Cryptocurrency new analysis and news.

[Nancy parez]

Financial authorities in the United Arab Emirates have agreed to legalize and promote cryptocurrency trading explicitly in Dubai’s economic-free zone. The Dubai World Trade Center Authority (DWTCA) said on Wednesday it has inked a contract to promote the regulation and trading of crypto-assets inside the Free DWTCA area with the UAES Securities and Commodities Authority (SCA).

The latest initiative sets a structure for DWTCA to provide required permits and licenses for cryptocurrency financial operations. Under the deal, SCA is also responsible for overseeing key crypto-linked operations, including as issuance, listing, trading and licensing.

On the other hand, Bitcoin raced to $44,000 on Thursday on a day of recovery for the crypto markets.

The world’s biggest cryptocurrency had a boost on Wednesday when the U.S. Federal Reserve announced it would be keeping interest rates near zero for the time being.

However, central bank officials are increasingly predicting that interest rates will rise next year — earlier than first thought.

A huge stimulus program that was launched in light of the coronavirus pandemic is also expected to be tapered down in the coming months.

Shares in Evergrande also surged ahead of Thursday’s deadline to pay $83.5 million in interest payments.

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