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Report: Morocco Central Bank Governor Says Crypto Draft Law Now ‘Ready’ – Bitcoin News

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1 year ago

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Report: Morocco Central Bank Governor Says Crypto Draft Law Now ‘Ready’ – Bitcoin News

A Moroccan draft crypto regulation, which seeks to guard people from the dangers related to crypto buying and selling, is prepared and can quickly be offered to stakeholders, Abdellatif Jouahiri, the governor of Financial institution Al-Maghrib (BAM), has mentioned. Adoption of crypto by Moroccan residents is now inevitable therefore a regulatory framework is required.

BAM to Maintain Discussions With the Capital and Insurance coverage Market Regulators

In response to Abdellatif Jouahiri, the governor of the Moroccan central financial institution often known as Financial institution Al-Maghrib (BAM), the nation’s draft regulation on crypto is now prepared, and can quickly be offered to events. In his feedback reportedly made throughout a press convention, Jouahiri insisted the draft regulation seeks to guard people from dangers that include crypto investing.

As per a report by Morocco World Information, the Moroccan Capital Markets Authority (AMMC) and the Insurance coverage Supervisory Authority, and Social Safety (ACAPS) are a number of the stakeholders the central financial institution is predicted to have interaction earlier than taking steps to implement the proposed regulation.

Commenting on the BAM’s journey in drafting the doc in addition to the deliberate discussions with different regulators, Jouhari reportedly mentioned:

For cryptocurrencies, I can guarantee you that the undertaking is prepared. We labored with the World Financial institution and the marketing consultant to make it occur. The totally different chapters are accomplished. Now we’re engaged within the dialogue with the totally different stakeholders. It’s lengthy, however mandatory to permit everybody to stick to this undertaking.

As reported by Bitcoin.com Information in early 2022, the BAM sought each the Worldwide Financial Fund (IMF) and the World Financial institution’s views on what could be thought-about crypto regulation greatest practices. As well as, the central financial institution was additionally reported to have created a council that oversaw rules governing each cryptos and central financial institution digital currencies.

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By taking these steps, the BAM gave the impression to be making ready for a situation the place extra Moroccans embraced crypto. In truth, as advised by the identical report, the Moroccan central financial institution believed the adoption of cryptocurrency by native residents was inevitable due to this fact a regulatory framework was wanted.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively in regards to the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.







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Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any harm or loss precipitated or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or providers talked about on this article.

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Crypto

Cryptocurrency Price Analysis: SHIB, DOGE, and XRP Face Varied Challenges

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7 hours ago

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May 4, 2024

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Throughout much of the month, the majority of top assets maintained a sideways trajectory. While some experienced marginal upticks, others contended with declines. Let’s delve into the price analysis of Shiba Inu (SHIB), Dogecoin (DOGE), and Ripple (XRP). Shiba Inu (SHIB)Coin Edition’s evaluation of SHIB’s 4-hour chart revealed a bearish signal. Specifically, attention was drawn to the Exponential Moving Average (EMA), where the 20 EMA (yellow) crossed below the 9 EMA (blue)—a phenomenon known as a death cross. Moreover, SHIB’s price lingered beneath these indicators, signaling a diminishing strength for the token. Presently, there’s a prospect of SHIB’s price descending

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Crypto

Bitcoin (BTC) User Paid Eye-Watering $100,254 for Single Transaction

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13 hours ago

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May 4, 2024

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Bitcoin (BTC) User Paid Eye-Watering $100,254 for Single Transaction

A single Bitcoin BTCUSD transaction has caught the attention of many owing to its gas fee size. Blockchain analytics platform Whale Alert confirmed that a fee of 1.5 BTC was paid for a single transaction. This fee is equivalent to $100,254 based on the current market value of the top cryptocurrency. This fee is quite higher than the average transaction cost.

This user paid this enormous fee to have their transfer included in an ordinary Bitcoin block. Some of these transactions have been recorded in the past. In September 2023, a Bitcoin user paid a transaction fee of 19 BTC. This was around the time when Bitcoin price was trading at $26,000, hence, the 19 BTC was equivalent to $509,563.

Then again, in January, another BTC account paid over 4 BTC to have their transfer included in an ordinary Bitcoin block. The transaction was therefore charged with a whopping 1,800,890 sat/vB fee.

Potential reason for high transaction fee

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Payment of such exorbitant fees usually raise suspicions as many market observers wonder the circumstances that could have led to it. At press time, Bitcoin’s average transaction fee was at a level of $4.696, up from $3.740 on May 4 and down from $6.696 one year ago. This is also a change of 25.57% from yesterday and -29.86% from one year ago, per data from YChart.

It is worth noting that ordinarily transaction fees can fluctuate due to network congestion. It once reached as high as $60 during the 2017 cryptocurrency boom. Hence, this outrageous transaction fee recently recorded could be a result of a mistake or a misconfiguration in transaction software. It could also be potentially for reasons known only to the transaction initiator or even a possible money laundering scheme.

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Stablecoin Tether steps up monitoring in bid to combat illicit finance

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20 hours ago

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May 4, 2024

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Stablecoin Tether steps up monitoring in bid to combat illicit finance
The world’s largest stablecoin, Tether, has stepped up monitoring of how its tokens are used in broader crypto markets and payments in a bid to combat illicit finance, Tether said in a statement on Thursday.

Tether, a cryptocurrency pegged to the U.S. dollar, and blockchain analytics company Chainalysis have launched new tools to identify transactions associated with sanctioned entities and analyse the activity of major holders of the token, Tether said.

Last month, Reuters reported that Venezuela’s state-run oil company PDVSA planned to increase use of Tether in its crude and fuel exports at a time when the U.S. has reimposed oil sanctions.

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The Wall Street Journal reported last month that Russian middlemen had used Tether to evade Western sanctions in order to source weapons parts for drones and other military equipment. Tether’s announcement did not mention either report. Asked by Reuters if Thursday’s announcement was related to the report about Venezuelan oil, a spokesperson for Tether said that its work to build a more powerful monitoring tool with Chainalysis had been “in the works for several months.” “Tether has been using Chainalysis data for several years, as the foundation for our investigation and compliance work. Also, Tether has clearly announced its compliance with OFAC/SDN list,” the spokesperson said in emailed comments, referring to the U.S. Treasury’s Office of Foreign Assets Control’s sanctions. Tether has previously said that every action with the cryptocurrency is online and traceable, and “every asset can be seized and every criminal can be caught.”

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Tether has grown rapidly in recent years, hitting $100 billion in circulation in March. That growth has been driven by its use as an alternative to the dollar in emerging markets, Tether CEO Paolo Ardoino told Reuters last month.

Stablecoins can be used as a form of payment, as well as to convert in and out of other tokens, such as bitcoin, when trading on crypto exchanges.

Tether, which is registered in Hong Kong and owned by a company registered in the British Virgin Islands, is able to freeze its tokens and has previously said it has done so in response to requests from law enforcement.

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