Saudi Arabia is Working On Cryptocurrency Legalization

According to Chairman of Saudi Arabia's Capital Markets Authority, agency doesn't plan the prohibition of cryptocurrency in a regulation law
01 February 2018   545

The Capital Markets Authority of Saudi Arabia (CMA) will soon submit a draft law on the regulation of the cryptocurrency. As CMA chairman Mohamed ElKuwaiz said in an interview with Business Insider, the prohibition of cryptocurrency is not included in the agency's plans.

Not unlike most other markets, the regulators in Saudi have been following developments with cryptocurrencies with great interest. We are still evaluating what our appropriate regulatory response should be. I think we are likely to come up with something very soon.

Mohammed ElKuwaiz

Chairman, Saudi Arabia's Capital Markets Authority

It should be noted that to date the Saudi authorities have not imposed any restrictions related to bitcoin trade or ICO.

Earlier, the Central Bank of Saudi Arabia noted that it is too early to introduce regulation, because "the market has not yet matured," and it is possible to assess the impact of the crypto currency on the financial market not earlier than in 5 years.

PascalCoin to activate V3 Hard fork

PascalCoin V3 Hard fork will be activated on block 210,000 on May 31 and feature anonymity via transaction mixing and inflation reduction
26 May 2018   39

PascalCoin is preparing for V3 Hard fork scheduled for May 31. It will introduce key improvements as such:

  • anonymity transaction mixing;
  • 50% inflation reduction;
  • Lazarus/FPC gets 10% of funding

To get more into the details:

PascalCoin transactions occur between publicly visible accounts and the crucial aspect needs to be implemented - fungibility. The improvement will allow users to perform 'client-server mixing', 'network-protocol mixing', 'chaining multi-transactions', 'decentralized exchanging' and 'monetized-API mixing'.

As for Lazarus/FPC (a base tooling from which PascalCoin is founded on), a total of 10% of the Developer Rewards is recommended to be allocated for the FOSS project funding. In a long run, a large developer mind-share is expected to reduce costs significantly.

To learn more about the details of the fork, you can visit Improvement Proposal page here. And regarding the market characteristics of PascalCoin, at the moment of publication they are as follows:

Average price 0.765895 USD
Market cap 15,978,408 USD
Volume (24H) 89,861 USD