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BankDhofar Launches Mobile Banking Payments from Oman to India with RippleNet

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Ripple is to deliver the first real-time payments between Oman and India harnessing blockchain technology.

This partnership with Oman’s second-largest bank BankDhofar comes at such an exciting time — it’s another Proofpoint of Ripple’s vision of the Internet of Value to enable the world to move money like information moves today.

According to the statement released by Ripple on Wednesday morning, BankDhofar will connect with leading Indian private sector bank IndusInd Bank to drive real-time payments into India. This partnership will enable cross-border transactions made via the BankDhofar Mobile Banking App to be processed instantly, reliably, cost-effectively and with end-to-end visibility anywhere in the world.

This first-of-its-kind service in Oman is more important now than ever before as India continues to be the top remittance receiving country in the world. BankDhofar customers will be able to transfer up to OMR 1,000 (~approx $2,600), to deposit accounts in India instantly through BankDhofar’s Mobile Banking App.

“More than ever, people need to send money to loved ones abroad,” said Navin Gupta, Managing Director of South Asia and MENA. “Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper and more reliable with blockchain technology.”

“At BankDhofar, we are always putting digital solutions and innovation at the core of our strategy to improve the experience of our customers,” said Abu Baker Karim Al Balushi, Head of Digital Banking at BankDhofar. “This service will enable BankDhofar to be in a leading position to offer a range of new products and instant payment services. We look forward to activating the service to other countries across the world.”

The partnership with Ripple enables BankDhofar to improve its customers’ satisfaction through maximizing operations efficiency, security and transparency. Using RippleNet has also reaffirmed BankDhofar’s position as a bank in the Sultanate that continues to innovate, further evidenced when it joined the leading blockchain consortium BankChain as the first bank in the Sultanate to support best practices and solutions in the blockchain.

RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure that enables real-time payments.

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Binance CEO Forecasts Bitcoin Surge Beyond $80,000 on Institutional Inflows

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Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).

Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.

He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.

Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”

Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.

He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.

However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.

Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.

Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.

Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.

With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.

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Nigeria’s SEC Tightens Grip on Crypto: Raises Crypto Registration Fees

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Nigeria’s Securities and Exchange Commission (SEC) has announced a significant tightening of regulations governing cryptocurrency exchanges.

Under the proposed amendments, the registration fee for crypto exchanges is set to skyrocket from N30 million ($18,620) to N150 million ($93,000), a fivefold increase.

Also, application fees are set to rise from N100,000 ($62) to N300,000 ($186), while processing fees will surge from N300,000 ($186) to 1 million naira ($620).

These fee hikes signal the SEC’s intention to impose stricter oversight on digital asset exchanges and reflect a broader trend of regulatory scrutiny surrounding cryptocurrencies in Nigeria.

The SEC justified these changes by citing the need for clarity and incorporating feedback from industry stakeholders, particularly following engagements with the Central Bank of Nigeria (CBN).

The amendments also include a renaming of the rules and guidelines to “Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody,” emphasizing the regulator’s comprehensive approach to regulating the digital asset ecosystem.

This latest development comes amid growing tensions between Nigerian authorities and prominent cryptocurrency platforms.

Just recently, Binance, one of the world’s largest crypto exchanges, found itself embroiled in a dispute with Nigerian authorities over allegations of currency manipulation, resulting in the detention of two Binance executives.

Against the backdrop of Nigeria’s decision to abandon its currency peg and allow the naira to trade freely, the SEC’s move underscores the government’s determination to assert control over the country’s financial landscape, even as it grapples with economic challenges such as inflation and currency devaluation.

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Bitcoin Retreats from Record Highs Amid Debate Over Market Speculation

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The cryptocurrency retreated from its recent record highs, igniting a debate over the speculative fervor gripping global markets.

In Asian trading on Friday, Bitcoin plummeted by as much as 5.6%, shedding its gains from the previous day when it reached a new pinnacle of nearly $73,798.

Despite recovering slightly to trade at $67,300, the retreat has triggered concerns about the sustainability of the crypto bull run.

The moderation in Bitcoin’s surge, alongside a similar trend in other top cryptocurrencies like Ether, BNB, and Solana, reflects a broader shift in investor sentiment.

With both Bitcoin’s ascent and the performance of the top 100 tokens hovering around 60% for the year, market participants are reevaluating their risk appetites amidst a backdrop of escalating inflationary pressures.

In a Bloomberg Television interview, Bank of America Corp.’s Chief Investment Strategist Michael Hartnett sounded alarms, likening the market’s euphoria to the characteristics of a bubble, particularly evident in the technology sector’s “Magnificent Seven” stocks and the soaring highs of cryptocurrencies.

The debate over market speculation is gaining traction on Wall Street, with questions looming about the vulnerability of various asset classes to a potential pullback.

Proponents of Bitcoin point to fundamental supports, such as significant net inflows into US exchange-traded funds and an impending reduction in token supply growth.

However, Bitcoin’s stumble coincided with a surge in US yields and the dollar following a report revealing a spike in producer prices, exacerbating concerns about the Federal Reserve’s ongoing efforts to rein in inflation.

Also, data from Coinglass indicates a rise in caution within the derivatives market, with a notable increase in liquidated bullish crypto wagers and a slump in funding rates for Bitcoin perpetual futures, favored by speculators.

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