Today in cryptocurrency, Meta now allows users to post non-fungible tokens (NFTs) they own to Facebook and Instagram. Additionally, the Central African Republic’s highest court has ruled that the use of government-backed cryptocurrency to purchase land, citizenship, and “e-residency” is against the country’s constitution, and the head of the central bank of Singapore is considering new measures to restrict and discourage speculation in trading cryptos.
Court Rules Central African Republic Crypto Sales Unconstitutional
The Central African Republic’s (CAR) highest court has ruled that the use of government-backed cryptocurrency to buy land, citizenship and “electronic residency” is not in line with the country’s constitution. CAR’s Constitutional Court ruled that the purchases were unconstitutional and that nationality “has no market value”.
Singapore Takes Steps to Protect Retail Crypto Traders From Themselves
Ravi Menon, chief executive of the Monetary Authority of Singapore (MAS), said further steps could be taken to protect crypto investors from their own “irrationally reckless” ways of spending. He said it was a global issue, which had caught the attention of regulators around the world. He added that consumers are mostly looking at sharp price increases, disregarding the risks.
GoTo in Indonesia gets into crypto with the purchase of Kripto Maksima
GoTo, the Indonesian tech company, is getting into crypto by buying the PT Kripto Makisma Koin crypto exchange. GoTo bought 100% of the company’s shares, saying the purchase was part of a plan to transform the company into “a center for diversified financial management”.
Meta extends Instagram’s NFT sharing functionality to Facebook
Meta will allow people to post NFTs to Facebook and Instagram while continuing to roll out more features related to digital collectibles. The feature was added in May for Instagram and extended to Facebook from August 29.
JPMorgan’s Kelly: Sell Crypto, Stay Away From Large-Cap Tech Stocks
David Kelly of JPMorgan Asset Management said investors should focus on value stocks as the Fed continues to hike rates. He said investors shouldn’t look short-term and should instead overweight US and international value, as well as stocks with a lower price-to-earnings ratio.
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