Welcome to the digital age of technology and innovation. As you know, everything is continuous and concerning time change in the digital phase. Likewise, it also affected the currency. You likewise find out about computerized or digital forms of currency and Blockchain developments overall as an advertiser. However, this advanced cash is viewed as lawful and unlawful in nations all over the planet.
Several countries have constructed administrative structures that empower cryptocurrency to be utilized in exchanges and transform the way businesses work. There are the United States, the European Union, and many others etc. According to the Library of Congress, 42 nations have implicit limitations on using various cryptocurrencies. The following are some of the countries mentioned, Bahrain, Burundi, Cameroon, Republic of the Central African Republic, and some others etc. But according to the Library of Congress, nine nations have outright restrictions on bitcoin. Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia are among them.
Cryptocurrency
Cryptocurrency/Digital currency, at times known as digital money or crypto, is any advanced or virtual cash that utilizes encryption to defend exchanges. Cryptographic forms of money work without a focal giving or controlling authority as opposed to depending on a decentralized framework to follow exchanges and make new units. Cryptographic money is a computerized installment instrument that doesn't depend on banks for exchange confirmation. It's a shared installment framework that permits anybody from anyplace to send and get cash.
Blockchain is an interaction for keeping information that makes it irksome or challenging to change, hack, or cheat the system. A Blockchain is a computerized record of exchanges replicated and scattered across the entire association of PC structures on the Blockchain.
Interaction between cryptocurrency and Blockchain is the advancement that enables the presence of digital currency (notwithstanding different things). Bitcoin is the name of the most famous cryptographic cash for which Blockchain development was planned. Cryptographic cash manages the Blockchain, as it likewise is a decentralized, modernized structure.
Is Blockchain & Cryptocurrency legal or illegal in Kuwait?
According to the government
Kuwait's government doesn't perceive digital currency as a type of legitimate money. On account of its critical instability, the public authority has ruled against tolerating Bitcoin and other digital forms of money as lawful and delicate. Cryptocurrencies are also used by criminals to transmit money acquired via illegal activity. In light of this, the government has increased its suspicions about using virtual coins.
According to CBK (Central Bank of Kuwait)
Since central banks and other regulatory bodies do not supervise cryptocurrencies, keeping track of and managing them may be challenging. Beginning around 2017, Kuwait's Central Bank has denied business banks and other monetary organizations from handling any exchanges made in cryptocurrency. In May 2021, the CBK likewise put out an announcement emphasizing that digital currencies are not yet perceived as legitimate cash in the country. It is improbable that this position will be modified any time soon. The Central Bank of Kuwait has likewise given exhortation and wariness to its residents on the risks of cryptographic money speculation. The preventative assertion was a piece of the banks' "Be Aware" crusade.
Kuwait's laws and regulations regarding cryptocurrency and blockchain
Three statements of law are applied to Kuwait's public by its government. These are the following:
o Cryptocurrencies are not accepted for use in formal business transactions by Kuwait's Ministry of Finance. The Central Bank of Kuwait (CBK) also forbids the trade of cryptocurrencies by the banking industry and the businesses it controls.The limitation covers tolerating the utilization of digital currencies in electronic installment exchanges and interceding between gatherings to cryptographic money exchanges. [Local gov law/Kuwait/523]
o The Ministry of Commerce and Industry has been tasked by the CBK to alert consumers to the dangers associated with cryptocurrencies like bitcoin. [Local gov law/Kuwait/524]
o In January 2018, the CBK affirmed that it was making a foundation for the cash related and banking area in the nation, including the issuance of an e-money, which is seen from virtual financial guidelines. The statement said that the groundwork of neighborhood computerized cash would fall under the umbrella of e-payment. The Central Bank included that the high-level area money will have comparative credits as paper cash, for instance, an issuance number. The Kuwaiti government will similarly take a look at it. Moreover, it may be traded with different monetary standards and used to pay for labor and products. [Local gov law/Kuwait/525]
Let's these above all are the laws and regulations you read, now here a question arise that
Does Kuwait allow the sale and purchase of cryptocurrency by the public?
The Kuwaiti controller and different establishments like the Central Bank have stayed quiet on cryptographic forms of money, tokens, and other Blockchain innovations starting today. When in doubt, on the off chance that the law doesn't explicitly disallow a movement, that lead is passable. It infers that you should direct intensive review assuming you choose to get. There aren't many spots to purchase cryptographic forms of money in Kuwait, yet YallaBit is one computerized firm worth watching out for. YallaBit has hostile to AML and know-your-client (KYC) guidelines set up, so you can purchase cryptocurrency with only an ID, and not at all like different providers; can you have your digital money that very day.
Conclusion
However, the Kuwaiti government doesn't consider cryptographic money as legitimate delicate in the country; the residents of Kuwait can, in any case, trade digital currency however they see fit. Banks and other monetary organizations are prohibited from permitting exchanges utilizing virtual currency. To evade individuals' revenue in cryptographic forms of money, the Central Bank of Kuwait is likewise dealing with fostering computerized cash and an advanced stage to trade it on.
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The Public Authority for Manpower, with the cooperation of the Kuwait Society of Engineers, will start the procedures for accrediting the certificates of 71 professions in the engineering, architectural and agricultural fields, and assistant engineering professions, reports Al-Qabas daily. According to informed sources, the procedures will not only be concerned with the approval of certificates, but will also include conducting tests in some specialties and professions, as part of a plan to filter marginal workers out of the labor market.
The interview will be carried out for many professions and specializations, such as interior designers and draftsmen working in the electrical, civil and mechanical engineering fields. Meanwhile, a report by the Public Authority for Civil Information revealed that the number of non-Kuwaiti workers registered in the professions of technician, assistant specialists in natural sciences, and engineering in the private sector was 30,000, compared to only 310 Kuwaitis.
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According to a senior security source, about 10,800 residents who were in violation of the residency law were deported during the period from January 1 to June 20, reports Al-Seyassah daily. In a press statement, the source explained that most of the deportees were marginal workers residing in bachelors’ residential areas such as Jleeb Al-Shuyoukh, Mahboula, Shuwaikh Industrial Area, Bneid Al-Gar, Wafra Farms and Abdali area. The security campaigns are continuing, and are not exclusive to one region without another.
The source denied the report about the violating workers fleeing from Jleeb Al-Shuyoukh and migrating to other areas in order to escape the intensive security campaigns, insisting that there is a security cordon and continuous monitoring of the situation. He highlighted that First Deputy Prime Minister and Minister of Interior Sheikh Ahmed Al-Nawaf and the Undersecretary of the ministry Lieutenant General Anwar Al-Barjas have been diligently following up on a daily basis the file related to violators of the residency law and security campaigns. He said, “There is absolutely no problem for anyone who resides in any of these areas as long as his residency is valid and his status is legally sound”.
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The issue of the Integrated Tax System (ITAS), which the Ministry of Finance seeks to introduce, has returned to the fore, as the ministry is now required to take its final decision regarding the company that will undertake this important step in the tax sector in the ministry before the date of next July 8, reports Al-Anba daily. The tax sector’s endeavor in the Ministry of Finance to introduce the Integrated Tax Management System (ITAS), comes within the framework of the continuous development processes of the sector, while these systems were specifically identified as helping the Ministry in managing the current tax laws, and any other laws that may be introduced in the future.
In this regard, “al-Anbaa” learned, through its informed sources, that the Ministry of Finance received a single financial offer regarding the practice of supplying, installing and operating the Integrated Tax Management System (ITAS), and that the bid submitted in connection with this practice came at a cost that may reach about 5.5 million dinars. And that the Ministry of Finance has a period that extends until mid- July to study the bid, make appropriate recommendations and take the appropriate decision in this regard.
The tax administration in the Ministry of Finance began ambitious projects years ago to develop its business, which included providing advisory services for the development of tax administration and the selection of a suitable company to provide the integrated tax management system and related services, as well as providing project management, change management and quality assurance services during the development of the Integrated tax administration system in the ministry.
Through these advisory services, the ministry aims to study the current status of taxation procedures, evaluate the current organizational structure, prepare a report based on the current and future situation and provide the necessary recommendations and prepare a future vision for the taxation model, develop the engineering structure for information systems, design future work procedures, and develop the structure including preparing the job description, preparing the request for proposals to select a suitable system and supplier for the development of the integrated tax management system and related electronic services.
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The Economist Intelligence Unit, affiliated with the British Economist magazine, highlighted many obstacles hindering the implementation of development projects that are part of the New Kuwait 2035 vision, reports Al-Rai daily.
The administrative difficulties represent the biggest source of bottlenecks in the completion of Kuwaiti projects. The bureaucracy struggles with chronic problems represented in conflicts between departments, lack of decisiveness in the strategy of contracts, lack of efficiency in decision-making, and continuous delays. In addition, the rift between the government and the National Assembly, which constitutes a constant source of oversight and legislative problems, has led to delay and cancellation of major development projects since 2016. The technical problems in completing the projects are related to the great shortage that Kuwait is currently facing in the skilled workforce, following the departure of many expatriate workers from the country.
This problem is expected to worsen with the government’s acceleration of Kuwaitization policies, which will continue to cause a shortage of manpower, and thus create more obstacles in the implementation phase of the projects. On the other hand, there is a positive factor represented in the less financial difficulties that Kuwait will face in 2022 with the rise in oil prices, which led to an improvement in the country’s public finances and thus increased capital investment.
The New Kuwait 2035 vision forms the basis of the government’s long-term strategy to diversify the economy and reduce Kuwait’s dependence on oil, and it thus will take priority in budget spending. The government is expected to use the sudden wealth, represented by the large oil revenues, to invest in huge infrastructure projects such as the Kuwait City metro network and the railway network in order to meet the objectives of the national development plan.
It is also possible that the government will focus on modernizing the existing infrastructure because the significant lack of infrastructure hinders economic growth and fuels political discontent. The Economist Intelligence Unit concluded that, after the forced reduction of capital spending in 2020/2021, the government will strengthen its support for projects with capital returns according to the New Kuwait 2035 vision during the forecast period of 2022-2026. Major public projects will remain threatened due to political blockages and slow bureaucratic procedures, which will lead to continued delays in projects and a limitation of progress. It indicated that the technical difficulties in the implementation phase would increase in parallel with the departure of more expatriate workers and the widening imbalance in the labor market.
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A fisherman on the Mekong river in Cambodia has hooked the biggest freshwater fish ever recorded, scientists said – a 300-kilogram stingray. The giant freshwater stingray, which measured four meters from snout to tail, was caught last week and released back into the wild after being fitted with a tag to track its behavior.
The monstrous bottom-dweller beat the previous record for biggest recorded freshwater fish, held by a 293-kilo Mekong giant catfish caught in Thailand in 2005, the US-funded Wonders of the Mekong research project said. The stingray, caught in Stung Treng province in northern Cambodia, was more than twice the weight of an average lowland gorilla, the experts said.
“In 20 years of researching giant fish in rivers and lakes on six continents, this is the largest freshwater fish that we’ve encountered or that’s been documented anywhere worldwide,” Zeb Hogan, a fish biologist leading the Wonders of the Mekong project, said in a statement released Tuesday. “This is an absolutely astonishing discovery, and justifies efforts to better understand the mysteries surrounding this species and the incredible stretch of river where it lives.”
The researchers fitted an acoustic tag to the stingray before returning it to the river, to try to learn more about the secretive creature’s elusive behavior. Last month, an endangered giant freshwater stingray four meters long and weighing 180 kilos was also hooked by a fisherman in the same province. More than 1,000 fish species call the Mekong home and the stingray is not the only giant lurking in the muddy waters – the giant catfish and giant barb also reach up to three meters long and 270 kilos in weight.
Scientists have warned that plastic waste threatens wildlife even in the deepest stretches of the Mekong, along with “ghost nets” – abandoned by fishers but still able to snare fish. The famous waterway starts in China and twists south through parts of Thailand, Laos, Myanmar, Cambodia and Vietnam, feeding 60 million people through its basin and tributaries. But environmentalists have long voiced concerns about dam building along the Mekong River that will destroy fish stocks. – AFP
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Embassy of India, Kuwait celebrated the 8th International Day of Yoga (IDY) at the iconic Red sandstone building of the Embassy today (21 June).
Delivering the inaugural remarks, Ambassador of India to Kuwait, His Excellency Shri Sibi George highlighting the importance of Yoga said that the Yoga is a product of Indian civilization and is an invaluable gift of ancient India to the world. He further said that Yoga is not a religion; it is a way of life that aims towards a healthy mind in a healthy body. Yoga does not discriminate; all people can practice it, regardless of their strength, age or ability. Yoga has the innate power to connect people and societies. Ambassador also said that Yoga transcends boundaries and brings everyone together and in its true essence is a unifying force.
Ambassador said that the main IDY 2022 event was held at Mysore in Karnataka today morning led by Hon’ble Prime Minister of India, Shri Narendra Modi. He quoted Prime Minister’s remarks “Yoga brings peace for us. The peace from Yoga is not merely for individuals. Yoga brings peace to our society. Yoga brings peace to our nations and the world. And Yoga brings peace to our universe”. The celebrations in Kuwait were part of ‘The Guardian Ring’ programme of the Government of India which was a relay Yoga streaming event which captured and weaved together digital feeds of IDY programmes organized by Indian Missions/Embassies abroad. It showcased the IDY celebrations in 75 countries from East to West, with the movement of Sun, covering 16 time zones.
Embassy had been organizing various events, online and offline, in the run up to the IDY since last two months which included regular Yoga classes and sessions.
During today’s Celebrations, a Yoga Session was held including Natya and Hatha Yoga followed by a session of Common Yoga Protocol, which was telecasted live all over the world and live performance of Kalaripayattu-the ancient martial art form of India.
During the event, Ambassador launched the special edition of Ayush Bulletin.
On the occasion, Ambassador also inaugurated a Herbal Plants Exhibition, displaying the medicines from Indian Home Gardens and an Ayurveda Exhibition showcasing the daily Indian spices and herbs.
A Tea Tasting Event, bringing to Kuwait the aroma of Indian Tea-World’s Gold Standard, was also organized.
The event witnessed enthusiastic response with physical participation of more than 500 people from different walks of life including foreign diplomats, persons from media fraternity, Indian Diaspora and Friends of India in Kuwait. For more details about the event, please visit the website and social media handles of the Embassy.
Remarks by Ambassador Sibi George at the International Day of Yoga celebrations, June 21, 2022
Your Excellencies Ambassadors who have joined us today,
Members of the Indian community who are present physically here and als those who are joining us virtually,
Distinguished guests,
Office Bearers of various Indian associations in Kuwait,
Media Representatives,
Ladies and Gentlemen, Good Morning to all.
Congratulations to all on the occasion of the 8th International Day of Yoga. Also, Greetings of Azadi ka Amrut Mahotsav, 75th anniversary of India’s independence to all. I welcome each one of you to the 8th International Day of Yoga celebrations today.
I would like to begin by thanking His Highness Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, Amir of the State of Kuwait, and His Highness Sheikh Mishaal Al-Ahmed Al-Jaber Al-Sabah, Crown Prince of the State of Kuwait, for hosting the large Indian community in Kuwait. I also pay my respect and gratitude to those individuals and organizations who have been working and contributing towards further strengthening the long-standing dynamic partnership between India- Kuwait.
Dear Friends,
I am so happy to be here today addressing this gathering of distinguished guests, Excellencies Ambassadors, Diplomats, Yoga Gurus, Yoga Lovers, Friends of India and all participants at this IDY celebrations 2022. I welcome each one of you. I express my sincere gratitude to the yoga practitioners and enthusiasts, volunteers and association leaders and my colleagues in the Embassy and our many partners who worked hard to organize this memorable event today. It has not been easy. It has not been easy at all. The team worked day and night for several weeks to make this happen today. For over two months almost every day we were organizing various events, online and offline, in the run up to this day. We held regular yoga classes and sessions to prepare ourselves for this morning. Thank you to one and all.
Dear Friends,
Today, Embassy is organizing IDY 2022 to promote our common cultural heritage. Yoga is a refined product of Indian civilization and is an invaluable gift of ancient India to the world. Yoga is already immensely popular all over the world including in our friendly State of Kuwait. Most of you present here today are regular practitioners of yoga. So, I would not like to speak much about Yoga but would like to emphasize that Yoga is not a religion; it is a way of life that aims towards a healthy mind in a healthy body. It does not discriminate; all people can practice, regardless of their strength, age or ability. It is the innate power of Yoga to connect people and societies. It transcends boundaries and brings everyone together. Yoga in its true essence is a unifying force.
No wonder then that the United Nations Organization unanimously adopted 21 June as the International Day of Yoga. On 7 November, 2014 when the United Nations General Assembly adopted the resolution to celebrate 21st June, the day of the summer solstice, as International Day of Yoga every year, it was proposed by India and was co-sponsored by an overwhelming 177 countries of the world. The State of Kuwait was one of the co-sponsors. It has been eight years since that day and the spread of Yoga continues unabated all across the globe including in our friendly State of Kuwait.
Dear Friends,
This Year IDY celebrations is special as we are celebrating it in physical mode after a gap of two years, due to the devastating Covid 19 pandemic. The Theme of IDY 2022 is “Yoga for Humanity”. The main event of the IDY 2022 was held at Mysore in Karnataka today morning led by Hon’ble Prime Minister of India Shri Narendra Modi ji. In his address today morning Hon’ble Prime Minister said, and I quote: “Yoga brings peace for us. The peace from Yoga is not merely for individuals. Yoga brings peace to our society. Yoga brings peace to our nations and the world. And Yoga brings peace to our universe. This whole universe starts from our own body and soul. The universe starts from us. And, Yoga makes us conscious of everything within us and builds a sense of awareness. Millions of people with inner peace will create an environment of global peace. That is how Yoga can connect the people and countries, and how Yoga can become a problem solver for all of us.” Unquote.
Dear Friends,
Our celebrations here today in Kuwait is part of the “The Guardian Ring" event which is a relay Yoga streaming event capturing and weaving together digital feed of IDY programmes organised by Indian Embassies abroad. It showcases the IDY celebration in 75 countries from east to west, with the movement of the sun, covering 16 time zones.
Along with IDY celebrations here today, here in Kuwait, we are also organizing an Herbal Plants Exhibition and an Ayurveda Exhibition which we will inaugurate immediately after this event. I invite you all to join me at these exhibitions and also for an Indian Tea Tasting event that follows. We have also made arrangements some basic Ayurveda treatment at the premises. We will also be releasing the Special Edition of AYUSH Bulletin with particular emphasis on Yoga. It is a bilingual publication, English and Arabic, which is entirely an in-house effort of the AYUSH Information Cell of the Embassy.
Dear Friends,
I invite you to continue to practice Yoga with us in the Embassy. We will have Yoga sessions every Friday and Saturday throughout the year. I wish the IDY 2022 a great success and wish you all a healthy and happy life. I once again thank you all for joining me today at this IDY 2022 celebrations.
Thank You and Good Morning.
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The Communications and Information Technology Regulatory Authority (CITRA) is currently working on establishing an international telecommunication access infrastructure by linking with one of the longest underwater cables in the world, reports Al-Qabas daily.
According to informed sources, the cables, which will be implemented through a consortium of companies, will pass through the Gulf countries to South Africa, and then link with the international communication traffic, thus becoming the longest global marine cables. Kuwait is currently connected to two marine cables that link it to international telecommunications traffic.
However, one of the cables is disabled due to frequent interruption and inefficiency as a result of its old infrastructure. The establishment of a new underwater cable would increase the telecommunications traffic to and from the global internet so that local companies can provide Internet services to the public with higher efficiency. The granting of a license to a company to establish a free international communications infrastructure in Kuwait will contribute to increasing the annual revenues of the state.
It will also contribute to strengthening the Internet for local companies by operating additional capacities on the new cable. The sources said, “The sea and land cables will enhance the level of service and prices offered to the public by linking Kuwait to the global Internet, and work on distributing international communications through multiple international gateway. This will reduce the impact of interruptions on the users, and enhance the sustainability of linking Kuwait with the global network”. Regarding the number of land cables, they stated that the country has three land cables currently, indicating that work is underway to establish a fourth land cable that will be completed within six months after creating extensions between the country’s switchboards.
The sources called on the Ministry of Communications to establish parallel lanes for cables linked to the switchboards, explaining that the Umm Al-Hayman, Al- Zour and Al-Nuwaiseeb exchange switchboards are linked by one cable, and in the event of a disconnection, the communications traffic will be affected, especially in light of the construction works on King Fahad bin Abdulaziz Road (Fifth Ring Road).
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