Crypto Update: China bans as market rises
Cryptocurrency analyst, Saxo Bank Group
Sanctioned countries looking at cryptocurrencies for relief
Iran announced the details of its central bank digital currency backed by the rial to avoid the further sanctions. The central bank digital currency is built on top of the Hyperledger Fabric. The currency will first serve as infrastructure for interbank payments and then be made available for retail payments. Currently, there have been no successful launches of a government-supported digital currencies, although Iran and Venezuela are pursuing such initiatives. The success of their programmes could accelerate blockchain adoption, while failure could slow government-specific adoption.
China bans cryptocurrency again
China’s largest social media chat app, WeChat, shut down cryptocurrency-related public accounts from the app last week. Some speculate that accounts will be reinstated at a later time. However, China also banned all blockchain-related conferences and meetups in Beijing. This is the latest Chinese crypto ban. The People's Bank of China has tried banning various activities related to cryptocurrency since early 2017. The market has become increasingly immune to negative news coming out of China regarding cryptocurrency.
SEC reviews rejection
Last week the US Securities and Exchange Commission rejected seven proposed Bitcoin ETFs. This leaves only one ETF left in the running for approval, which is set to be decided at the end of September or as late as February 2019. However, the SEC has announced that it will review the decisions of the staff to disapprove of the seven ETFs. A majority vote by the commission could lead to a reversal of the decision to deny the ETFs, or at least further clarify the SEC’s stance on the emerging asset class.
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.
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