CryptoWatch serves you the latest news there is to the crypto world, looking into last week's massive news including the Binance transaction for Iran despite its US sanctions, China's ban on NFT and cryptocurrency, and the global bank leaders' push for digital coins.
It certainly is a whirlwind of changes for cryptocurrency, looking into the massive changes in the industry, especially during a time of uncertainty and restrictions.
(Photo : JUSTIN TALLIS/AFP via Getty Images)
An illustration picture taken in London on May 8, 2022, shows gold plated souvenir cryptocurrency Tether (USDT), Bitcoin and Etherium coins arranged beside a screen displaying a trading chart. - Tether (USDT) is an Ethereum token known as a stablecoin that is pegged to the value of the US dollar, and is currently the largest stablecoin with a market value of USD 83 billion dollars.
Binance Allows Iranian Transactions Despite US Sanction
Binance is famous for its cryptocurrency trading platform, but the company was recently discovered to transact with Iran, a country that got US sanctions for its transactions with the global community. The US has sanctions for Iran to cut it off from the world, centering on the global transaction it has with international companies like Binance.
However, a US blockchain analyst discovered that Binance and Iran have been in massive transactions since 2018, trading a massive $7 to $8 billion in the process.
The exchange happened between Binance and Nobitex, a massive Iranian cryptocurrency exchange.
Nobitex's website details to the public how to avoid the US sanctions to continue with their transactions and center on completing the trade for different parties to still transact with global companies like Binance.
Read Also: Australia-based Crypto Fund Manager Cosmos Requests Delisting of its ETFs from the Exchange
Wuhan, China's NFT and Cryptocurrency Ban
The supposed NFT and cryptocurrency support for Wuhan, China was recently shelved by its government, impeding all transactions in the digital industry as per the Chinese government. Wuhan, part of the Hubei province of China, sees a massive effect in the recent government ban, centering on a tight grip on the blockchain industry.
Apart from the mining ban for crypto, blockchain in general is now facing massive restrictions in the country, and this is what everyone has to face in their digital transactions.
FX Empire said that there were initial plans regarding the push for the decentralized coins for citizens to use in the city, seeing support from the government, but this Chinese restriction shut it down for good.
Global Bank Leaders Support Crypto
Global baking leaders have convened at Hong Kong's Global Financial Leaders' Investment Summit where heads from JPMorgan, HSBC, Standard Chartered, and BlackRock all showed support for cryptocurrency. Not only did they say that the future is bright with crypto, but also acknowledges the digital coins for future integration.
The only thing to happen now is to see its integration for their fintech services available to the world, and there are no specific moves towards this by the massive names in the bank industry.
Nevertheless, this recognition and belief is a massive win for cryptocurrency, especially as it helps rid of the doubt behind it, due to its nature of volatility.
Related Article: Mainland China Financial Institutions and Businesses Eye Hong Kong's Crypto Industry
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Written by Isaiah Richard
