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Samson: Cryptocurrency mining and trading banned in China

25th September, 2021

China’s most powerful regulator has cracked down on cryptocurrencies by imposing a blanket ban on all cryptocurrency transactions and mining operations, affecting bitcoin and other major cryptocurrencies and putting pressure on crypto-related stocks and blockchain technology, CNBC reports.

Ten entities, including the central bank and regulators for affairs, securities and foreign exchange, have pledged to work together to root out “illegal” crypto activity, the first time that Beijing regulators have united to explicitly ban all crypto-related activities.

In May, China banned financial institutions and payments companies from providing services related to cryptocurrency transactions, and issued two similar bans in 2013 and 2017.

The statement is the most detailed and comprehensive yet by the country’s major regulators, and the move comes amid a global crackdown on cryptocurrencies, as governments from Asia to the United States fear highly volatile, privately managed cryptocurrencies could undermine their control of financial systems. and cash, increases systemic risk, fosters financial crime, and harms investors.

It is also concerned that “mining,” the energy-intensive computational process through which bitcoin and other currencies are mined, could affect global environmental goals.

Analysts say that China also sees cryptocurrencies as a threat to the sovereign digital yuan, which has reached an advanced stage of beta testing.

Bitcoin, the world’s largest cryptocurrency, fell more than 9% before paring these losses.   LINK

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Samson:  A new statement from Kuwait regarding the demarcation of the maritime border with Iraq

26th September, 2021
Kuwaiti Foreign Minister Ahmed Al-Nasser stressed, on Sunday, that completing the demarcation of the maritime border with Iraq guarantees stability.

Al-Qabas newspaper conducted a lengthy dialogue with Al-Nasser, in which he stressed that the demarcation of the border with Iraq is very important and ensures the stability of the two countries, which is done through internationally recognized references and standards.

The Kuwaiti minister stated that it had been agreed with Iraq that the meeting of the technical committee concerned with completing the demarcation of the maritime borders would be held, under any circumstance.  At its first meeting, it dealt with the issues that were behind the United Nations Resolution No. 833, a part that has not yet been demarcated and determined, and related to in the navigational insurance, he indicated that there is a cooperation protocol between the coast guards in any water channel and it is being implemented.

Ahmed Al-Nasser described the relations of his country and Iraq with the historical organic link since ancient times, explaining that history and geography is something that cannot be changed, and stressing the importance of empowering Iraq, and for it to be more independent with regard to its decision-making, claiming that the independence of the Iraqi decision is important without any foreign interference.  

The Kuwaiti minister stated that the recent visit of Iraqi Prime Minister Mustafa Al-Kazemi to his country was important and detailed and laid out a road map, which was followed by the visit of the Kuwaiti Prime Minister Sabah Al-Khaled, to participate in the Baghdad summit, which was distinguished in form and content.    LINK

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