Today in cryptocurrency, Meta is now enabling people to post non-fungible tokens (NFTs) they own on Facebook and Instagram. Also, the Central African Republic’s top court has ruled that using government-backed cryptocurrency to purchase land, citizenship and “e-residency” goes against the country’s constitution, and the head of Singapore’s central bank is weighing new measures to restrict and discourage speculation in trading crypto.
Court Says Central African Republic’s Crypto Sales Are Unconstitutional
The Central African Republic’s (CAR) top court has said using government-backed cryptocurrency to buy land, citizenship and “e-residency” doesn’t go along with the constitution for the country. The CAR’s Constitutional Court found that the purchases were unconstitutional and that nationality “doesn’t have a market value.”
Singapore Moves to Protect Retail Crypto Traders From Themselves
Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), has said there might be more measures coming down to protect crypto investors from their own “irrationally oblivious” ways of spending. He said this was a global problem, which had attracted regulator attention worldwide. He added that consumers were mostly looking at the sharp price increases, without taking the risks into account.
Indonesia’s GoTo Gets Into Crypto With Kripto Maksima Purchase
GoTo, the Indonesian tech firm, is stepping into crypto as it buys crypto exchange PT Kripto Makisma Koin. GoTo has bought 100% of the company’s shares, saying that this purchase was part of a plan to turn the company into “a diverse money management hub.”
Meta Expands NFT Sharing Feature From Instagram to Facebook
Meta will let people post NFTs on Facebook and Instagram as it continues to roll out more features related to digital collectibles. The feature was added in May for Instagram, and expanded to Facebook as of Aug. 29.
JPMorgan’s Kelly: Sell Crypto, Stay Away From Large Cap Tech Stocks
David Kelly with JPMorgan Asset Management said investors should be focused on value stocks as the Fed keeps raising rates. He said investors shouldn’t be looking at the short term, and instead should overweight U.S. and international value, along with stocks with lower price-to-earnings ratio.
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