The Central Bank of Qatar recently announced the completion of the infrastructure development supporting an in-house-built CBDC. The bank estimates that the project will enter its experimental stages this year in October, allowing several national and international banks to test the functionality of this pilot by facilitating large payments among them. Qatar Announces CBDC Experimental […]
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The Hashgraph Association Partners With Qatar Financial Centre to Launch Digital Assets Venture Studio
The Hashgraph Association, a Swiss non-profit organization, has partnered with the Qatar Financial Centre (QFC) to launch a million digital assets venture studio. The venture studio aims to support companies in developing regulatory-compliant decentralized finance (defi) solutions. Supporting Web3 Startups With Bankable Defi Solutions The Hashgraph Association, a non-profit organization based in Switzerland, has […]
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Dollar Reliance Shrinks — China’s LNG Deal With Qatar Challenges ‘Frenemy’ Status With US
This week, China and Qatar strengthened their bond through a significant development on Tuesday. China National Petroleum Corporation (CNPC) and Qatarenergy inked a 27-year deal, outlining China’s commitment to procure liquefied natural gas (LNG) from Qatar on an annual basis. Under the agreement, China will import a substantial four million metric tons of LNG per year from the Gulf nation. Moreover, CNPC will also obtain an equity stake in Qatar’s North Field LNG project, further solidifying their collaboration.
China and Qatar Sign 27-Year LNG Deal Further Solidifying Relationship Between Both Nations
China is making steady progress in diversifying its currency deals and lessening its dependence on the U.S. dollar, and that includes fewer natural gas imports from the United States. Alongside various other BRICS nations, the Asian nation has been strategically maneuvering to reduce the prominence of the greenback in international trade.
In a noteworthy development at the end of March, China entered into a bilateral agreement with Brazil for the procurement of liquefied natural gas (LNG), with the settlement of the transaction taking place in yuan, facilitated by a French company.
On June 20, Reuters reported that Qatar and China have reached a substantial deal for LNG, with the two countries agreeing to collaborate for 27 years. Similar to the United Arab Emirates (UAE), Qatar is an emerging economy. Both regions were upgraded by the financial markets and benchmark firm MSCI in 2014 and joined the emerging BRICS economies.
According to the report, Qatarenergy signed a multi-year partnership with CNPC, enabling China to acquire four million metric tons of LNG annually. The news came after Qatar and the UAE announced the resumption of their diplomatic ties on Monday.
Simultaneous to the agreement with CNPC, Saad al-Kaabi, Qatarenergy’s chief, also signed an identical deal with China’s petroleum and petrochemical enterprise group Sinopec. “Today we are signing two agreements that will further enhance our strong relations with one of the most important gas markets in the world and key market for Qatari energy products,” Kaabi stated.
‘Right Now, China Is a Frenemy,’ Says Louisiana Senator
American officials are divided on the matter, as an editorial published by The Cradle explains that U.S. House speaker Kevin McCarthy praised China’s previous reliance on U.S. LNG reserves but questioned its necessity, citing a Politico interview. Thecradle.co also quotes Louisiana senator Bill Cassidy, someone who believes that China’s purchase of natural gas is a win-win situation.
“China gets guaranteed shipments at a certain price by providing upfront capital,” Cassidy said. “That, in turn, helps U.S. companies build export terminals, which drives demand for more U.S. drilling in places like Louisiana and Texas.” Cassidy further insisted China is a friendly rival. “Right now, China is a frenemy. If they — just like India, South Korea, Japan, the EU — are purchasing or buying, helping to pay for the capitalization of LNG export terminals, well, that’s a good thing.”
Will China’s strategic partnerships and efforts to diversify its energy imports disrupt the dominance of the U.S. in global trade, or is it merely a temporary ‘frenemy’ dynamic? Share your thoughts and opinions about this subject in the comments section below.
Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum
Dogecoin, one of the most popular parody coins in the crypto market, is on a tear today. The crypto was up 13% at the time of publication. The move comes as Tesla CEO Elon Musk repeated his support for cryptocurrency on Tuesday at the Qatar Economic Forum in Doha.
Musk stated at the Qatar Economic Forum that he buys and backs it because people “who are not that wealthy” have requested him to, according to Bloomberg News.
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Dogecoin Gets Some Love From Musk
Musk remarked during the forum in an interview with Bloomberg News Editor-in-Chief John Micklethwait:
“I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin. I’m responding to those people.”
The coin began as a joke in 2013, but quickly grew into a major cryptocurrency thanks to a committed community and inventive memes.
Dogecoin is vulnerable to devaluation since there is no restriction on the number of DOGE units that may be created, unlike other cryptos.
In 2017, the price of Dogecoin was .0003. By June 1, 2022, its price had risen about 40,000% to .10. According to Coingecko data, DOGE is currently trading at .063348, up over 14 percent as of this writing.
Musk also stated that his staff had requested that he promote the coin. “They urged me to endorse Dogecoin, and I am,” the billionaire explained.
In addition to Dogecoin, the SpaceX founder has indicated support for other cryptocurrencies. Musk said in October that he owns Bitcoin, Ether, and DOGE.
DOGE total market cap at .5 billion on the weekend chart | Source: TradingView.com
Musk Social Media Comments Move DOGE
Dogecoin frequently varies in response to Musk’s comments on it. On Monday, it rose 8.5 percent in a 24-hour period from near-record lows after the CEO stated that he will continue to promote and buy the meme token in the face of a large cryptocurrency sell-off.
The dog-themed currency plummeted in May of last year after Musk called it a “hustle” on Saturday Night Live.
Musk has recently stated that Dogecoin might compete with Bitcoin and be used for payments. Tesla stated in January that it would begin accepting Dogecoin payments for some products, implying that more could be added “down the line.”
Musk was sued for 8 billion last week by a Dogecoin investor who claimed the tycoon was involved in a “pyramid scheme through pushing Dogecoin cryptocurrency.”
Meanwhile, Musk intimated last week that if his attempt to buy Twitter is successful, cryptocurrency payments will be integrated into the platform.
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Featured image from NDTV Gadgets 360, chart from TradingView.com
NewsBTC
Co-Founder of Gulf Blockchain Foundation Doesn’t See Strong Future for Crypto in Qatar
The co-founder of the Gulf Blockchain Foundation has said Qatar’s supply chains can benefit from the use of the blockchain, but doesn’t see a strong future for crypto in the region at the moment.
Blockchain Use Cases in Qatar
Nick Gorman, co-founder of the Gulf Blockchain Foundation, made his comments during a seminar yesterday. In a report from Gulf Times, Gorman said:
“I don’t think there’s a strong future for cryptocurrencies here right now, given the Qatar Central Bank notice issued this year. But I do see a really good use cases for the blockchain in other arenas.”
Aside from the banking and finance sectors, these also include oil, gas, and in facilities management, he stated. Due to it being one of the most secure technologies, Gorman noted that the distributed ledger has an appeal factor in areas such as cybersecurity, property management, and personal identity management.
In Gorman’s opinion, though, the best use case of the technology in Qatar can be seen within strategic asset management. He added:
“It’s managing things like hospitals, schools, and making sure roads and bridges are maintained – these types of activities could be recorded in a blockchain.”
Another good example is Qatar’s resident permit system. He states that if someone enters the country and commits a crime, which is then recorded on the ledger, it can’t be erased.
Earlier this week, a report found that the technology could be used to improve supply chains in global mining. It went on to state that it would be a matter of not if, but when the industry adopts it to boost transparency and remove inefficiencies.
Notably, according to the CEO and co-founder of digital invoicing firm Tradeshift, the blockchain is not mature enough to support global supply chains.
In a report, Christian Lanng, stated that while the technology was great at proving the authenticity of goods, in addition to their point of origin, it was “not a high-performance technology.” However, while agencies such as the U.K.’s Food Standards Agency (FSA) are looking at ways to introduce the technology to improve food safety, some estimate that the blockchain won’t see widespread adoption for another 10 years.
Featured image from Shutterstock.
The post Co-Founder of Gulf Blockchain Foundation Doesn’t See Strong Future for Crypto in Qatar appeared first on NewsBTC.
From Qatar to Palestine How Cryptocurrencies Are Regulated in the Middle East
n From the UAEs utopian blockchain plans to Turkeys national crypto Heres how cryptocurrencies are treated in the Middle Eastn
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