Bitcoin’s uplifting strategies from the different part of the world. Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, rising 5.78 percent to $47,201.35. Ether, the second most traded cryptocurrency, was priced at $3,333.50up by 6.03 percent, according to data from Coindesk.
Japan plugs Russia’s crypto loophole
In the wake of Russia’s invasion of Ukraine, Japan will rewrite its foreign exchange regulations to stop Moscow from evading Western financial sanctions with cryptocurrency assets, government officials said Monday.
Chief Cabinet Secretary Hirokazu Matsuno said in a press conference that Japan is updating the Foreign Exchange and Foreign Trade Act to strengthen protections against potential sanctions-busting by Russia through digital assets.
According to Saisuke Sakai, senior economist at Mizuho Research and Technologies, the revision “presumably enables the government to apply the law to crypto-asset exchanges such as banks and oblige them to scrutinize whether their clients are Russian sanction targets.”
Sakai further said that the government probably formulated the legal revision plan to comply with stricter Western standards and the high level of public support for sanctions against Russia.
RIYADH: Russia is considering accepting Bitcoin as payment for its oil and gas exports, BBC reported citing a high-ranking lawmaker.
On the other hand, The head of the country’s energy committee, Pavel Zavalny, says “friendly” countries could be allowed to pay in the crypto-currency or in their local currencies. Earlier this week, President Vladimir Putin said that he wanted “unfriendly” countries to buy its gas with rubles.
Bank of England regulates crypto
Heading strategies from The Bank of England
Additionally, The Bank of England on Thursday began sketching out Britain’s first regulatory framework for crypto assets, amid concerns they could be used to circumvent financial sanctions imposed on Russia since its invasion of Ukraine, Reuters reported.
Although the sector remained small, its rapid growth could pose risks to financial stability in future if left unregulated, the bank said. Crypto assets, such as Bitcoin and ether, are largely unregulated and a change of law would be needed to bring them under the full scope of UK securities rules, a step Britain’s finance ministry is looking at.
Most DeFi services replicate more traditional financial services and activities, but with weaker regulation and increased risks for investors, the International Organization of Securities Commissions said in a report.
Risks surrounding DeFi include lack of disclosure of products and systems, patchy reliability of the DeFi sites and potential problems in operating at scale, according to IOSCO. IOSCO is made up of securities regulators from the US, Europe and Asia.
Bitcoin traded higher at 10:00 a.m. Saudi time – rising by 2.04 percent to $44,046, while Ether went up by 2.66 percent to $3,136. Looking at the bigger picture, countries are still suffering from the pressure the war between Russia and Ukraine has placed on the sector. Countries such as India and France are seen importing more coal and considering a LNG terminal to ease the energy market crunch.
Through a micro lens, businesses like Perenco Group and ExxonMobil are seen making significant investments and pursuing projects, all of which guarantee a renewable future.
Looking at the bigger picture:
India has asked power generators to continue importing coal in order to meet the rise in demand for electricity in the country, Bloomberg reported. This surge in demand comes despite the skyrocketing prices associated with fossil fuel lately as a result of the war between Russia and Ukraine.
The French government is contemplating collaborating with French multinational integrated oil and gas company TotalEnergies for the construction of a liquified natural gas terminal, Reuters reported, citing local newspaper Les Echos.
This comes as the European country is seeking alternative supply sources to diminish dependency on Russian natural gas after its invasion of Ukraine.
Through a micro lens:
Independent Anglo-French oil and gas company Perenco Group is planning to invest a total of $380 million in Tunisia over the next four years in renewable energy, hydrocarbons, bio-olive oil, Reuters reported, citing Tunisia’s government.
London and Paris joint ventures
Headquartered in London and Paris, the firm plans to expand its investments in the North African country which has been seeking foreign investments to cushion the severe economic crisis it is going through.
American multinational oil and gas corporation ExxonMobil has been mining bitcoin in North Dakota for over a year with solution provider for the energy industry Crusoe Energy System in an attempt to slash emissions, CNBC reported. Under the collaboration, Crusoe’s technology is aiding the oil and gas giant to turn wasted energy or flare gas into a useful resource.