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A 250 million pound ($325 million) luxury development has been launched in Dubai — and the people behind it don't mind if you pay in bitcoin.

Announced Wednesday by British entrepreneurs Michelle Mone and Doug Barrowman, Aston Plaza and Residences spans more than 2.4 million square feet and is split across two 40-storey residential towers.

Its developers claim that it will be the "first major development" to be priced in the virtual currency bitcoin.

"Being a designer for 21 years, it's a real passion of mine as the design side, and it's great to be partnering up together as well to launch this. And this is the first major global development where you can purchase in bitcoin," Mone told CNBC in an interview last week ahead of the announcement.

"Previously there's been an apartment here and there's been a house here and there, but never a £250 million development, so it's really exciting to be involved in."

Mone founded the lingerie brand Ultimo in 1996 through her company MJM International. She now owns the interior design firm Michelle Mone Interiors, which will be responsible for building main walkways and reception areas.


source: https://www.cnbc.com/2017/09/05/dubai-real-estate-project-first-to-be-priced-in-bitcoin-michelle-mone.html

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Russia's central bank has issued a new statement on the risks of cryptocurrencies and initial coin offerings (ICOs).

The Bank of Russia, according to a notice published yesterday, appears to be responding to the rising media profile of both ICOs – through which blockchain-based cryptographic tokens are sold in a crowdsale – as well as cryptocurrencies themselves within Russia. Indeed, even an aide to Russian president Vladimir Putin has said he is moving to hold an ICO of his own.

The statement notes the "high risks" of exchanging cryptocurrencies, as well as participation in ICOs (described as "a form of attracting citizens' investments").

The central bank went on to say that, at this stage, it won't greenlight any cryptocurrency trading on any official exchanges, nor would it approve the use of the tech for infrastructure purposes. At the same time, the Bank of Russia doesn't serve as a financial regulator in Russia; that role falls to the State Duma and the Ministry of Finance.

The Bank of Russia said (in a translated statement):

"Given the high risks of circulation and use of crypto-currency, the Bank of Russia considers it premature to admit crypto-currencies, as well as any financial instruments nominated or associated with crypto-currencies, to circulation and use at organized trades and in clearing and settlement infrastructure on the territory of the Russian Federation for servicing transactions with crypto-currencies and derivative financial instruments on them."

The statements come on the heels of China's move to ban ICOs and more tightly control the ecosystem of exchanges offering access to those token sales. As CoinDesk previously reported, China-based ICOINFO froze its platform last week ahead of the news, and is scheduled to begin returning money to users this weekend.

This morning, Hong Kong's chief securities regulators issued a warning of their own on ICOs, remarking that some tokens may constitute securities – echoing statements issued by officials in Singapore, Canada and the US in recent weeks.

source: https://www.coindesk.com/russias-central-bank-issues-warning-cryptocurrencies-icos/

MOSCOW - Bitcoin is not appropriate for use within the Russian economy since it is based on foreign cryptocurrency algorithms, Russian Communications Minister Nikolay Nikiforov said yesterday, moreover adding the country was capable of designing its own digital currency.

“Bitcoin and Etherium are cryptocurrencies developed on the basis of foreign cryptography. Russia has its own cryptography school. I think we are absolutely capable of creating a cryptographic unit, a tool, based on the blockchain technology, and work out concrete regulations to set the framework for the operations,” Nikiforov told reporters.

The minister warned of “blindly worshipping Bitcoin,” stressing the currency is alien to Russia, as it does not use Russian cryptographic technologies.

Nikiforov gave assurances he would not make any personal investments in Bitcoin.

He said the Russian Ministry of Telecoms had developed proposals on regulating cryptocurrency in Russia.

source: https://www.iol.co.za/business-report/economy/russia-is-not-interested-in-bitcoin-11083071