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After a 48-year relationship solely with the U.S. dollar, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, said the kingdom is open to trading in currencies other than the U.S. dollar. The statements follow China’s president, Xi Jinping, urging the Gulf monarchs to accept yuan for oil, and Riyadh officials saying last March the country would consider … Read more
Bradesco, one of the largest banks in Brazil and the third biggest in all of Latam, has entered the cryptocurrency world by issuing its first tokenized credit notes. The operation, carried out in partnership with Bolsa OTC, tokenized almost $2 million in bank credit notes, which were also distributed by Bradesco. Bradesco Launches Asset Tokenization … Read more
Even amid the market breakdown and repetitive public attacks on the industry, some of the officials found the courage to embrace the innovation. Go to Source Powered by WPeMatico
The Brazilian Securities Commission CVM has cleared the path for funds to dive into cryptocurrency-based investments. The institution issued a new set of rules that allows financial investment funds to invest in cryptocurrency tokens with the equivalent protections offered to other investment assets such as stocks and bonds, opening new markets for these companies. Brazilian … Read more
The European Union has its regulatory framework, while the race is only kicking off in the United States. Go to Source Powered by WPeMatico
President Jair Bolsonaro has approved law 14.478, which regulates cryptocurrency-related operations and virtual asset service providers (VASPs) in Brazil. The document, approved on the last day of the period allowed, will begin to be applied 180 days after its sanction. This will give all parties a period to adapt to compliance. Cryptocurrency Law Finally Sanctioned … Read more
Inflation has fueled crypto growth in the region, stimulating asset tokenization and remittance infrastructure development. Go to Source Powered by WPeMatico
The law included many digital currencies under the definition of legal payment methods in Brazil and established a licensing regime for virtual asset service providers. Go to Source Powered by WPeMatico
Despite a challenging year for the crypto industry, nearly 40% of respondents indicated a plan to purchase cryptocurrencies like Bitcoin in 2023. Go to Source Powered by WPeMatico
Roberto Campos Neto, president of the Central Bank of Brazil, has stated that the digital real project, the Brazilian central bank digital currency (CBDC) could be launched in 2024. Campos Neto also remarked on the benefits the digital currency system might bring as it is integrated with traditional finance structures and decentralized finance (defi) institutions. … Read more