The central bank of the Maldives, issues a warning to its citizens in the latest crypto news, saying that citizens to be cautious of advertisements that show up on social media related to cryptocurrency trading.
The Maldives Monetary Authority stated in a press release that members of the public should be wary when transacting cryptocurrencies because they are the only agency that is responsible for licensing exchange businesses.
The bank also noted no other permit has ever been issued to any organization that is authorizing the use of cryptocurrencies for financial transactions.
They wrote in a statement:
‘’No party has been granted permission to conduct any financial transactions using cryptocurrencies or other virtual currencies in the Maldives. Furthermore, the issuance of any legal tender by any other party is against the law.’’
The Maldives Monetary Authority isn’t the only one that has an anti-cryptocurrency stance. For example, just this week the central bank of Zambia stated that cryptocurrencies aren’t recognized as legal tender in the country. Also, the central bank of China noted that investors should avoid speculating in cryptocurrencies, but China despite the ban on all ICOs, trading in the country has remained the same.
Other banks that have taken this stance include the Central Bank of Laos and the Central Bank of Samoa. Both of these banks stated that cryptocurrencies do not have a legal tender status.
However, not all banks have the same attitude towards cryptocurrencies and some are even extremely supportive of this sector. For example, the Monetary Authority of Singapore indicated that they would gladly assist domestic crypto exchanges into and other crypto startups as a way of fostering this sector in the country.
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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