The countries that make up the BRICS have discussed in their most recent meeting the use of digital currencies, as another alternative to dependence on the dollar.

Brazil, Russia, India, China and South Africa are the emerging economies that give life to the BRICS group.

On the subject, in his last meeting the president of the Russian Chamber of Commerce and Industry and Russian co-president of the BRICS Business Council, Sergei Katirin, stated: “Transactions in digital units are discussed in the finance working tables. “Russia has the digital ruble and the Chinese have the digital yuan.”

As is known, this group focuses on eliminating the use of the US dollar in their transactions, as a way to free themselves from the “hegemony” of the currency in their economies.

In connection with the possible use of digital currencies by the BRICS, the progress made in launching digital currencies in Brazil and India stands out.

M.Pino

Source: eluniversal

(Reference image source: Dmytro Demidko at Unsplash)

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La entrada BRICS countries analyze transition to digital currencies apareció primero en Bitfinance.

The president of Venezuela, Nicolás Maduro, indicated in an act held this Thursday in the state of Carabobo, that soon the country will be able to export large amounts of food to other countries.

During his speech, Maduro said: “I imagine the agricultural producers in Venezuela, within three, five and 10 years, exporting large amounts of food to Brazil, Russia, India, China, South Africa, Colombia, they are natural markets, and we have large competitive advantages due to the quality of the Venezuelan product”.

He stressed that agricultural producers have the doors open to international markets, particularly to Arab countries.

The president also spoke of Venezuela’s recent participation in the BRICS summit, classifying the intervention as an important event in the opening towards the consolidation of international relations.

Maduro urged producers to continue the fight to obtain the foreign currency they need, pointing out that they are in exports. “We have to add the construction of the export vocation of all companies because it guarantees access to foreign currency and that, in turn, to new technologies and investments with their own muscle, with their own strength,” said Maduro.

M.Pino

Source: Sputnik

(Reference image source: Venti Views, Unsplash)

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La entrada Venezuela plans to export large amounts of food to the world apareció primero en Bitfinance.

The US financial regulatory Commodity Futures Trading Commission (CFTC) has requested an investigation into a South African speculative platform and is demanding that it restore $1.7 billion deposited in crypto by its clients.

The Mirror Trading International (MTI) company, according to its official settlement in July 2022, offered its clients a potential return of more than 100 % per year for an algorithm that turned out to be imaginary.

According to the CFTC, the company MTI and its main executive Cornelius Steynberg, admitted “1.7 billion dollars in bitcoins” and a part of those cryptocurrencies are owned by “23,000 US residents”.

The regulatory body reported, through an official statement, that it is “the most important fraud in bitcoins ever prosecuted by the CFTC.” According to information released by some South African media, MTI had some 300,000 users at the time of its suspension.

The MTI platform is currently being investigated and Interpol has issued a global arrest warrant against Cornelius Steynberg, who was arrested in Brazil in December 2021 and is currently awaiting the extradition decision requested by South Africa to bring him to trial in his country.

On the other hand, the CFTC pointed out that there is little chance that MTI investors will be able to recover their money because the “persons involved may not have sufficient funds.”

M. Rodríguez

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Source: bancaynegocios.com

La entrada US financial regulatory agency investigates crypto fraud apareció primero en Bitfinance.

The cryptocurrency omicron registered an increase in its price of more than 950 % in the last two days after the media focus was raised on the new variant of the coronavirus that emerged in South Africa and named in the same way.

During the early hours of this Monday, November 29, the cryptocurrency reached a price of 689.12 dollars (615 euros), compared to the 65.11 dollars (58.1 euros) for which it was traded at night between Friday and Saturday. This represents an increase of 958% in less than three days.

Throughout the day on Monday, the price set by the digital currency fell slightly to around $ 605. But, it still registers a 65.3% rise compared to Sunday.

Omicron variant boosted price of the same-named crypto

The CoinGecko portal said with this increase, the valuation of the total units of this cryptocurrency in circulation climbed to 628.2 million dollars (556.6 million euros).

According to the documentation of the digital currency, this is a variant of the crypto olympus and works on the Arbitrum network, which simultaneously uses the Ethereum network as its base. The development team is anonymous.

Source: doblellave.com

La entrada Cryptocurrency Omicron increases its value by 950 % apareció primero en Bitfinance.

Enoch Godongwana, finance minister of South Africa, presented a new bill that excludes the possibility of investing in cryptocurrencies and stipulates some prohibitions when investing the money of the users of pension funds.

In the previous legal norms they contemplated the possibility that the “portfolio managers” will make investments in a “category” that was called “other assets” where the different crypto assets on the market were included.

The amount established by the legal status was 2.5 % of the total money that the affiliates had in the pension fund. However, the new recommendations that are contained in regulation 28 are intended to be normal in the way in which investments can be made.

The Regulation 28 is a rule used by the Pension Fund Law to govern “how funds can be invested and is intended to prevent investors from overinvesting in a single type of asset.”

According to South African officials, there is great concern due to the behavior of cryptocurrencies in the global market, which is “speculative”, thus they are analyzing the different options that allow studying the “possible applications of distributive ledger technology”.

Pension funds and cryptocurrencies

One of the first pension funds in the United States to approved investments in crypto assets was the Fairfax County Police Officers Retirement System in Virginia, starting in 2018 with 0.5 % of those established for business related to blockchain.

Currently, the fund has been increasing its investment percentage in this sector, reaching around 7 % in this type of assets.

M. Rodríguez

Source: noticiascripto.com

La entrada South Africa regulates cryptocurrency investments in pension funds apareció primero en Bitfinance.