President Joe Biden signed an executive order on Wednesday requiring the government to assess the risks and benefits of creating a central bank digital dollar, as well as other cryptocurrency issues, the White House said. Bitcoin surged on the news as the administration's holistic and deliberative approach calmed market fears about an immediate regulatory crackdown on cryptocurrencies.
In midday trading, bitcoin rose 9. Biden's order will require the Treasury Department, the Commerce Department and other key agencies to prepare reports on "the future of money" and the role cryptocurrencies will play. Analysts view the long-awaited executive order as a stark acknowledgement of the growing importance of cryptocurrencies and their potential consequences for the U. Cryptocurrencies and digital assets can affect how people access banking, whether consumers are safe and protected from volatility, and the primacy of the U.
The executive order is part of an effort to promote responsible innovation but mitigates the risk to consumers, investors and businesses, Brian Deese, director of the National Economic Council, and Jake Sullivan, White House national security adviser, said in a statement.
One key objective is to redress inefficiencies in the current U. Another key measure directs the government to assess the technological infrastructure needed for a potential U. But it could take years to develop and introduce a "digital dollar," administration officials cautioned on Wednesday, noting that the Federal Reserve in January had referred the issue to Congress.
President Joe Biden and Commerce Secretary Gina Raimondo hold a virtual meeting with business leaders and state governors to discuss supply chain problems, particularly addressing semiconductor chips, on the White House campus in Washington, U. Administration officials said the United States was taking great care to decide whether - and how - to move forward with developing a digital dollar, given the dollar's role as the world's primary reserve currency.
The data reflect a robust US labor market with near record-high job openings and few layoffs. Inflation remains at its highest levels in 40 years in the US and that has economists and analysts closely watching how consumers react to higher prices on everything from food to clothing and gasoline. Markets were closed Friday. In currency trading, the US dollar rose to It is hovering near year highs.
Labour practices across the Southeast Asian country have come under scrutiny in the past two years, with six companies including Sime Darby banned by US customs over forced labor allegations. Palm oil, the most widely used vegetable oil, is a key ingredient in Ferrero Rocher chocolates and Nutella spread, giving the iconic products their smooth texture and shelf life.
Although Ferrero buys relatively little of the edible oil from Sime Darby, its move — following similar halts by Cargill Inc, Hershey Co. Sime Darby told Reuters it has taken steps in the area of human rights and that all its stakeholders who are committed to sustainability can be assured of its commitment and leadership in the industry. Ferrero is not a customer, it added. Ferrero, responding to queries this week from Reuters about suppliers receiving its requests to stop buying from Sime Darby, said it does not buy directly from the Malaysian firm, which it said supplies 0.
With this transaction, the Riyadh-based chemicals maker will fully own Scientific Design, which is a leading licensor of high-performance process technologies and catalysts producer, according to a statement.
SABIC repositioned its specialties division as a stand-alone strategic business unit in , to unlock organic and inorganic growth opportunities that are independent of feedstock dynamics, the statement added. The company's specialities division produces highly differentiated products, which include specialty engineering thermoplastic resins, compounds and additives, as well as catalyst and process technologies.
The company achieved sales revenues for of SR billion, while total assets stood at SR billion at the end of It also supplies spare parts for workshops. The remaining amount will be allocated to finance working capital and hedge against profit fluctuations. The firm had earlier closed a SR1. You are here Home India's central bank governor criticises crypto; warns investors of 'risk'. Short Url. Updated 10 February India's central bank governor criticises crypto; warns investors of 'risk'.
Follow arabnews. Topics: economy India cryptocurrency bitcoin bitcoin mining. Updated 15 April Saudi Ports witness a rise in cars imports amid transshipment growth in Q1. Passengers increased by Vessels increased by 0. Oil prices up, Asian shares fall, trading muted with Good Friday holidays.
Topics: economy. The company's production in stood at 58 million metric tons. Latest updates. Video of Israeli security assaulting journalist sparks anger on social platforms. Chinese president lauds Saudi efforts to bring peace in Yemen during call with crown prince. From Madinah with love - entrepreneur shares Saudi dates with the world. Lebanon ready to work with Cyprus on potential offshore gas.
Saudi Pro League to expand from 16 to 18 clubs from season. How adoption of sustainable fashion in the Middle East can reduce waste, cut carbon emissions. Saudi Arabia.
In an annual regulatory filing to the Securities and Exchange Commission SEC , the Bank of America, the second largest bank of America stated that cryptocurrencies are posing a serious threat to it. The speculations have always been raving regarding cryptocurrencies like bitcoin presenting a threat to traditional large financial institutions. In addition, according to the bank, the increased competition from cryptocurrencies can also affect their earnings negatively apart from affecting the interest of clients to do business with them.
With the increase in the popularity of the digital currencies, their prices are gaining huge heights. This surge of interest in cryptocurrencies also led to the launch of bitcoin futures by Cboe and CME. There has been a substantial increase in these virtual currencies so much so that now countries are developing their own coins in many innovative ways. This is evident from its wealth management branch Merrill Lynch banning about 17, of its financial advisors from buying bitcoin and similar investments for their clients.
Perhaps the most striking instance of cryptocurrencies revolutionizing a stagnant industry comes from investing. It is hard to say with confidence whether crypto will continue moving in the same direction and at the same pace over the next decade, but so far its track record has been entirely groundbreaking. The global remittances, predicted to reach a volume of almost one trillion U.
Cryptocurrencies offer low fees that are independent of transaction size, instant settlements, and universal availability in both a geographical and socio-economic sense; these are all important advantages over legacy remittance services, such as Western Union or bank transfers , that charge arbitrary fees, sometimes take days to process transactions, and usually offer limited accessibility in the developing economies.
The Central American Republic has declared plans to make Bitcoin legal tender on June 9, — the first-ever country to do so. Some of the best things that came out of blockchain technology include non-fungible tokens NFTs — the assets that are reinventing and digitizing the rules of asset ownership , Synthetic assets — the products that replicate the performance of stocks, bonds, and other derivatives without the associated barriers to entry, and decentralized finance DeFi — an entire movement dedicated to providing blockchain-based alternatives to traditional finance; there are too many examples to list in one article.
Point-of-sale PoS payments, on the other hand, are an example of an industry where cryptocurrencies are complementing, rather than replacing existing solutions. Attracted by the opportunity to access a broader market and the advantages of instant settlement and protection from chargeback fraud, more and more retail merchants are starting to accept crypto payments either via dedicated PoS payment terminals or crypto ATMs installed in their shops.
Their Corda platform, while not precisely a blockchain in the strictest sense of the word, nevertheless takes advantage of many aspects of the distributed ledger technology DLT in order to enhance the way banking systems communicate with each other.
Even governments are finding it hard to resist the allure of crypto. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only.
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Andrey Kartsev I've been in crypto since Related Articles. If you've placed a trade on a DEX and noticed that you received less than expected when it was finalized, chances are you've been front runned. What is front running — and how can you avoid it? Yes — this is truly a guide of every big NFT project in alphabetical order. What Is the Future of Cryptocurrency? What does cryptocurrency's past tell us about cryptocurrency's future? See all articles.
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Digital payments technology is forcing the financial system to evolve. Banks feel their power waning and want to regain control. Businesses are banking on cryptocurrency. But there are two big challenges SEE: Cryptocurrency scams pose largest threat to investors. Banks can actually play a significant role in the crypto industry, adding some much needed assurance and security to the largely unregulated environment.