RAKBANK has become the first traditional bank in the country to offer crypto trading through its mobile banking app.
The new service lets customers buy, sell, and swap cryptocurrencies directly in AED with no need to convert to foreign currencies or use third-party exchanges. It’s powered by Bitpanda, a Europe-based crypto platform regulated in Dubai under VARA.
Your Bank is Now Your Crypto Exchange
Until now, most UAE users had to move funds to global platforms like Binance or Coinbase to trade. That process usually involved converting from dirhams to dollars, paying extra fees, and dealing with platforms outside the country’s regulatory scope.
With RAKBANK’s new feature, that entire process is cut out. Users can now access crypto markets directly from their savings or current accounts, with trades executed and settled in dirhams.
“We believe [customers] deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED,” said Raheel Ahmed, RAKBANK Group CEO
Bitpanda Adds Credibility and Compliance
The service is being rolled out in partnership with Bitpanda Broker MENA DMCC, a VARA-regulated entity in Dubai. Bitpanda already works with major European institutions like Deutsche Bank and Raiffeisen Bank and is regulated in Austria and Germany.
Calling the partnership a “big moment for digital assets in the region,” Bitpanda’s deputy CEO Lukas Enzersdorfer-Konrad highlighted the opportunity to bring simple, safe crypto access to mainstream users in the UAE.
For now, the service is available by invitation only, with a full rollout expected in the coming months. Supported assets at launch include Bitcoin, Ethereum, Solana, and Ripple (XRP), with more to be added soon.
UAE’s Crypto Momentum Keeps Building
RAKBANK’s crypto launch fits into the UAE’s wider push to become a global crypto hub. Over 600 crypto firms are already operating in Dubai’s DMCC free zone. The country has also been quick to approve innovations like Ripple’s RLUSD stablecoin.
By being the first bank in the region to offer direct, regulated retail access to crypto, RAKBANK may have just set a new standard and likely started a trend that other banks in the region won’t want to miss.
A recent Cambridge report confirms that the United States now leads global Bitcoin mining, prompting questions about how China will respond. Though the country has long held an anti-crypto stance, Chinese mining pools have historically controlled a substantial portion of the global Bitcoin hashrate.
The US’s current competitive edge and renewed hostility over trade policy might motivate China to recapitulate. BeInCrypto spoke with representatives from The Coin Bureau and Wanchain to understand what might encourage China to change its stance toward digital assets.
US Overtakes China as Top Bitcoin Mining Hub
The US has firmly established itself as the world’s largest Bitcoin mining hub. A recent Cambridge Centre for Alternative Finance (CCAF) report revealed that the US accounts for 75.4% of the reported hashrate.
Global distribution of Bitcoin mining activity. Source: CCAF.
This newest development confirms a notable reversal of power over Bitcoin mining dominance. China emerged as the world’s leading Bitcoin mining nation as early as 2017, leveraging its extensive mining infrastructure and low electricity costs to contribute upwards of 75% of the global hash rate at one point.
Yet, the country would later crack down on the industry.
China’s Crypto Crackdown
In 2019, the National Development and Reform Commission of China (NDRC) signaled its intention to prohibit cryptocurrency mining by releasing a draft law categorizing it as an “undesirable industry.”
Two years later, at least four Chinese provinces began shutting down mining operations. These crackdowns intensified amid concerns over excessive energy consumption.
However, China possesses a proven capacity to adjust to geopolitical shifts that could jeopardize its economic dominance, and the current environment may present such a challenge.
Has Bitcoin Mining in China Truly Stopped?
Even with China’s official stance toward crypto, mining activity has not stopped within the region. In July 2024, Bitcoin environmental impact analyst Daniel Batten reported that the hashrate within China currently accounts for approximately 15% of the global total.
7/8
Bottom lines: 1. 15%+ hashrate still comes from China
2. If you have 200-500 miners and want to do renewable-energy mining, you’re welcome
3. This is particularly in Inner Mongolia, the Texas of China, which has a lot of wasted renewable power they want to monetize pic.twitter.com/r6QUgmLmjT
“Despite the official ban, the infrastructure is already in place: from offshore mining to cross-border trading hubs. With more global momentum behind crypto adoption and the US taking the lead, China may find itself incentivized to lean in more strategically, even if unofficially,” Nic Puckrin, Co-founder of the Coin Bureau, told BeInCrypto.
China also has a geographical advantage over the United States, especially regarding technological advancements.
Crypto mining, especially for proof-of-work cryptocurrencies like Bitcoin, depends on Application-Specific Integrated Circuit (ASIC) equipment to handle the necessary complex calculations for validation and mining.
China’s position as a top exporter of crypto mining hardware, particularly to the US, gives it a potential advantage should it decide to revive its mining sector.
Puckrin believes that the combination of trade friction and the US’s invigorated push for crypto dominance might be sufficient to make China reconsider its position.
“It’s unlikely China will make a public U-turn on its crypto mining and trading ban anytime soon. However, with US-based miners accounting for higher and higher proportions of Bitcoin’s hashrate, China is bound to be paying attention and may well be quietly reassessing its stance,” Puckrin told BeInCrypto.
However, China has strategies beyond restarting its Bitcoin mining industry to undermine the United States’ dominance.
China’s Nuanced Approach Beyond US Influence
Even though China opposes the widespread use of cryptocurrencies domestically, it may still see value in digital assets to counterbalance the US dollar’s global currency dominance.
Several countries worldwide have either adopted or are considering central bank digital currencies (CBDCs) to strengthen their domestic currencies. China is at the forefront of these developments.
“Despite the ban on Bitcoin mining, China has actively participated in the digital asset space, through initiatives like CDBC research and the digital yuan, or e-CNY,” Wanchain CEO Temujin Louie told BeInCrypto.
In fact, China’s efforts to create a digital yuan are partly driven by its desire to de-dollarize its economy and lessen its dependence on the US dollar.
Louie also suggested that whatever move China makes, it won’t solely base its decision on what the US does or does not do.
That said, China’s decisions about digital currency will, in turn, affect how its position on crypto continues to develop.
“Weakening USD dominance, whether exacerbated or caused by President Trump’s approach to tariffs, may embolden China to be more aggressive in [its] efforts to internationalise the yuan, including the digital yuan, or e-CNY. Any change to China’s broader strategy will be reflected in [its] stance towards crypto,” he concluded.
China’s activity in other areas of international trade already proves how nuanced its policy changes tend to be.
Could China’s Conflicting Crypto Policies Signal a Change?
Aside from its appreciation of digital currencies like the e-CNY, China’s stance on crypto has already proven somewhat contradictory. These discrepancies may fuel the belief that the country might just be willing to revert—or at least soften—its total ban on mining.
A month ago, investment firm VanEck confirmed that China and Russia –two countries particularly burdened by US sanctions– are reportedly settling some of their energy trades using Bitcoin.
Russia and China are settling oil trades in BTC. I’ve heard first hand accounts of similar transactions with Venezuela. Full tankers are settled in BTC on the “grey” market. The U.S. Government crossed the Rubicon in 2022 by seizing Russian assets at the Federal Reserve and… pic.twitter.com/Y8OwJROw9W
“With the US dollar increasingly being used as a political lever –particularly in tariffed economies– other nations are actively exploring alternatives. Indeed, many countries around the world, including China and Russia, are already using Bitcoin as an alternative for trading in commodities and energy, for example. This trend is only going to accelerate as digital assets become a more prominent part of the global economy,” Puckrin told BeInCrypto.
According to Puckrin’s analysis of these indicators, China’s “shadow crypto economy” is projected to expand this year, which could result in a reassertion of its power. This resurgence would be primarily in response to de-dollarization efforts, rather than a reaction to US dominance in mining.
“We’ll likely see this activity ramping up in the near future, especially as more countries use crypto to bypass dollar-dominated systems,” he concluded.
It will remain crucial to interpret China’s intentions, especially regarding cryptocurrency, by observing its actions rather than relying solely on its official statements.
Rumors are swirling that the U.S. government could be preparing to make a major Bitcoin move, potentially investing up to $100 billion. While it may sound like a bold idea, Sebastian Bea, President of Coinbase Asset Management, argues that it’s not as far-fetched as it seems.
In a recent interview, Bea explained how a small accounting change could unlock enough value for the government to invest in Bitcoin, all without increasing the national debt or printing new money.
Gold Revaluation Could Unlock $100 Billion for Bitcoin
Currently, U.S. gold reserves are still listed at the 1973 price of $42.22 per ounce, despite gold now trading at over $3,300 per ounce. This discrepancy leaves a nearly $900 billion gap between the gold’s book value and its real market value. Bea suggests that a simple update in legislation to reflect the true value of gold could open the door to a significant financial gain.
How Bitcoin Fits Into the Plan
The key to making this work is amending 31 U.S.C. § 5117, which would allow the U.S. Treasury to issue higher-value gold certificates. This could effectively create a sovereign wealth fund, with the capital used to purchase Bitcoin. Bea’s strategy aligns with the proposed BITCOIN Act from Senator Cynthia Lummis, which calls for the U.S. Treasury to purchase one million Bitcoin over five years—without adding to the federal deficit.
The implications of such a move would be massive. Buying 5.5% of Bitcoin’s market cap would send shockwaves through the global market, potentially triggering other governments to follow suit as they look to remain competitive in an increasingly digital world.
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Could It Happen Soon?
While Bea has not set a specific timeline, he suggested that the U.S. could make this move as soon as 2025 if the political momentum is right. With Bitcoin currently hovering around $94,000, a U.S. investment of this scale could push the cryptocurrency’s price even higher, setting the stage for a new era of Bitcoin adoption by nation-states.
The path to a U.S. Bitcoin reserve might be shorter than we think—especially if Congress decides to make a small but powerful legislative change. The potential impact? A massive new chapter for Bitcoin and its place in the global economy.
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The post The U.S Will Likely Buy $100 Billion in Bitcoin Soon, Says Sebastian Bea, President of Coinbase Asset Management appeared first on Coinpedia Fintech News
Rumors are swirling that the U.S. government could be preparing to make a major Bitcoin move, potentially investing up to $100 billion. While it may sound like a bold idea, Sebastian Bea, President of Coinbase Asset Management, argues that it’s not as far-fetched as it seems. In a recent interview, Bea explained how a small …
While the Shiba Inu price remains in a bear market, one crucial catalyst may help it surge in the near term: its soaring burn rate. SHIB trades at $0.000014, just a few points above the year-to-date low $0.00001025. This article explains the bullish case as the SHIB burn rate and staking ratio rises.
Shiba Inu Price May Benefit From the Burn and Staking Rate
A token burn is a crucial process in which a crypto project reduces the amount of tokens in circulation by sending them into an inaccessible address. It helps to reduce the supply and boosting its sentiment among investors.
Shiba Inu price may benefit from the ongoing burn rate that has reduced the number of SHIB tokens in circulation. Data show that the network has burned over 420 trillion tokens since its inception, and the rate is accelerating. The daily burn rate rose by 14.76 million on Monday, leaving those in circulation at 584 trillion.
Further, on-chain data shows that over 15,000 SHIB Army members have staked their xSHIB tokens. Over 4.83 trillion currently worth over $67 million, have been staked. That is a sign that these users anticipate the Shiba Inu price to continue rising over time.
Shiba Inu burns its tokens in a number of ways. The most common one is where holders move their tokens to a dead address. Another one is where fees generated from its ecosystem like Shibarium is changed from BONE to SHIB and then incinerated.
SHIB Can Soar 150% if Key Support Holds
A recent CoinGape article estimated that the value of SHIB would eventually surge 17x in the long term. This article cited a chart forming a triangle pattern that hinted it was in a strong buy zone.
The daily chart below adds to the optimism that the Shiba Inu price will eventually rocket higher, potentially by 150% from the current level.
This chart reveals that the coin has formed a giant double bottom pattern at $0.00001080, its lowest level in August last year and this month. It is a giant one because its neckline is at $0.000033. This price signals a near 150% surge from the current level.
There will be several key SHIB price targets to watch out before the target is reached. The first one is at $0.00001565, the neckline of the smaller double-bottom pattern that has formed this month.
Shiba Inu Price
After this, the bullish Shiba Inu forecast will be confirmed when the coin rises above $0.000022, the 50% Fibonacci Retracement level. The outlook will be canceled when the coin crashes below the double-bottom point at $0.00001080. A drop below this level will cancel the bullish view.
