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Fidelity’s director of Global Macro has shared his bitcoin and ether price outlook. His analysis shows that bitcoin is c...
10/07/2022

Fidelity’s director of Global Macro has shared his bitcoin and ether price outlook. His analysis shows that bitcoin is cheap but ether could be even cheaper. “Ethereum could be close to a bottom,” he added.

Fidelity’s Director on Bitcoin and Ether Price Outlook
Jurrien Timmer, director of Global Macro in Fidelity Investments’ global asset allocation division, shared his bitcoin and ether price analysis in a series of tweets Friday. Timmer specializes in global macro strategy and active asset allocation. He joined Fidelity 27 years ago as a technical research analyst.

He explained why bitcoin is cheap. “I use the price per millions of non-zero addresses as an estimate for bitcoin’s valuation, and the chart below shows that valuation is all the way back to 2013 levels, even though price is only back to 2020 levels,” he detailed, emphasizing:

In other words, bitcoin is cheap.

Timmer’s chart showing why bitcoin is cheap. Source: Fidelity
“At its recent low of $17,600, bitcoin is now below even my more conservative S-curve model, which is based on the internet adoption curve,” the Fidelity director added.

Timmer noted that it is clear from looking at Bitcoin’s network growth that “the adoption curve is tracking the more asymptotic internet adoption curve, rather than the more exponential mobile phone curve.” He continued: “Per Metcalfe’s Law, slower network growth suggests a more modest price appreciation.”

However, “based on a simple power regression line, Bitcoin’s network appears to be intact,” the director opined. “That continued growth in Bitcoin’s network, combined with lower prices, means that bitcoin’s valuation is coming down.”

The Fidelity director of Global Macro proceeded to share his ether price outlook, tweeting:

If bitcoin is cheap, then perhaps ethereum is cheaper. If ETH is where BTC was four years ago, then the analog below suggests that ethereum could be close to a bottom.

Timmer’s chart showing ether could be near a bottom. Source: Fidelity
At the time of writing, bitcoin is trading at $21,584, up 11% over the past seven days but down 29% over the past 30 days. Ether is trading at $1,217, up 14% over the last seven days but down 32% over the past 30 days.

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Meta Platforms, formerly Facebook, has announced the end of its crypto project Novi. Users are advised to withdraw funds...
05/07/2022

Meta Platforms, formerly Facebook, has announced the end of its crypto project Novi. Users are advised to withdraw funds as soon as possible. The announcement followed the introduction of a digital wallet for the metaverse, announced by Meta CEO Mark Zuckerberg.

Crypto Project Novi Ending
Facebook owner Meta Platforms Inc. (Nasdaq: META) announced Friday that its crypto project pilot Novi “is ending soon.” According to its website:

Novi will no longer be available for use after September 1.

In Friday’s announcement, Meta explained that starting July 21, users will no longer be able to add money to their Novi accounts.

In addition, starting Sept. 1, both the Novi app and Novi on Whatsapp will no longer be available and users will not be able to log into their Novi accounts.

The company has advised users to withdraw their Novi balances before Sept. 1. Any remaining funds after that date will be transferred to the bank accounts or debit cards listed on their Novi accounts.

From Novi to Metaverse Digital Wallet
Novi is a digital wallet that lets users transfer money instantly with no fees using cryptocurrency, its website explains. Meta launched Novi in beta last October with Coinbase as its custody partner.

Novi account balances are kept in USDP (pax dollar), a stablecoin issued by Paxos Trust Company, a regulated entity. Meta ultimately planned to use cryptocurrency Diem, formerly Libra, for the service. However, the company faced multiple regulatory hurdles and eventually scrapped the plan. In January, Silvergate Capital said it had “acquired intellectual property and other technology assets related to running a blockchain-based payment network from the Diem Group (‘Diem’).”

Meta has been ramping up its metaverse business. CEO Mark Zuckerberg said last week that his company aims to attract billions of people to use the metaverse, generating massive revenue for Meta.

Zuckerberg also announced on June 22 that Facebook Pay is rebranding to Meta Pay. Moreover, he unveiled a digital wallet for the metaverse. “Beyond the current features, we’re working on something new: a wallet for the metaverse that lets you securely manage your identity, what you own, and how you pay,” the Facebook co-founder detailed.

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Mark Zuckerberg, CEO of Meta, formerly Facebook, has shared how the metaverse will be a key part of his business and bri...
27/06/2022

Mark Zuckerberg, CEO of Meta, formerly Facebook, has shared how the metaverse will be a key part of his business and bring hundreds of billions of dollars in revenue. “Our playbook over time has been build services, try to serve as many people as possible,” said Zuckerberg.

Mark Zuckerberg on the Metaverse
Mark Zuckerberg, the CEO of Meta Platforms, formerly Facebook, talked about the metaverse in an interview on Wednesday with Jim Cramer, the host of CNBC’s Mad Money.

The Facebook co-founder explained that he expects the metaverse to be massive and become a major part of his company’s business over the next decade. Commenting on Meta’s metaverse efforts, Zuckerberg said:

Our playbook over time has been build services, try to serve as many people as possible — you know, get our services to a billion, two billion, three billion people, and then we basically scale the monetization after that.

“We hope to, basically, get to around a billion people in the metaverse doing hundreds of dollars of commerce each,” he continued, adding that people could be “buying digital goods, digital content, [or] different things to express themselves” in the metaverse.

Some examples of what people can purchase are “clothing for their avatar or different digital goods for their virtual home or things to decorate their virtual conference room,” Zuckerberg listed. He added that people can also buy “utilities to be able to be more productive in virtual and augmented reality and across the metaverse overall.”

However, he admitted that there is a long way to go, stating:

I still think it’s going to take a while for it to get to the scale of several hundreds of millions or even billions of people in the metaverse, just because things take some time to get there.

“So that’s the north star. I think we will get there. But, you know, the other services that we run are at a somewhat larger scale already today,” he affirmed.

Zuckerberg envisioned experiences in the metaverse to be more immersive than text, photos, or videos, noting that people can even make eye contact when meeting in the metaverse. The technology “basically adds up to making it deliver this realistic sense of presence,” the Facebook co-founder added.

“We are at this point, you know, a company that can afford to make some big long-term research investments, and this is a big focus,” the Meta CEO opined.

Last week, Meta, Microsoft, and 31 other companies formed a metaverse standards group. In March, Meta filed eight trademark applications for its logo and Meta Pay covering the metaverse and crypto services.

Several large firms have estimated the size of the metaverse. McKinsey & Company said last week that the metaverse could generate $5 trillion by 2030. In March, Citi predicted that the metaverse could be a $13 trillion opportunity with five billion users by 2030. Global investment banks Goldman Sachs and Morgan Stanley both see the metaverse as an $8 trillion opportunity.

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The crypto lender Blockfi detailed on Tuesday that the company secured a $250 million line of credit from FTX. Blockfi’s...
22/06/2022

The crypto lender Blockfi detailed on Tuesday that the company secured a $250 million line of credit from FTX. Blockfi’s CEO Zac Prince announced on Twitter that the company will use the capital to bolster Blockfi’s “balance sheet and platform strength.”

Blockfi Obtains $250 Million Revolving Credit Line From FTX After Crypto Lending Firms Struggle With 2022’s Market Volatility
It’s been a rough year for crypto lenders due to digital assets losing significant value over the last few months. One lender, Celsius, has been accused of being insolvent and last week it paused withdrawals.
In 2021, U.S. securities regulators from various states sent cease and desist orders to Celsius and the crypto lender Blockfi. In February 2022, the U.S. Securities and Exchange Commission (SEC) charged Blockfi for failing to register its retail crypto lending products.
During the second week of June, Blockfi co-founders Zac Prince and Flori Marquez announced the company would lay off “roughly 20%” of its staff due to “market conditions” that had a “negative impact” on the company.
On June 16, Prince discussed “speculation about BlockFi’s risk management practices,” and the Blockfi CEO stressed that the company always enforces “prudent and proactive risk management.”
Prince revealed on Tuesday that Blockfi has secured a $250 million line of credit from FTX. “Today Blockfi signed a term sheet with FTX to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength,” the Blockfi CEO said.
“The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY & loan collateral) and will be used as needed,” Prince continued in his Twitter thread.

The Blockfi CEO added that during the crypto market volatility, he was proud of the company’s risk management protocols and he further said that the agreement with FTX “unlocks future [collaborations]” with the crypto company.
Meanwhile, since Celsius paused withdrawals, the crypto lending company updated the community in a newly published blog post. “We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time,” the Celsius blog post details.

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Doubleline Capital CEO Jeffrey Gundlach, also known as the “bond king,” says he would not be surprised at all if the pri...
17/06/2022

Doubleline Capital CEO Jeffrey Gundlach, also known as the “bond king,” says he would not be surprised at all if the price of bitcoin falls to $10K. “We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems,” he explained.

‘Bond King’ Jeff Gundlach Discusses Bitcoin Falling to $10K
Billionaire investor Jeff Gundlach shared his bitcoin outlook in an interview with CNBC Wednesday.

Gundlach is the CEO of Doubleline Capital, which has over $137 billion in assets under management (AUM). He is sometimes referred to as the “bond king” after he appeared on the cover of Barron’s in 2011 as “The New Bond King.” Institutional Investor named him “Money Manager of the Year” in 2013 and Bloomberg Markets named him one of “The Fifty Most Influential” in 2012, 2015, and 2016. According to Forbes, his net worth is currently $2.2 billion.

The billionaire bond king explained that when the price of bitcoin fell below $30K, its chart indicated that $20K “was going to happen quickly, and it did.” Emphasizing that “The trend in crypto is clearly not positive,” Gundlach opined:

I’m not bullish at that $20,000 or $21,000 on bitcoin. I wouldn’t be surprised at all if it went to $10,000.

The Doubleline Capital CEO explained: “We’ve already seen around the edges some blowups in parts of the crypto world, and that could be foreshadowing some problems.”

There have recently been several disturbing events in the crypto space. This week, there are reports that crypto hedge fund Three Arrows Capital may be facing insolvency. Crypto lender Celsius Network also froze withdrawals abruptly early this week, citing extreme market conditions and volatility. In May, cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed; their implosion has led to investigations by various authorities.

Gundlach previously said that bitcoin was only for speculators. In January, when BTC was trading at about $42K, he said the crypto was massively overvalued and advised against buying it. The billionaire said at the time: “Maybe you should buy it at $25,000.”

In July last year, he predicted that bitcoin’s price would fall below the $23K level, stating:

I’ve got a feeling you’re going to be able to buy it below $23,000 again.

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Anthony Scaramucci, the founder of Skybridge Capital, a $3.5 billion asset management firm, has some advice for crypto i...
14/06/2022

Anthony Scaramucci, the founder of Skybridge Capital, a $3.5 billion asset management firm, has some advice for crypto investors on how to survive a bear market and a crypto bloodbath.

Scaramucci on How to Survive Crypto Bear Market
Skybridge Capital founder Anthony Scaramucci shared his bitcoin outlook and advice on how to survive the crypto market sell-off in an interview with CNBC Monday.

“We are in a bloodbath,” he said. “This is my eighth bear market. I expect to survive this one as well.” Scaramucci opined:

I am encouraged by the fact that bitcoin is above 50% of the overall crypto market cap right now, which is another sign that there is a flight to quality there.

“Of course, Celsius is putting pressure on it — the same way that the LUNA terra situation put pressure on it about six weeks ago,” he continued.

Crypto lending platform Celsius announced Sunday night that it has frozen withdrawals while cryptocurrency terra (LUNA) and stablecoin terrausd (UST) imploded in early May.

The Skybridge executive proceeded to give some advice to investors to help them survive the crypto bear market. He began by recommending people to “stay unlevered but keep to your long-term investment disciplines.”

Scaramucci described: “Everybody has a long-term perspective until they have short-term losses … then they start to set their hair on fire and run around in a circle.” He said:

I’m just cautioning people to buy quality and be unlevered, and stay disciplined.

He added that investors should “Recognize that bear markets happen,” adding that “they probably happened one out of every five years if you look at it over the last 120 years.” He noted: “If you stay disciplined during those periods of time, you got yourself very wealthy, and I think that’s the message for investors.”

Scaramucci was specifically asked whether staying disciplined means buying in a down market like what’s going on Monday.

He replied:

I certainly think so. With incremental cash that comes into our fund we have bought more bitcoin and ethereum.

He added that his company has a private stake in cryptocurrency exchange FTX, noting: “FTX is doing very well. It’s gaining market share, and it’s a profitable company.”

The executive opined: “The truth be told, people will look back on this debacle and say I wish I had fresh cash to buy into that.”

Commenting on the collapse of some coins such as LUNA and UST, Scaramucci noted: “There’s over 8,000 coins … Many of these projects are going to trade to zero. There will be five to 15 coins that we think are going to be use cases for the future.” He stressed:

Certainly, a lot of these coins are going to get wiped out

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JPMorgan CEO Jamie Dimon has warned that an economic “hurricane” is coming. “You better brace yourself,” he advised. “We...
02/06/2022

JPMorgan CEO Jamie Dimon has warned that an economic “hurricane” is coming. “You better brace yourself,” he advised. “We just don’t know if it’s a minor one or Superstorm Sandy.”

Jamie Dimon on the U.S. Economy and QT
The CEO of JPMorgan & Chase, Jamie Dimon, warned about an incoming economic hurricane Wednesday at a financial conference sponsored by Alliancebernstein Holdings.

“It’s a hurricane,” Dimon exclaimed. While noting that “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it,” the JPMorgan executive stressed:

That hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or Superstorm Sandy … You better brace yourself.

The JPMorgan chief said in May that there were “storm clouds.” However, he has now revised his forecast. “I said there’s storm clouds, they’re big storm clouds, they’re — it’s a hurricane,” he cautioned. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”

Dimon is concerned about several key issues. Firstly, the Federal Reserve is expected to reverse its emergency bond-buying programs and shrink its balance sheet, and the quantitative tightening (QT) is scheduled to begin this month.

The JPMorgan boss opined:

We’ve never had QT like this, so you’re looking at something you could be writing history books on for 50 years.

He explained that central banks “don’t have a choice because there’s too much liquidity in the system … They have to remove some of the liquidity to stop the speculation, reduce home prices and stuff like that.”

Dimon is also worried about the Russia-Ukraine war and its impact on commodities, including food and fuel. He warned that oil could potentially hit $150 to $175 a barrel.

Warning that “wars go bad” and there are “unintended consequences,” the executive stressed:

We’re not taking the proper actions to protect Europe from what’s going to happen to oil in the short run.

Last month, Dimon told Bloomberg that the Federal Reserve should have moved sooner to raise interest rates. He admitted that he is worried about the Fed starting a recession.

A growing number of people have recently warned of a recession, including the Big Short investor Michael Burry, Allianz’s chief economic advisor Mohamed El-Erian, and Tesla CEO Elon Musk.

Blackrock, the world’s largest asset manager with nearly $10 trillion under management, recently explained: “If they [the Fed] hike interest rates too much, they risk triggering a recession. If they tighten not enough, the risk becomes runaway inflation.”

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The whereabouts of Alexander Altunbashev, a Bulgarian entrepreneur and crypto trader, are unknown since Monday. Law enfo...
28/05/2022

The whereabouts of Alexander Altunbashev, a Bulgarian entrepreneur and crypto trader, are unknown since Monday. Law enforcement officials are now investigating his possible abduction while some in the local crypto community speculate he might be hiding from disgruntled investors.

Bulgarian Authorities Investigate Possible Kidnapping of Alleged Crypto Millionaire
Police in Bulgaria are trying to locate a businessman who went missing under strange circumstances earlier this week. The 32-year-old Alexander Altunbashev is an IT specialist and entrepreneur who, according to media reports, made money from crypto trading.

Prosecutors in Sofia are looking into his possible kidnapping as the main suspected reason for his disappearance. Quoting sources from the investigation, Nova TV reported that Alexander’s sister, Teodora, spoke with him before he left for Plovdiv, Bulgaria’s second-largest city.

Bulgarian Crypto Trader Disappears Under Mysterious Circumstances
Alexander Altunbashev. Source: Facebook
On Monday morning, Teodora gave him a ride to Sofia’s Mladost district. Later that day, she saw a man unlocking and entering her brother’s home, right next door to her own apartment. When she asked him who he was and what he was doing, he left telling her only he was “in a hurry” and getting in an SUV driven by a woman.

Investigators found Alexander’s apartment turned upside down. They believe that whoever did it was probably trying to gain access to his bank accounts or cryptocurrency wallets. The last time Teodora managed to reach him over the phone, Alexander told her he was traveling towards Burgas, on Bulgaria’s Black Sea coast.

Alexander’s atypical behavior and her failed attempts to talk to him again when his phone was switched off convinced Teodora to call the police. Investigators have also interrogated the crypto trader’s girlfriend, Kristina, who didn’t know of any threats against him or issues with his business relations.

Altunbashev May Be Hiding From Clients, Crypto Community Suspects
The missing IT expert’s cellphone was last used from a location just outside Sofia. The last person to speak with him was Ivaylo Borisov, a person with a criminal record known by his alias ‘Torino,’ who is a close friend of Alexander. The two were supposed to meet at noon on Monday but the crypto trader didn’t show up. Borisov is collaborating with law enforcement authorities.

Meanwhile, speculations have emerged in the country’s crypto community that Alexander Altunbashev may have actually decided to go into hiding as he was probably investing funds for clients that may have been lost. “If he was indeed managing money for others, and you wake up one morning and the money has turned to zero — maybe there is a conflict with the people that are looking for their money,” commented Vladislav Dramaliev, director of Bithope Foundation, quoted by bTV.

The case follows the recent crypto market slump that led to major coins like bitcoin (BTC) and ether (ETH) losing half of their value since last year’s all-time highs and the collapse of crypto projects. According to unconfirmed reports by other Bulgarian publications, Altunbashev made over €6 million (almost $6.5 million) in 2021 and allegedly boasted to friends about expensive real estate purchases in Greece and Dubai. His Facebook profile reveals he has visited other exotic destinations as well.

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Former Federal Reserve chairman Ben Bernanke says the main use of bitcoin is “mostly for underground economy activities ...
17/05/2022

Former Federal Reserve chairman Ben Bernanke says the main use of bitcoin is “mostly for underground economy activities and often things that are illegal or illicit.” He added, “I don’t think bitcoin is going to take over as an alternative form of money.”

Ben Bernanke on Bitcoin, Cryptocurrency
Former Federal Reserve chairman Ben Bernanke shared his view on bitcoin and other cryptocurrencies in an interview with CBNC Monday.

Bernanke is an economist who served two terms as the chairman of the U.S. Federal Reserve, from 2006 to 2014. He oversaw the Fed’s response to the late 2000s financial crisis during his tenure as chairman.

Noting that the values of bitcoin and other cryptocurrencies change minute-to-minute, he said Monday:

They’ve been successful as a speculative asset.

However, he pointed out that “They were intended to be a substitute for fiat money,” adding that “in that respect, they have not succeeded.”

He continued: “If bitcoin were a substitute for fiat money, you could use your bitcoin to go buy your groceries. Nobody buys groceries with bitcoin because it’s too expensive and too inconvenient to do that. Moreover, the price of groceries … varies radically day-to-day in terms of bitcoin so there is no stability either.”

He opined:

The main use of bitcoin is mostly for underground economy activities and often things that are illegal or illicit.

Bernanke further said:

I don’t think bitcoin is going to take over as an alternative form of money.

Nonetheless, he expects that bitcoin and cryptocurrencies “will be around as long as people are believers and they want to speculate.”

When asked if BTC is a store of value or digital gold in his opinion, Bernanke insisted that “it is a speculative asset.”

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Bitso, a Mexico-based cryptocurrency exchange, is expanding its range of crypto investing options. The company has annou...
12/05/2022

Bitso, a Mexico-based cryptocurrency exchange, is expanding its range of crypto investing options. The company has announced it will now allow customers to earn funds just by holding bitcoin or stablecoins in its wallet. The program, called Bitso+, will offer different yields based on the quantities deposited by users, and it is designed to help customers tackle inflation problems in Latam.

Bitso Introduces Yield Program for Bitcoin and Stablecoins
Bitso, one of the biggest cryptocurrency unicorns in Latam, is expanding its services offerings by introducing new yield services for customers. A new program, called Bitso+, will offer users different yield plans according to the cryptocurrency and the quantities present in the wallet of the exchange.

This program, which was available to many users before and is now open for all users, offers up to 6% yield for bitcoin deposits, and up to 15% yield in stablecoins. However, this depends on the amount that the user has in the exchange wallet. For example, for bitcoin, the 6% yield applies for the first 0.4 BTC, and then 3.5% applies for the BTC outside of that range. In the same way, if the stablecoins invested go above $1,000, the yield goes down to 10%, and from $20,000 and up, a 7% yield applies.

David Álvarez, from Bitso+, remarked on the importance of USD-pegged stablecoins in this system for the early adopters. Álvarez stated:

It will be a dollar and it is an easier way to understand the benefits of cryptocurrencies.

Targeting Inflation-Informed Customers
Users and holders of crypto are now seeking more and more options to put their funds to work by earning yield while still having these funds available for withdrawals. This is especially more interesting for countries that have faced high levels of inflation in Latam, such as Argentina and Venezuela. This is the target audience Bitso is aiming for with this new feature. On this, Bitso CEO and co-founder Daniel Voguel stated:

Inflation continues to rise worldwide and especially in Latam, with this new feature we are providing a new way to increase your wealth just by having your assets in your Bitso wallet.

The exchange informed that other cryptocurrencies might be added to the Bitso+ program in the future.

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Data recorded on May 1, 2022, indicates the current total value locked in defi protocols is $196.6 billion, according to...
09/05/2022

Data recorded on May 1, 2022, indicates the current total value locked in defi protocols is $196.6 billion, according to defillama.com statistics.
The TVL held on Ethereum-based defi protocols still rules the roost today with 55.55% dominance or $109.21 billion today. Terra blockchain is the second largest in terms of defi TVL with 14.36% of the $196.6 billion. Terra’s TVL today equates to $28.23 billion and $16.48 billion resides in Anchor.

Behind Ethereum and Terra, in terms of defi TVL size, includes blockchains such as BSC ($12.04B), Avalanche ($9.38B), and Solana ($6.09B).

Value Locked in Defi Drops Below $200 Billion, April's Dex Trade Volume Drops 21% Lower Than March
April’s decentralized exchange (dex) trade volume dropped 21% lower than in March.
The top five defi protocols, in terms of defi TVL size, includes Curve, Lido, Anchor, Makerdao, and Convex Finance. Terra’s Anchor Protocol saw a 30 day TVL increase of around 4.15% last month.

Aave version three (v3) saw a significant increase during the last 30 days despite the original shedding 21.98%. Aave v3 has a TVL today of around $1.38 billion, up 2,711% since last month.

Statistics show that on Saturday, May 1, 2022, there’s 428 decentralized exchange (dex) platforms with a combined TVL of around ​​$61.44 billion. There’s also 142 defi lending protocols with $48.87 billion total value locked.

Data further shows that dex trade volume dropped during the month of April. In March dex volume was around $117 billion and statistics show that April’s dex trade volume was only around $92.18 billion

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The Pakistani government has formed three committees to decide whether to establish a legal framework for cryptocurrency...
06/05/2022

The Pakistani government has formed three committees to decide whether to establish a legal framework for cryptocurrency or ban it. The committees will review all aspects of the cryptocurrency business and come up with recommendations on the country’s crypto policy.

Committees Constituted to Decide on the Legal Status of Cryptocurrency in Pakistan
Pakistan’s federal government has constituted three sub-committees to decide the future of cryptocurrency and related businesses in the country, the Express Tribune reported Tuesday citing documents it has seen.

The sub-committees were formed during a meeting chaired by Finance Secretary Hamed Yaqoob Sheikh to decide whether to legalize or ban cryptocurrency business. They will review all aspects of the cryptocurrency business and come up with recommendations on the country’s crypto policy. Their proposals will be sent to a committee headed by the finance secretary.

The first sub-committee was formed under the chairmanship of the Pakistani law secretary. Members of this sub-committee include the State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA).

This committee will evaluate whether cryptocurrency can be banned under the current laws. It will also recommend a method that can be used to ban crypto while maintaining a balance between welfare and technological advancement.

The other two sub-committees were set up under the chairmanship of SBP Deputy Governor Saima Kamal. Members of these sub-committees include representatives of the Ministry of Information Technology, the Securities and Exchange Commission of Pakistan, and the PTA.

Their recommendations will be based on imposing an immediate ban on cryptocurrency and its repercussions in the future. They will also discuss whether Pakistan would lag behind other countries in the technological advancement race if cryptocurrency is banned in the country.

The State Bank of Pakistan has long taken an anti-crypto stance. SBP Governor Reza Baqir said in March that “around the world, there is a lot of misuses [of cryptocurrency], including human rights violations, trafficking of people, money laundering, and many other things.” He noted in February that the potential risks that are associated with cryptocurrencies “far outweigh the benefits.”

In January, the Federal Investigation Agency (FIA) reportedly asked the Pakistan Telecommunication Authority to ban more than 1,600 crypto websites

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