Dubai passes first encryption law

Dubai Passes First Law Regulating Cryptocurrencies as U.S. Inflation Concerns Continue

As expected, U.S. inflation rose 7.9% year-on-year in February and 0.8% month-on-month. These figures have already surpassed January’s 0.6% month-on-month increase, suggesting inflation is accelerating. That sparked more concern about how the Fed could fight inflation without causing a recession, defined as two consecutive quarters of negative year-over-year GDP growth. If the Fed is forced to raise interest rates sharply, economic growth will slow and a recession is likely. We’ll get a clearer look at the agency’s interpretation of the CPI data and how they will affect the market at the FOMC’s next meeting on March 15.

On the other hand, this week made history in Dubai with the approval of the first law regulating digital assets. Additionally, they have established regulatory bodies to oversee crypto activities and regulate providers of these services. Sheikh Mohammed noted that “the goal is to establish the United Arab Emirates and Dubai as key representatives in designing the future of global virtual assets”. It is clear that more and more countries are vying to become world leaders in the crypto space.

Financial institutions are taking a more responsive approach to the cryptocurrency industry as Santander plans to offer agricultural commodity token-backed loans. Santander has partnered with Argentine startup Agrotoken, which has developed a set of grain-backed tokens that allow producers to trade their commodities.

The Argentine manufacturer has validated the software product as tests have been run. Santander reports that this is the first of its kind to link financial products to agricultural tokens, including blockchain services that facilitate transactions.

“This is the first time a service platform has used blockchain technology and crypto assets to expand the agricultural credit market and unlock the commercial potential of producers,” said Fernando Bautista, head of Santander Argentina’s agribusiness. The fact that global banks are using blockchain to revolutionize agriculture shows how technology is or will be at the center of the current Fourth Industrial Revolution.

Dubai Passes First Law Regulating Cryptocurrencies as U.S. Inflation Concerns Continue