Author: hnfinancialadvice

Trading in Bitcoin illegal in Saudi Arabia

Saudi Arabia has issued a statement saying that Bitcoin and other cryptocurrencies are illegal in the kingdom, in light of a number of websites and social media promoting them.

A special Saudi standing committee said that not only are these activities all outside the scope of government supervision, but that cryptocurrencies have also been used for a variety of illicit activity. (more…)

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World’s first blockchain bond to be launched

The World Bank has chosen the Commonwealth Bank of Australia to help organize a new Ethereum blockchain bond denominated in Australian dollars.

The bond is projected to raise between $50-$100m and proceeds will go towards sustainable development initiatives.

The Kangaroo bond, referring to foreign bonds issued in Australia in the local currency, has been named bond-i, an acronym standing for Blockchain Offered New Debt Instrument and also refers to the tourist famous Bondi Beach in Sydney. (more…)

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Treasury gets ‘no-deal’ Brexit plans ready for City

The Treasury is to begin the process of putting together contingency plans to support the City should the UK exit the European Union next year without new terms governing trade in financial services.

HM Treasury, however, has told financial services firms that they don’t need to take any action in the event that no deal is reached with the EU over Brexit.

In a paper, the Treasury says it does “not anticipate [a no-deal scenario] arising”, despite international trade secretary Liam Fox recently stating that a no-deal Brexit is now the most likely outcome. (more…)

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