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UAE to launch digital currency over the next five years

July 13, 2021July 12, 2021 by Syed Ahad

The Central Bank of the oil-rich Gulf state, which serves as the region’s financial hub, announced on Monday that the UAE will launch its first digital currency by 2026.

Several Central Banks around the world have recently revealed similar plans and criticized the bitcoin.

The Central Bank of the United Arab Emirates has announced its goals, which include “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, by utilizing the latest artificial intelligence and big data solutions”.

The announcement is part of its “2023-2026 strategy” which aims to “position it among the world’s top 10 central banks”, stated the Central Bank to state media.

Saudi Arabia and the United Arab Emirates have established a program for a common cryptocurrency for cross-border transactions in 2019.

The UAE has great tech goals, investing in AI, creating a space program, and having the regional headquarters of massive international digital companies.

[embedpost slug=”cryptocurrency-could-be-the-solution-for-the-financial-problems”]

‘You Can Now Buy A Tesla With Bitcoin,’ says Elon Musk

April 2, 2021March 24, 2021 by Arhama Altaf

Tesla’s Chief Executive (CEO) Elon Musk has good news for those who are willing to buy the electric car.

Taking to Twitter, Elon Musk reveals that a person can now buy a Tesla using Bitcoin, the world’s largest cryptocurrency.

“You can now buy a Tesla with Bitcoin,” he tweeted.

The other tweet read, “Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”

Tesla is using only internal & open source software & operates Bitcoin nodes directly.

Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.

— Elon Musk (@elonmusk) March 24, 2021

Earlier, Elon Musk, who had led Bitcoin’s price to soar by $1.5 billion, has witnessed a major loss after the shares of the automaker fall suddenly.

It was reported that Musk had lost a whopping amount of $27 billion, resulting in a historic loss after Tesla’s shares collapsed. However, his $156.9 billion net worth still ranks Musk at number 2 among the Billionaires.

According to reports, Jeff Bezos, the Chief Executive (CEO) of Amazon, has defeated Elon Musk as he topped as the world’s richest man.

Musk had previously ranked among the world’s 500 richest people and also left Bezos to fall with a remarkable gain of $210 billion in January 2020.

Investment In Bitcoin

Earlier, the cryptocurrency Bitcoin had broken a new record as its value has crossed $50,000. It hit a new high, surpassing $58,000. It continues to grow this year.

Since the beginning of January, Bitcoin’s value has increased by more than 90% and its total market value has reached one trillion dollars.

The reason for the recent rise in price is the acceptance of payments in this currency by Tesla and other major companies.

However, bitcoin had seen sharp fluctuations in prices since its introduction in 2009.

Bitcoin started the year with about 28,900. Then in January alone, its value exceeded 40,000 US dollars. But then at the end of January, it started to decline and at the end of the month, its price dropped to 30 thousand US dollars.

It picked up again and on February 16 it crossed the 50,000 marks and had continued to grow at a record high of $58,000.

Tesla’s Elon Musk revealed that his electric car maker had bought $1.5 billion worth of bitcoins and would use the currency as a payment to buy cars.

India Soon To Make Cryptocurrency Illegal Across The Country, Reports

March 15, 2021 by Arhama Altaf

The Indian government may soon introduce a new law banning all cryptocurrencies and would also fine those trading them in the country, a senior government official told. According to the details, there would be a complete ban on digital currency and those found trading it would be penalized. However, it will affect Bitcoin, Dogecoin and … Read more

Bitcoin Continues Its Record-Breaking Run After Rising Above $60,000

March 13, 2021 by Arhama Altaf

World’s largest cryptocurrency Bitcoin has on Saturday hit a new high as it surpassed above $60,000 for the first time.

According to reports, Bitcoin continued its record-breaking run after it surged above $60,000.

Earlier, the cryptocurrency’s value had crossed $50,000. Since the beginning of January, its value has increased by more than 90% and its total market value has reached one trillion dollars.

The reason for the recent rise in price is the acceptance of payments in this currency by Tesla and other major companies.

However, bitcoin has seen sharp fluctuations in prices since its introduction in 2009.

Bitcoin had started the year with about 28,900, according to figures from the cryptocurrency news site CoinDesk.

Then in January alone, its value exceeded 40,000 US dollars. But then at the end of January, it started to decline and at the end of the month, its price dropped to 30 thousand US dollars.

It picked up again and on February 16 it crossed the 50,000 marks and continued to grow at a record high of $58,000 on Sunday.

The rise in the value of bitcoin is largely due to well-known companies that have started accepting payments in this currency.

Also, giant electric car-maker Tesla had bought $1.5 billion worth of Bitcoin and its value soared to an all-time high, breaking above $43,000 apiece after Tesla bought $1.5bn of the cryptocurrency.

The world’s largest cryptocurrency was trading 15% higher at $44,141 after Tesla’s announcement.

Elon Musk shattered after Tesla’s shares witness loss of $27 billion

March 6, 2021 by Arhama Altaf

Tesla’s CEO Elon Musk, who had led Bitcoin’s price to soar by $1.5 billion, has witnessed a major loss after the shares of the automaker fall suddenly.

Since Monday, Elon Musk has lost a whopping amount of $27 billion, resulting in a historic loss after Tesla’s shares collapsed. However, his $156.9 billion net worth still ranks Musk at number 2 among the Billionaires.

According to reports, Jeff Bezos, the Chief Executive (CEO) of Amazon, has defeated Elon Musk as he topped as the world’s richest man.

Musk had previously ranked among the world’s 500 richest people and also left Bezos to fall with a remarkable gain of $210 billion in January 2020.

You should invest in Bitcoin only if you are Elon Musk, says Bill Gates

February 27, 2021 by Arhama Altaf

The cryptocurrency bitcoin broke a new record last week and its value had crossed $50,000 after Tesla’s CEO Elon Musk had bought $1.5 billion worth of the crypto-currency.

Days after this announcement, Bill Gates, the world’s third-richest man after Elon Musk and Jeff Bezos took a shot at Elon Musk after he announced taking a $1.5 billion stake in Bitcoin.

“Elon has tons of money and he’s very sophisticated, so I don’t worry that his Bitcoin will sort of randomly go up or down,” Bill Gates said.

“I do think people get bought into these manias who may not have as much money to spare, so I’m not bullish on Bitcoin. My general thought would be that if you have less money than Elon, you should probably watch out,” he said.

The Microsoft’s founder, however, slammed Bitcoin as environmentally unfriendly, saying that cryptocurrency “happens to use a lot of energy” for the servers used to process transactions.

Earlier, Bitcoin’s price had soared to an all-time high, breaking above $43,000 apiece, after Tesla bought $1.5bn of the cryptocurrency.

The world’s largest cryptocurrency had started trading 15% higher at $44,141 after Tesla’s announcement.

“In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity,” reads the filing.

“Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term.”

It further added, “In addition to the bitcoin purchase, Tesla expects to begin accepting bitcoin as a form of payment for its products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”

Bitcoin Reaches New heights With Tesla Support

February 22, 2021 by Aizbah Khan

The cryptocurrency bitcoin, which has been talked about for a long time, broke a new record last week and its value has crossed $50,000. In other words, if you look at the Pakistani rupee, the price of a bitcoin has exceeded Rs 8 million. On Sunday, the bitcoin hit a new high, surpassing $58,000. It … Read more

Bitcoin hit a new high of $50,602 for first time

February 16, 2021 by Arhama Altaf

World’s largest crypto-currency Bitcoin has on Tuesday hit a new high of $50,602, and was last up 5% at $50,300.

Bitcoin has risen around 72% so far this year, with most gains coming after Tesla said it had bought $1.5 billion in bitcoin.

It also said it would accept the currency as payment.

“The recent market conditions and events both in the crypto space and the financial world at large put such a price movement within the realm of possibility,” said Jacob Skaaning of crypto hedge fund ARK36.

Earlier, Tesla had bought $1.5 billion worth of bitcoin. Its price soared to an all-time high, breaking above $43,000 apiece, after Tesla bought $1.5bn of the cryptocurrency.

The world’s largest cryptocurrency was trading 15% higher at $44,141 after Tesla’s announcement.

Tesla invests $1.5bn in Bitcoin causing the currency to spike above $43,000

February 8, 2021 by Arhama Altaf

Giant electric car-maker Tesla announced that the company has bought $1.5 billion worth of bitcoin here on Monday.

According to the details, Bitcoin’s price soared to an all-time high, breaking above $43,000 apiece, after Tesla bought $1.5bn of the cryptocurrency.

The world’s largest cryptocurrency was trading 15% higher at $44,141 after Tesla’s announcement.

“Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term.”

Sindh High Court seeks SBP’s response on cryptocurrency ban

September 30, 2020 by Web Desk

The Sindh High Court (SHC) on Wednesday has sought details of the ban on the cryptocurrency in Pakistan. According to the details, Justice Muhammad Iqbal Kalhoro heard the petition regarding the ban on digital currency. In his remarks, Justice Muhammad Iqbal Kalhoro questioned about not using digital currency in the current era. The court also … Read more

Crypto asset manager sees bitcoin mining shift from China to North America

February 12, 2020February 12, 2020 by Arhama Altaf

The world’s biggest cryptocurrency asset manager said it was seeing efforts to shift bitcoin production to North America from China, which dominates digital coin mining. Barry Silbert, founder of New York-based Grayscale Investments, made the observation in an online presentation to investors, without saying why the shift of bitcoin was occurring. Many mainstream investors such … Read more

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