurrency of Turkey has been revealed as a Ponzi scheme and more than 12,000 investors have been affected.

TurCoin offered swift dividends and even claimed backing of the Turkish government,resulting in excitement in Turkish crypto circles. Many investors invested some money in it only to be left out in the cold as it was eventually revealed to be a scam. Investigators have frozen company founder’s assets and he is now awaiting trial.

United Arab Emirates

Investor takes $140K loan and loses 85% in crypto trading: The risks of cryptocurrency investment are evident after the recent case of an Emirati investor borrowing USD 140,000 to invest in cryptocurrencies and lost most of it.

The amateur currency investor based in Abu Dhabi is 85% down from his USD 139,500 bank loan that he took a while ago. The investor goes by the name of Cryptohomie on Reddit and he shared documents regarding the loan online which he used to fund his cryptocurrency trading at the height of the 2017 bull run that brought Bitcoin to as high as USD 20,000. He is currently giving monthly payments of USD 3,381 that run till 14 December 2021.

Saudi Arabia

Government warns against use of crypto: The Saudi government has warned against the use of cryptocurrencies, describing them as illegal due to their perceived role in fraud and unauthorized payments.

The Saudi Arabian Monetary Authority (SAMA) gave the statement that included (cryptocurrencies) as “illegal in the kingdom and no parties or individuals are licensed for such practices”.

While the cryptocurrency use is currently deemed illegal, it is unclear to see what kind of authority the SAMA has to enforce a full ban in the country.

 

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