• The Central Bank of the United Arab Emirates (CBUAE) has launched a Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector.
• The International Monetary Fund (IMF) issued a caution statement following its recent visit to El Salvador, where it met with the country’s financial representatives.
• Bitcoin is positively affected by this news as the UAE’s Central Bank and IMF are taking steps towards digital payments.
CBUEA Launches FIT Program
The Central Bank of the United Arab Emirates (CBUAE) has launched a Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector. As part of H.H. Sheikh Mansour bin Zayed Al Nahyan’s vision, nine digital finance efforts have been proposed in order to turn the country into a hub for digital payments and boost their security, operational resilience, innovation, customer experience, reduce operating costs, and enhance regulatory compliance.
IMF Warns El Salvador
The International Monetary Fund (IMF) released a caution declaration following its recent visit to El Salvador, where it met with the country’s financial representatives. The IMF warned that if El Salvador adopts Bitcoin as legal tender without addressing its risks properly, it could lead to macroeconomic instability and create difficulties in monetary policy implementation.
Positive Impact On Bitcoin
Bitcoin is positively affected by this news as both CBUAE and IMF are taking steps towards promoting digital payments and mitigating associated risks respectively. This initiative will provide more clarity on regulations while creating an environment conducive for further cryptocurrency adoption in other countries too.
Death Cross Formation
On February 13th BTC/USD started trading at $21,796 but dropped nearly 2% over 24 hours and lost 6% in value over past week ending on February 12th forming first-ever „death cross“. This bearish pattern signals further downward pressure which might lead investors to take profits off their positions resulting in further dip in prices for bitcoin or any other cryptocurrency for that matter.
The news from CBUAE launching FIT initiative and IMF issuing warning to El Salvador provides positive outlook for Bitcoin as well as cryptocurrency industry as whole . Although formation of death cross signals bearish market ahead investors should be aware of such technical indicators before making any decisions regarding investments