• The Central Bank of the United Arab Emirates (CBUAE) launched its Financial Infrastructure Transformation (FIT) program to facilitate digital transactions.
• The International Monetary Fund (IMF) issued a warning to El Salvador to address the risks of Bitcoin adoption.
• BTC/USD has lost 6% in value over the past week ending on February 12th.
CBUAE Launches FIT Initiative
The Central Bank of the United Arab Emirates (CBUAE) introduced a Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector on February 12th. This new initiative is part of H.H Sheikh Mansour bin Zayed Al Nahyan’s vision and aims to promote digital transactions and enhance the financial services industry. It will be rolled out in phases, beginning with the introduction of various digital payment infrastructures and services such as domestic and international central bank digital currency (CBDC), data management, and regulatory compliance solutions.
IMF Issues Warning To El Salvador
The International Monetary Fund (IMF) released a caution declaration following its recent visit to El Salvador, where it contacted country’s financial representatives. IMF warned El Salvador about potential risks associated with adopting Bitcoin as legal tender, noting that proper regulation should be put in place before taking any action in this regard.
BTC Price Prediction
On February 13th, BTC/USD started trading at $21,796 and moved between a high of $21,902.00 and a low of $21,444.00 within 24 hours. Over the past week ending on February 12th it lost 6% in value reaching $21,504 which raises questions about whether or not crypto industry should be concerned about this “death cross” formation for bitcoin price prediction?
In order to ensure safety when dealing with cryptocurrencies as well as preventing money laundering activities governments around world are introducing strict regulations when it comes to cryptocurrency exchanges and usage of crypto assets in general. With more governments jumping on board this trend it is expected that there will be more clarity on how cryptocurrencies can be used while protecting investors from potential frauds related actions involving virtual currency assets
Overall, despite some short-term volatility in prices there is no need for alarm among crypto enthusiasts as CBUAE’s FIT initiative offers hope for further development of cryptocurrency infrastructure allowing for increased access and transparency when using digital asset services worldwide while implementing proper regulations helps protect investors from misuse or fraud associated with virtual currencies .