Summary:
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Central Bank of Iran bans domestic banks from conducting crypto operations
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United Arab Emirates’ biggest bank implements blockchain technology
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New San Francisco Fed President criticizes digital currencies
Most of the major coins managed to post gains over the weekend with Bitcoin climbing to the $9000 handle on Saturday. A Central Bank of Iran dealt a blow to the domestic cryptocurrency market by banning banks from crypto dealings. Moreover, one of the new Fed officials expressed his disbelief in digital currencies while in the UEA one of the major banks decided to introduce Blockchain technology to its systems.
Central Bank of Iran decided to ban domestic banks from operating on the cryptocurrency market. In a statement CBI justified that “cryptocurrencies have the option to be used for money laundering, supporting terrorism and exchange of sums between wrongdoers”. Therefore from now on country’s financial institutions are forbidden to trade coins on their own account, provide services related to cryptocurrencies as well as advertising them in any way. It is worth to mention that this might come as a blow for Iranian citizens as after fears over renewing US financial sanctions a shift from Iranian rial to various cryptos was observed.
Despite breaking above the resistance level at $151.50 LITECOIN bulls failed to maintain gains causing the price to fall back below this barrier. Two repeated tests proved to be not enough to overcome this level once again therefore one may assume that buyers are running out of steam. Investors should watch 33-period moving average as price seems to respect this level. Source: xStation5
One of Middle East’s biggest banks, National Bank of Dubai, recently became the first lender in the region to introduce Blockchain technology to its systems. The UEA’s biggest bank implemented the “Cheque Chain” technology that prints a unique QR code on each transaction check and later on it puts the recorded checks on the Blockchain what is said to give the Bank a better supervision over transactions and improve the fraud prevention. After a month of pilot programme the Bank announced that tests were successful and it is implementing this feature for the clients in the whole country. Let us recall that in the previous week country’s authorities launched the “UAE Blockchain Strategy 2021” that aims to make Emirates the global leader in usage of Blockchain technology.
After breaking out of the downward channel BITCOIN price continues to rise. However, a long upper wicks suggest that the bears may be lurking around $9000 handle. Source: xStation5
While in some countries we can see a clearly positive shift in government’s attitude towards cryptocurrencies and technologies associated with them the central bankers remain reluctant to give coins the credit. John Williams, the head of San Francisco Fed, is the most recent figure to criticize digital currencies and express his distrust of cryptocurrencies becoming the official means of payment. Williams said that the coins fail to pass the basic test for the currency which is being the storer of value. Apart from that, central banker said that the currency supply should be regulated by governments and central banks yet he added that his view is “very biased” by his central banking experience.