In the latest blockchain news on our DC Forecasts crypto news site, we are having the government of Pakistan in the focus for using a blockchain platform that was developed by Alibaba’s Alipay solution.
The $150 billion worth Alibaba has reportedly developed the solution in order to combat money laundering – for which the Financial Action Task Force (FATF) of Pakistan has been using it. With this, Pakistan proved the typical “blockchain not Bitcoin” scenario that was pushed by central banks and large financial institutions in the country.
A couple of months ago, Pakistan partnered with the Telenor Microfinance Bank, which is a financial institution owned and operated by Alipay. Meanwhile, Alipay acquired a 45% stake in Microfinance Bank for $184.5 million.
As the governor of the State Bank of Pakistan Tariq Bajwa said, the implementation of blockchain in the country marks a major milestone in the increase of financial inclusion in the country. He stated:
“This puts Pakistan on the map of very few countries in the world that have launched international remittance service using the blockchain technology.”
However, the State Bank of Pakistan spokesman Abid Qamar said that Bitcoin and other cryptocurrencies still remain prohibited by the government, raising questions on the real motive behind the push for blockchain adoption.
At the end of the day, cryptocurrencies such as Bitcoin are needed in order to provide financial freedom to individuals because they don’t prevent or restrict individualds from utilizing the network. If the individuals have to go through the same banks, authorities and institutions, the blockchain adoption cannot improve the financial inclusion.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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