The Global Blockchain Show will be held in Dubai on December 12-13 at the Grand Hyatt Exhibition Centre. The event is being organized by the Web3 consulting firm VAP Group.

The event will bring together experts and enthusiasts in blockchain technology, as well as areas such as Web3, cryptocurrencies, the digital transformation of finance, and regulations, while also offering the opportunity to establish strategic business alliances.

It will be a golden opportunity for solution providers, experts and enthusiasts from around the world to converge at the Global Blockchain Show in Dubai. Vishal Parmar, Founder and CEO of VAP Group, said that at this show, attendees will be able to experience the dynamics of this technology.

“Topics such as digital currency, blockchain regulations and Web3 games will delve into real-life applications, while workshops will provide practical how-to frameworks, models, implementation guides and success metrics,” the organization said.

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Source: news.bitcoin

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La entrada Global Blockchain Show to be held in Dubai on December 12-13 apareció primero en Bitfinance.

In a change of position towards cryptocurrencies, the Dubai Court of First Instance has recognized these digital assets as means of payment for salaries.

With this decision, the judicial body shows a shift towards a progressive change with respect to cryptocurrencies in the United Arab Emirates, where until 2023 they were considered to lack a precise valuation.

This was stated by Irina Heaver, partner at the United Arab Emirates law firm NeosLegal, who referred to “the ruling in case number 1739 of 2024” in comparison to the situation a year ago.

According to Heaver, in the case an employee had filed a lawsuit “alleging that the employer had not paid his wages, wrongful dismissal compensation and other benefits. The worker’s employment contract stipulated a monthly salary in fiat and 5,250 in EcoWatt tokens. “The litigation has its origins in the employer’s inability to pay the token portion of the employee’s salary within six months.”

In reference to the litigation, it is important to note that last year the court recognized the inclusion of EcoWatts tokens in the contract. However, it was indicated that the payment was not made in cryptocurrencies since the worker “did not provide a clear method to value the currency in fiduciary terms.”

Inclusive salary approach on the path to the digital economy

Heaver clarified that in 2024, the court ordered the payment of the crypto salary according to the employment contract without converting it into fiat. “This decision reflects broader acceptance of cryptocurrencies in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy.”

The lawyer also stressed that the court’s reliance on the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021 in the two rulings is an example of the consistent application of legal principles in determining salaries.

With this precedent, it is possible to foresee an increase in the adoption of digital assets in everyday financial transactions in the UAE, with a more inclusive and innovative salary approach, strengthening the legitimate right of employees to pay their income in fiat or cryptocurrencies, according to the current legal framework.

M.Pino

Source: cointelegraph

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La entrada Dubai recognized cryptocurrencies as valid salary payment apareció primero en Bitfinance.

The government of Bolivia authorized the use of cryptocurrencies for buying and selling, with the purpose of boosting the local economy.

After a moment of tension experienced by irregular military movements on June 26, the government of Luis Arce announced the authorization of trading with digital assets. The president of the Central Bank, Edwin Rojas, indicated that the measure was deemed necessary for “the use of electronic payment channels and instruments for purchase and sale operations of virtual assets that contribute to the strengthening of financial and commercial activities.”

Although there are no known official records, between 10,000 to 12,000 operations with cryptocurrencies of less than 100,000 bolivianos ($14,479) would be carried out monthly in Bolivia, according to BCB estimates.

Rojas emphasized that Bolivia “cannot be isolated from the technological changes that are occurring in the world.”

In this sense, it considers that the lifting of restrictions on the use of cryptocurrencies, which has been in force since 2020, will allow commercial exchange to be boosted.

The transition in the country in terms of payments had already begun, through operations with “electronic cards, mobile wallet, QR codes, electronic billing,” among other mechanisms.

The BCB is in charge of dissemination campaigns in this regard, to accelerate the population’s acceptance of these assets as methods of interoperability. It has been clarified that any risk in cryptocurrency trading will be assumed by the user.

The president of the regulatory entity made it clear that the Bolivian is the only legal tender in the country; adding that virtual assets are not legal tender and “do not constitute cash” and “have no cash equivalents.” Hence, it is not an obligation to use them in local businesses.

M.Pino

Source: swissinfo

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La entrada Bolivia enabled purchase and sale operations with cryptocurrencies apareció primero en Bitfinance.

As another step in the adoption of cryptocurrencies, the Lima Stock Exchange (Peru) has authorized residents and companies in the country to invest in Bitcoin ETFs from BlackRock, VanEck and Invesco.

On January 11, spot bitcoin ETFs began operating in the United States, after a controversial wait. With the measure of the Peruvian government, the first ETFs based on spot Bitcoin are mobilized in the territory.

According to recent reports, “BVL users can now trade shares of BlackRock (IBIT), VanEck (HODL) and Invesco (BTCO) funds, which have direct exposure to Bitcoin and are listed on the main US exchanges.”

It is important to highlight that in a highly competitive market, it is the products of these firms that concentrate the greatest volume of capitalization and income.

Now, institutional and natural investors in Peru have an investment mechanism associated with cryptocurrencies, which are not regulated in the South American country.

Consequently, it is understood that there are no laws that regulate the use and trade of cryptocurrencies, nor a legal framework to punish associated financial crimes.

What currently governs in Peru is a legislative decree enacted in 2023 that obliges “digital currency exchanges to provide user information to the country’s Financial Intelligence Unit (UIF).”

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Source: diariobitcoin

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La entrada Lima Stock Exchange authorized investments in spot Bitcoin ETFs apareció primero en Bitfinance.

The stock and cryptocurrency trading platform Robinhood, whose main base of operations is in the United States, presented its latest quarterly report. In this balance, they highlight that they capitalized 43 million US dollars from their cryptocurrency operations division.

Despite a slight decline in the monthly user base, overall revenue was significantly boosted by the crypto division. The Robinhood team, in its report for the last quarter of 2023, noted that several indicators showed promising results.

Robinhood CEO Vlad Tenev commented in a statement:

“2023 was a solid year for us. The speed of our products continued to accelerate, our commercial market share increased and we began to expand globally. In addition, we have had an even better start to 2024, attracting more funded clients and net deposits during the first half of the first quarter than in the entire fourth quarter of 2023”.

As for cryptocurrency operations, the $43 million capitalized exceeds the $23 million recorded in the third quarter of 2023. This reflects a growing interest in digital currencies towards the end of that year.

These quarterly results come at a time when Robinhood has plans to expand beyond the United States, with a particular focus on the European market. In addition, the Robinhood team has been adapting to market trends and the needs of its clients.

K. Tovar

Source: Diariobitcoin

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La entrada Robinhood increased its earnings on cryptocurrency operations apareció primero en Bitfinance.

Central bank digital currencies, or CBDCs, are attracting increasing interest from the world’s central banks, according to a study by the Bank for International Settlements (BIS).

The study by the Swiss-based body was published on Monday. It is based on data collected through a survey conducted in late 2022 “to 86 central banks of countries representing 82 % of the world’s population and 94 % of global economic output.”

According to the BIS, 93 % of these banks reported having worked in “some form of central bank digital currency” last year. Added to this is the fact that at least more than 50 % of central banks are already working on specific developments or pilot projects.

The survey shows that by 2030 the world could have 15 retail and 9 wholesale CBDCs. “The BIS, which assists central banks around the world, adds that four central banks have already issued their own digital currencies, that of the Bahamas, the Eastern Caribbean, Jamaica and Nigeria.”

The rise in interest in central bank currencies is leveraged by the emergence of cryptocurrencies and stablecoins, as well as their rapid adoption around the world.

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La entrada Increased interest of central banks around the world for digital currencies apareció primero en Bitfinance.

The Senate of South Dakota, a state located in the Midwestern United States, recently passed a law that establishes that digital currencies issued by central banks, known as CBDCs, will be considered as legal money in the state. However, this law does not apply to other cryptocurrencies, such as Bitcoin or Ethereum.

The new law defines CBDCs as “a medium of exchange, unit of account, and store of value issued by a digital central bank.” This means that CBDCs will have the same legal status as fiat money in South Dakota and can be used to pay debts, taxes, and other government purposes.

According to proponents of the law, this could help South Dakota become a hub for innovation in the cryptocurrency and fintech sector. Senator Mike Stevens, who introduced the bill, stated that “South Dakota has an opportunity to lead the way in financial technology adoption and cash protection.”

However, some critics point out that the law could be limiting for cryptocurrencies and innovation in the sector. For example, South Dakota joins other US states that have created laws to limit or prohibit the use of cryptocurrency in the past. Additionally, some experts have argued that CBDCs can be used to strengthen government control over money.

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Source: Diariobitcoin

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La entrada South Dakota will treat CBDCs as money apareció primero en Bitfinance.

The central banks of Russia and Japan announced that in April they will launch the pilot tests of their CBDCs, planes that they have been working on for a few months.

The executive director of the Japan Bank, Uchida Shinichi, declared this week that the pilot tests seek to make clear the viability of the CBDC currency in the local financial environment, with the collaboration of thirteen financial institutions and other payment platforms.

You need to know that you can do that before you can do it with non-individual person-to-person transactions, and you can do it with business and service customers.

Regarding the tests in Russia, which has already been announcing this topic since last year, it is expected to launch its CBDC in 2024.

In the midst of the controversy that digital money generates globally, and especially in countries like Russia and Japan, where restrictions are deep, it is important to remember that digital money is being considered as a way to evade sanctions from the European bloc and from USA.

Related to the issue of cryptocurrencies, on the other hand, it is important to mention the advances of the European Parliament in terms of digital identity (eID) that allows citizens to “identify and authenticate themselves online (through a European digital identity wallet) without having to resort to commercial providers”.

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Source: observatorioblockchain

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La entrada Japan and Russia will test their CBDC coins in April apareció primero en Bitfinance.

The Bank of England expressed its belief that the digital pound can coexist with private stablecoins. The Bank reportedly indicated that the digital pound could be supplemented with private stablecoins in a digital payment system.

In an interview, Bank of England Governor Andrew Bailey said the currency could help improve efficiency and security in the financial system. He added that the Bank is working on creating a more accessible digital payment system for everyone.

The Bank of England has been investigating the creation of a digital pound since 2019, with the aim of maintaining its role as a leader in financial innovation. The institution also spoke about the importance of having an adequate regulatory approach to guarantee the safety and protection of consumers.

Private stablecoins, on the other hand, are cryptocurrencies that are backed by real assets, such as gold or fiat currency. These digital currencies have gained popularity in recent years due to their stability and the possibility of faster and more secure transactions.

K. Tovar

Source: Cointelegraph

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La entrada Bank of England believes digital pound can coexist with private stablecoins apareció primero en Bitfinance.

The People’s Bank of China recently announced that it will expand the digital currency pilot program to four other provinces in the Asian nation.

Information published by local media indicated that the deputy governor of the financial institution, Fan Yifei, indicated at an event that the bank plans to carry out tests with the e-CNY in Guangdong, Jiangsu, Hebei and Sichuan.

With a combined population of more than 360 million people, this move would mark a notable expansion of the central bank’s CBDC schemes, which have been largely limited to individual cities, merchants and select regions.

From 2020, China aims to carry out the replacement of cash with the digital yuan. To date, some 261 million users had created digital wallets with transactions in excess of $13 billion.

The country also launched digital currency for foreign athletes visiting the country during the 2022 Beijing Winter Olympics and began allowing e-CNY to be used as payment for certain public buses in August.

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Source: Cointelegraph

La entrada China will take its digital asset pilot to other provinces apareció primero en Bitfinance.