A UK Mosque To Accept Crypto Donations

Shanklewell Lan Mosque has announced that the religious institution will be accepting digital currencies as a form of donations.

It is said to be the first one to accept crypto as a form of donation in the country.

Erkin Guney, the chairman of the organization said that the donations will be used for structural repair of the mosque, help for funeral cost of poor members of their organization and fee less well-off Muslim families.

Despite this seemingly positive move other Muslim organization have a negative view on cryptocurrencies which some feels is not halal (permissible) since it gives so much anonymity to bad actors.

However Zayd al Khair feels that this is unfounded as the same argument was made when paper money was introduce, he views cryptocurrencies neither halal or haram (impermissible).

It should be viewed in the manner how it was used, if it is transacted in a lawful manner then it is halal.

Donations should be taken in good faith.

New Guidelines On Cryptocurrency Derivatives

The Commodity Futures Trading Commission (CFTC) has released on Monday a new guideline for cryptocurrency exchanges who wish to launch cryptocurrency derivatives.

The CFTC indicated in their guideline that firms that wishes to provide such products should be able to monitor the integrity of the market that supply their pricing data.

It also states that any similar initiative should always be coordinated with representatives of CFTC. Moreover, all participants should be allowed to comment on such products prior to launch and lastly, should engage in large trader reporting.

This it seems to be a response to criticism that the CFTC had failed to sufficiently scrutinize the first bitcoin future products prior to their launch last December.

French Finance Minister Passionate About Cryptocurrency

The cryptocurrency sphere has seemed to have found another champion on its side with the French Prime Minister of Finance, Bruno Lemaire, declared himself to be very passionate about cryptocurrencies.

It was revealed that his previous lack of interest and skepticism about cryptocurrencies was partly due to lack of knowledge in the matter.

This was suggested by Alex Stachtchenko, co-founder of Blockchain Partner.

Who also said that proponents of cryptocurrencies should take a pedagogical approach not only teaching others of its advantages but also the specific characteristics of cryptocurrencies.

The French Finance Prime Minister also stated the need to professionalize the ICO to make it more secure and more sustainable.

This will help in making investors protect themselves without overly regulating the nascent industry.

Operation Crypto Sweep

The chairman of the U.S. Securities and Exchange Commission, Jay Clayton, has lauded state-level initiative from the United States and Canada in its effort to curb out cryptocurrency fraud.

The operation is called “Operation Crypto Sweep.”

This initiative was lauched April 2018 under the oversight of the North American Securities Administrators Association (NASAA).

The US SEC commissioner stated that the state and provincial regulators play a critical role in protecting Main Street investors.

He also added that that this initiative is a good deterrent for would-be fraudsters in the space and a good warning that a lot of eyes are watching in the international level.

Lower House Legislature of Russia Passes Cryptocurrency Rights Bill

The State of Duma, the lower house of Russia’s legislature has passed a bill that establishes legal terms of Blockchain-related projects and concepts.

The bill states that cryptocurrencies is generally not a legal “means of payment” in Russia as it is seen as not electronic money but another form of property.

It also states that transaction should only be conducted exclusively on compliant exchanges rather than over the counter which the purpose of protecting virtual currency holders and stop the use of cryptocurrency for money laundering activities.

This legislation would also create a legal basis for cryptocurrency-related activities.

Defined in the bill are cryptocurrencies, smart contracts, distributed ledger technology transactions and how data is written in the Blockchain.

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