Russian central bank proposes banning cryptocurrencies, crypto mining

Russian central bank proposes banning cryptocurrencies, crypto mining
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Updated 20 January 2022

Russian central bank proposes banning cryptocurrencies, crypto mining

Russian central bank proposes banning cryptocurrencies, crypto mining
  • Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion

Russia's central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty.


Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism.

It eventually gave them legal status in 2020 but banned their use as a means of payment.


In December, the price of bitcoin fell after Reuters reported, citing sources, that Russia's regulator was in favour of a complete ban on cryptocurrencies.


In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid, warning that bubbles in the market could form, threatening financial stability and citizens.


The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat, or traditional currencies. The proposed ban includes crypto exchanges.


Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion.


Russia is the world's third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month.


The central bank said crypto mining created problems for energy consumption.

Bitcoin and other cryptocurrencies are "mined" by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles.

The process guzzles electricity and is often powered by fossil fuels.


"The best solution is to introduce a ban on cryptocurrency mining in Russia," the bank said.


Singapore’s Global Schools Foundation opens its first campus in Riyadh

Singapore’s Global Schools Foundation opens its first campus in Riyadh
Updated 13 sec ago

Singapore’s Global Schools Foundation opens its first campus in Riyadh

Singapore’s Global Schools Foundation opens its first campus in Riyadh

RIYADH: The Royal Commission for Riyadh City has announced the opening of Singapore-based Global Schools Foundation’s One World International School in Riyadh. 

This comes as part of RCRC International Schools Attraction Program that aims to bring international schools to the Saudi capital in partnership with the Ministry of Investment and the Ministry of Education, said a statement. 

“Attracting prestigious global institutions such as the OWIS is a big part of how Riyadh is creating a world-class education ecosystem,” Mazen Tammar, head of education sector at the RCRC, said. 

“The international institutions brought here by the RCRC will not only enhance the education sector but also contribute to the transformation of the capital into one of the world's most competitive and liveable cities by 2030,” he added. 

Founded in 2002, Singapore-based GSF has several international brands including OWIS, Dwight School — Korea and GIIS.

It currently operates 26 campuses in eight countries with over 25,000 students. 


Saudi Najran Cement’s profit slumped 61% owing to lower sales

Saudi Najran Cement’s profit slumped 61% owing to lower sales
Updated 32 min 2 sec ago

Saudi Najran Cement’s profit slumped 61% owing to lower sales

Saudi Najran Cement’s profit slumped 61% owing to lower sales

RIYADH: Saudi Arabia’s Najran Cement Co. posted a 61 percent decrease in profit for the first quarter of 2022, primarily due to lower sales.

The cement producer saw its profits fall to SR23 million ($6 million), down from SR60 million in the same period a year earlier, according to a bourse filing.

The decline in profit was caused by a decline in sales and an increase in production costs.

For the same period, sales and revenue totaled SR139 million, down 24 percent from the first quarter of last year.


Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales

Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales
Updated 38 min 40 sec ago

Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales

Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales

RIYADH: Dammam-based Saudi Arabian Amiantit Co. has widened losses by 344 percent in the first quarter of 2022 despite a slight increase in its revenues.

The company’s net losses widened to SR5.98 million ($1.5 million) during the first quarter of 2022, compared to SR1.34 million in the same period last year, according to a bourse filing.

Increased net losses happened despite a 4.3 percent increase in the company’s revenues. 

This rise in losses was a result of recorded accounting profits during the first quarter of 2021 against settlement discounts for some outstanding obligations with some banks that amounted to around SR20 million. 

Established in 1968, the company manufactures pipes. 


Saudi food delivery platform Jahez eyes full acquisition of The Chefz

Saudi food delivery platform Jahez eyes full acquisition of The Chefz
Updated 42 min 23 sec ago

Saudi food delivery platform Jahez eyes full acquisition of The Chefz

Saudi food delivery platform Jahez eyes full acquisition of The Chefz

RIYADH: Saudi food delivery platform Jahez said it has signed an initial deal to acquire The Chefz — one of its rivals in the Kingdom.

The firm, formally known as Jahez International Co. for Information Systems Technology, seeks a full acquisition of The Chefz, it said in a bourse filing.

Riyadh-based The Chefz is an app specialized in food delivery and caters to several citites across the Kingdom.

Valued at $2.94 billion as of May 19, Jahez joined Saudi exchange’s parallel market earlier this year as its first-ever listing of a local startup.


Saudi Alujain’s Q1 profit down as finance costs weigh on performance

Saudi Alujain’s Q1 profit down as finance costs weigh on performance
Updated 19 May 2022

Saudi Alujain’s Q1 profit down as finance costs weigh on performance

Saudi Alujain’s Q1 profit down as finance costs weigh on performance

RIYADH: Alujain Holding Corp. has recorded a profit decline of 7.5 percent as rising costs weighed on its performance during the first quarter of 2022.

The Saudi-listed investment firm, involved in Kingdom’s major petrochemical and mining projects, made SR55.8 million ($14.9 million) in profit, according to a bourse filing.

Alujain attributed the profit drop from SR60.3 million in the same period a year ago to an increase in finance costs.