Category: Middle East
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Egyptian Central Bank Issues Crypto Warning: Offenders Face Jail
The Central Bank of Egypt (CBE) has once again warned against the use of cryptocurrencies, noting that offenders risk jail time. According to the law of the Egyptian central bank, it is unlawful to “issue, trade, or promote cryptocurrencies, create or operate platforms for their trading, or engage in related activities.” According to Tuesday’s report…
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Iran modifies rules to make it easier for cryptocurrency miners to access renewable energy
In order to facilitate the crypto mining industry’s access to green power, Iranian authorities have revised a few regulations. Licensed miners will now have access to discounted electricity produced nationwide from renewable sources. The Iranian Ministry of Energy has altered some crypto mining rules to make it easier for organizations licensed to print digital currency…
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SABIC, a Saudi chemical manufacturer, has launched a blockchain pilot project.
According to a chemical manufacturer in Saudi Arabia, a blockchain pilot that just got underway will explore the technology’s potential for “supporting end-to-end digital traceability of circular feedstock in customer products.” Blockchain technology is expected to have several advantages, including faster data integration and reduced costs and time. Saudi Basic Industries Corporation (SABIC), a producer…
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Iranian President Hassan Rouhani looking for ways to introduce a legal framework for cryptocurrencies
Iran is looking for ways to introduce a legal framework for cryptocurrencies, while Bitcoin mining remains under embargo in the country. During the cabinet’s Economic Coordination Board meeting on Tuesday, Iranian President Hassan Rouhani emphasized the need to legalize cryptocurrency activities to preserve and protect national interests.Rouhani said the country must pay attention to the legal…
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Good news For Blockchain Technology as Kakao Claims Its New Blockchain is 15x Faster Than Ethereum
After launching its Klaytn blockchain technology platform for enterprise last month, one of South Korean messaging app provider has come out with the claims that their Blockchain network is 15 times faster than Ethereum. This was announced by Kakao subsidiary company, GroundX, in a press conference that held yesterday in South Korean capital Seoul. As…
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The Next Petro? Iranian Minister Reveals Cryptocurrency Plans
New statements suggest that Iran’s central bank is developing a cryptocurrency that would be administered by the state government. Information and Communications Technology Minister MJ Azari Jahromi made the announcement on Twitter Wednesday following a meeting with the bank’s board of directors. He described a meeting during which “digital currencies based on the [blockchain]” were…
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Lebanon’s Central Bank Governor Disses Bitcoin at Digital Currency Launch
The bank that prints the money used today in Lebanon plans to launch its own digital currency. Announced Thursday by Riad Salameh, the governor of the Banque du Liban, Lebanon’s central bank, it’s not yet clear if the project will be based on blockchain technology, though the idea appears to have been addressed in conversation. According to local…
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Abu Dhabi Admits 4 Blockchain Startups to Fintech Sandbox
The Abu Dhabi Global Market (ADGM) – the city’s international financial free zone within the UAE – has admitted a second batch of fintech startups to its Regulatory Laboratory (RegLab). With the move, the 11 local and international fintech firms will work under the framework of the Financial Services Regulatory Authority (FSRA), one of three independent…
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US Commerce Department Backs Blockchain Trade Mission to UAE
Representatives from the blockchain industry are in the United Arab Emirates (UAE) this week on a trade mission backed by the U.S. Department of Commerce. Organised by the Washington, D.C.-based trade group, the Chamber of Digital Commerce, the trip includes executives from a number of firms – including Bloq, Cisco, CMT Digital, Cognizant, Gem, Hogan…
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Bahrain is Eyeing at Becoming Middle East Pioneer in Blockchain
Bahrain, one of the major oil-producing country in UAE, is turning to digital currencies as part of their financial structure. According to Khalid Al Rumaihi, the chief executive of the Economic Development Board of Bahrain, the adoption of digital currencies in the system of Bahrain had been suggested over time through the finance ministry of the…