• On February 13, BTC/USD started trading at $21,796 and is now trading at $21,504.
• The Central Bank of the UAE (CBUAE) has launched its Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector.
• The IMF issued a warning to El Salvador to address the risks of Bitcoin adoption.
BTC Price Drop
On February 13, BTC/USD started trading at $21,796. It is now trading at $21,504, down nearly 2% over the previous 24 hours. BTC/USD has moved between a high of $21,902.00 and a low of $21,444.00 and lost 6% in value over the past week ending on February 12th.
CBUAE Launches FIT Initiative
The Central Bank of the United Arab Emirates (CBUAE) introduced a Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector on February 12th. The FIT program will be rolled out in phases beginning with various digital payment infrastructures and services including a domestic and international central bank digital currency (CBDC). This initiative aims to promote digital transactions and enhance customer experience while reducing operating costs and improving regulatory compliance.
IMF Issues Warning To El Salvador
Following its recent visit to El Salvador where it met with the country’s financial representatives on February 10th ,the International Monetary Fund (IMF) released a caution declaration warning that El Salvador should address potential risks associated with Bitcoin adoption such as money laundering or terrorism financing activities..
Crypto Industry Concerned?
The news regarding CBUAE’s FIT initiative is positive for most popular digital currencies like Bitcoin but there are still concerns about potential risks associated with widespread cryptocurrency adoption such as money laundering or terrorist financing activities being implemented by some countries who have not yet addressed these issues properly.
Overall there have been mixed reactions to recent developments in cryptocurrency industry with some countries launching initiatives to promote digital transactions while others raise concerns about potential risks associated with widespread cryptocurrency adoption like money laundering or terrorist financing activities which need to be addressed promptly by all involved parties before further progress can be made in this space .