World’s Most Valuable Banknote is Enough to buy 1 Bitcoin

The world’s most valuable banknote belongs to Brunei, one of the most centralized countries in the world and has one of the richest men alive printed on it
06 June 2018   435

At press time Brunei’s B$10,000 count is equal roughly to $7,584. According to Bitcoin price Index, it is trading at about $7,700 after surging from about $7,611 in the last 24-hour period. There is a portrait of Sultan Hassanal Bolkiah on the bill, and it was issued in 2006. Sultan Hassanal Bolkiah, one of the last absolute monarchs, is known as one of the richest men in the world, as reports suggest he is worth over $20 billion, thanks to the country’s vast oil and gas fields, which account for nearly all of its economy.

Brunei has less than half a million residents, and recently adopted strict Islamic sharia law, which drew criticism from different international rights groups. Last year in December the country’s central bank warned the citizens against cryptocurrencies. 

The Brunei dollar’s value corresponds to the Singaporean dollar. Singapore also had its own S$10,000, but, as reported earlier, discontinued it. High-denomination notes are being retired throughout the world, as these reportedly make it easier to conduct terrorism financing, money laundering, tax evasion and other illicit activities.

As reported in an article by International Monetary Fund (IMF), a briefcase with $100 bills would be 70% full, when a briefcase with Brunei’s largest note would only be 1,5% full. The article puts forward the supposition that being easy to transport makes these notes perfect for criminals. A resembling argument was also used in the past against the cryptocurrencies.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   173

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.