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Egypt Will Issue a Digital Currency Next Year

M. Ali

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Egypt Will Issue a Digital Currency Next Year

Finally, after a long period of refusal, the Central Bank of Egypt revealed that it will complete the study to launch a digital currency next year, in cooperation with a number of international institutions.

According “Almal News“, Ehab Nasr, Central Bank’s VP assistant and head of payment systems and financial technology sector, the central bank will finalize the launch of a digital currency next year.

Nasr said that the Central Bank is cooperating in this regard with international institutions that he did not disclose, also did not disclose whether the new Egypt digital currency will be used only in internal banking transactions or will be available for public use and trade, where the study includes the need for the Egyptian market for digital currency and legislation necessary to launch .

A number of central banks around the world are seriously considering launching cryptocurrencies under their control, notably China’s central bank , Tunisia and Turkey.

The Central Bank of Egypt has repeatedly refused to deal with the use of digital currencies , including Bitcoin, pointing out that their prices are volatile due to speculation and lack of control by governments.

Recently, Arab central bankers recognized digital currencies during the meeting of the Board of Governors of Arab Banks and Monetary Institutions, and stressed the importance of addressing the risks arising from the use of digital currencies and the possible effects on monetary policies and the importance of appropriate preparation and capacity-building of central banks that wish to issue such Digital workers, development of digital identity standards, principles of customer identification, development of legislation and strengthening of international coordination in the face of risks.

Ayman Hussein, Deputy Governor of the Central Bank of the payment systems sector, said in October last year, that the Central bank began a study on the possibility of issuing an Egyptian digital currency, without disclosing further details, stressing that it comes in the context of reducing the circulation of banknotes And the transformation into a non-cash society.

Last year, The Central Bank issued a formal warning last year against dealing in all types of virtual cryptocurrencies, especially Bitcoin, because it is not issued by any central bank and is not supervised by any regulatory body in the world, and therefore lacks the official guarantee and government support enjoyed by the official currencies issued by central banks.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]

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BNB’s Price Spiked Over 27% Amid Listing Bella Protocol

June G. Bauer

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Binance-BNB-Price-Spike

Binance’s coin (BNB) price spiked over 27% in the past couple of hours amid listing Bella Protocol (BEL) on Bianace’s LaunchPad. BNB holders will be able to earn and acquire new token rewards in return for staking BNB, BUSD, and ARPA tokens.

BNB coin volumes spiked and the price jumped from $18.49 to $23.59 within few hours.

BNB Price Spike

BNB coin holders will be able farm BEL tokens over 30 days, starting on September 9th. Binance will then list BEL on September 16th and open trading for BEL/BTC, BEL/BNB, BEL/BUSD, and BEL/USDT trading pairs.

Bella Protocol is a user-friendly Decentralized finance (DeFi) and also an asset management platform with very low transaction fees. They claim that these initiatives will offer a more seamless user experience for DeFi investors.

BEL is an ERC20 token and is the governance token in the Bella ecosystem. The total supply of $BEL is 100,000,000. BEL coin holders will be able to earn profit sharing, get fee discount, staking rewards, and voting power in the Bella ecosystem.

Bella Token Distribution

BNB/USD Price Chart

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Flare Network Will Airdrop Spark Tokens For Ripple Holders

M. Ali

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Ripple-XRP-Airdrop

Ripple-backed blockchain platform Flare Network will be distributing 45 Billion Spark tokens to all XRP holders of non-custodial wallets. The air drop is planned take place on December 12th this year.

The Flare’s native token Spark will be generated through a “utility fork” in XRP. XRP holders will receive Spark tokens in 1:1 ration. Meaning there will be 100 billion Spark token in total. while Spark works independently on the Flare Network, it still holds some relation with XRP.

Currently, only four cryptocurrency exchanges (Uphold, Bitrue, Gatehub and Anchorusd) will be supporting the upcoming airdrop. Large exchanges like Binance and Crypto.com have not released any official statements regarding the support of Spark airdrop.

The Flare Network will integrate the Ethereum Virtual Machine (EVM). This will allow the network to execute smart contracts on Ethereum using the XRP cryptocurrency via FXRP. For smart contracts, payments will happen in XRP through Interledger integrated into Flare. In this case, Spark will help to collateralize the FXRP. All the people using Spark and providing it as collateral will earn fees.

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Yearn Finance Coin Surges Past $38K

June G. Bauer

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YFI Coin, the native token of the Decentralized Finance Yearn Finance (YFI) platform has eclipsed Bitcoin’s value and posted a new all-time high of $38,655 (around 3.2BTC).

YFI coin price on Binance

YFI coin soared by 17% in the last 24 hours from around $26k to $38K, reaching a new time high providing rapid returns for its investors.

The Decentralized Finance (DeFi) project of Yearn Finance was officially released around the 17th of July by Andre Cronje, YFI coin was trading for around 7k. The DeFi platform aggregates lending services such as Aave, Compound, DyDx and Fulcrum in a bid to simplify the process of Yield Farming.

YFI platform allows users to to provide funds to vaults, which automatically rotate them between dydx, Aave and Compound lending protocols, in search of the best yield. The entire process is managed by a smart contract and is fully automated.

The yield providers earn profits for staking their funds, as well as acquiring YFI tokens. This allows them to participate in governance and vote on important parameter changes. It can also be sold on exchanges for profit. The total supply is capped at 30,000 YFI tokens.

YFI/USD Price Chart

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