China’s relationship with Saudi Arabia is growing as the country’s Cabinet has agreed to join the Shanghai Cooperation Organization (SCO). The diplomatic move made by the kingdom began with a memorandum of understanding in September, and at the end of March, Saudi Arabia’s Cabinet approved the decision to become a dialogue partner. The Cabinet’s decision followed Saudi Arabia’s resumption of its relationship with Iran in a deal brokered by China.
China, a member of the BRICS bloc, has been strengthening its relationship with Saudi Arabia recently. Several reports indicate that the Cabinet in Riyadh has approved a decision to join the Shanghai Cooperation Organization (SCO). The SCO is a union of Eurasian states established by China, and it is the world’s largest political, economic, and military alliance. Members include India, Russia, Pakistan, Kazakhstan, Kyrgyzstan, and Tajikistan, among others. In September 2022, Oilprice.com author Simon Watkins was the first to report that Saudi Arabia initiated a memorandum of understanding to join the SCO.
Amid Saudi Arabia’s Cabinet approval to join the SCO, the country revealed a renewed relationship with Iran and plans to reduce daily oil production. Senior Saudi and Iranian diplomats recently met in China to restore the two countries’ relationship. Iran reported that it would reopen embassies and consulates, and the two regions would revive trade deals. However, the U.S. Central Intelligence Agency (CIA) director Bill Burns emphasized in a report published by The Washington Post that the United States feels “blindsided” by Riyadh’s moves to work with Iran.
On April 6, Saudi and Iranian officials met in Beijing and resumed flights and visa issuance for citizens between the two countries after a seven-year breakup. Iran is also among nine dialogue partners, including Turkey and Qatar, as an SCO observer member. The United States’ request to become an SCO observer was denied in 2005. The SCO is led by Secretary-General Zhang Ming and is headquartered in Beijing. While China and Saudi Arabia’s relationship has grown deeper, the Kingdom’s bond with Russia has strengthened during the same period.
Six days ago, Bitcoin.com News reported that Saudi leaders had announced oil production cuts with members of the Organization of the Petroleum Exporting Countries (OPEC). The Russian Federation also said it would participate in oil production cuts, joining hands with Riyadh, and has been collaborating with Saudi Arabia in this manner since December 2016. The following year, Saudi leaders and Russia grew closer when king Salman bin Abdulaziz Al Saud visited in 2017. The bond between the two nations has also grown stronger since Saudi crown prince Mohammad bin Salman coordinated a deal to release ten prisoners of war in September.
The BRICS countries (Brazil, Russia, India, China, and South Africa) have significantly increased the pace of their political maneuvers over the past month. For instance, China settled a bilateral deal with Brazil to purchase Liquefied Natural Gas (LNG) in their respective national currencies. At the same time, the BRICS bloc has emerged as the world’s largest gross domestic product (GDP) group. India has announced that it will facilitate international trade settlements in rupees under the latest foreign trade policy framework enacted on April 1. Russia’s deputy chairman of the State Duma, Alexander Babakov, revealed that the BRICS bloc plans to meet and discuss a new reserve currency issued by BRICS.
When the United States was denied observer status by the Shanghai Cooperation Organization (SCO) in 2005, Russia and China expressed concern about the U.S. presence in Central Asia. At the time, SCO members believed that the U.S. had not shown sufficient commitment to the organization’s principles and goals to justify granting observer status. Over the past 17 years, the relationship between the United States and China and Russia has deteriorated significantly.
While China has been seeking to form new alliances in Africa, U.S. vice president Kamala Harris visited Africa last week, according to a New York Times report. The meeting, the NYT reported, was “intended to send a simple message to its governments and people — China is not your friend. The United States is.” Russia, too, has been working with several African nations, and it has been suggested that Africa’s relationships with China and Russia could lead to a cold war with the United States.
What do you think the implications of Saudi Arabia joining the Shanghai Cooperation Organization as a dialogue partner will be for the region and the world? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
China’s relationship with Saudi Arabia is growing as the country’s Cabinet has agreed to join the Shanghai Cooperation Organization (SCO). The diplomatic move made by the kingdom began with a memorandum of understanding in September, and at the end of March, Saudi Arabia’s Cabinet approved the decision to become a dialogue partner. The Cabinet’s decision followed Saudi Arabia’s resumption of its relationship with Iran in a deal brokered by China.
China, a member of the BRICS bloc, has been strengthening its relationship with Saudi Arabia recently. Several reports indicate that the Cabinet in Riyadh has approved a decision to join the Shanghai Cooperation Organization (SCO). The SCO is a union of Eurasian states established by China, and it is the world’s largest political, economic, and military alliance. Members include India, Russia, Pakistan, Kazakhstan, Kyrgyzstan, and Tajikistan, among others. In September 2022, Oilprice.com author Simon Watkins was the first to report that Saudi Arabia initiated a memorandum of understanding to join the SCO.
Amid Saudi Arabia’s Cabinet approval to join the SCO, the country revealed a renewed relationship with Iran and plans to reduce daily oil production. Senior Saudi and Iranian diplomats recently met in China to restore the two countries’ relationship. Iran reported that it would reopen embassies and consulates, and the two regions would revive trade deals. However, the U.S. Central Intelligence Agency (CIA) director Bill Burns emphasized in a report published by The Washington Post that the United States feels “blindsided” by Riyadh’s moves to work with Iran.
On April 6, Saudi and Iranian officials met in Beijing and resumed flights and visa issuance for citizens between the two countries after a seven-year breakup. Iran is also among nine dialogue partners, including Turkey and Qatar, as an SCO observer member. The United States’ request to become an SCO observer was denied in 2005. The SCO is led by Secretary-General Zhang Ming and is headquartered in Beijing. While China and Saudi Arabia’s relationship has grown deeper, the Kingdom’s bond with Russia has strengthened during the same period.
Six days ago, Bitcoin.com News reported that Saudi leaders had announced oil production cuts with members of the Organization of the Petroleum Exporting Countries (OPEC). The Russian Federation also said it would participate in oil production cuts, joining hands with Riyadh, and has been collaborating with Saudi Arabia in this manner since December 2016. The following year, Saudi leaders and Russia grew closer when king Salman bin Abdulaziz Al Saud visited in 2017. The bond between the two nations has also grown stronger since Saudi crown prince Mohammad bin Salman coordinated a deal to release ten prisoners of war in September.
The BRICS countries (Brazil, Russia, India, China, and South Africa) have significantly increased the pace of their political maneuvers over the past month. For instance, China settled a bilateral deal with Brazil to purchase Liquefied Natural Gas (LNG) in their respective national currencies. At the same time, the BRICS bloc has emerged as the world’s largest gross domestic product (GDP) group. India has announced that it will facilitate international trade settlements in rupees under the latest foreign trade policy framework enacted on April 1. Russia’s deputy chairman of the State Duma, Alexander Babakov, revealed that the BRICS bloc plans to meet and discuss a new reserve currency issued by BRICS.
When the United States was denied observer status by the Shanghai Cooperation Organization (SCO) in 2005, Russia and China expressed concern about the U.S. presence in Central Asia. At the time, SCO members believed that the U.S. had not shown sufficient commitment to the organization’s principles and goals to justify granting observer status. Over the past 17 years, the relationship between the United States and China and Russia has deteriorated significantly.
While China has been seeking to form new alliances in Africa, U.S. vice president Kamala Harris visited Africa last week, according to a New York Times report. The meeting, the NYT reported, was “intended to send a simple message to its governments and people — China is not your friend. The United States is.” Russia, too, has been working with several African nations, and it has been suggested that Africa’s relationships with China and Russia could lead to a cold war with the United States.
What do you think the implications of Saudi Arabia joining the Shanghai Cooperation Organization as a dialogue partner will be for the region and the world? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Sales of non-fungible tokens (NFTs) increased this week, with $179.64 million in sales over the last seven days. NFT sales rose 7.28% and transactions grew by 2.29% during this period, but the number of digital collectible buyers decreased by 4.34%.
Sales of non-fungible tokens (NFTs) have trended higher this week, increasing by 7.28%, with $179.64 million in sales recorded over the past seven days. Of the total sales, $111.62 million, or 62.35%, came from NFT sales on the Ethereum blockchain, cryptoslam.io stats show. Solana’s NFT sales were the second-largest this week, accounting for $20.66 million, or 11.54%, of the week’s total sales.
This week, sales of Ethereum-based NFTs increased by 8.68%, while sales of Solana-based NFTs dropped by 20.88%. NFT sales on Ethereum and Solana were followed by sales on the Polygon, Arbitrum, and Cardano blockchains. Two blockchains that saw notable increases over the last seven days include BNB Chain, which was up 19.73%, and Panini, which increased by 29.53%. Theta blockchain NFT sales rose by 232.96%, but the increase only accounted for $2,805 in NFT sales this week.
The top-selling NFT collection this week is Nakamigos, with $11.29 million in sales, up 76% compared to the previous week. Other top-selling collections this week include Otherdeed, Bored Ape Yacht Club (BAYC), Cryptopunks, and Mutant Ape Yacht Club (MAYC). Sales for Otherdeed are down 20.67%, BAYC sales dropped 22.75%, Cryptopunks rose 34.80%, and MAYC sales slid 6.33% over the last seven days. Azuki sales took the sixth position this week, with sales up 90.54% compared to the previous week, with $4.29 million in sales.
The most expensive NFT sold over the last seven days was Cryptopunk #3,990, which sold for $444,033 two days ago. The second most expensive NFT sale was Azuki #3,194, which was purchased for $415,485 three days ago. Cryptopunk #3,810 sold for $414,105 roughly 24 hours ago, and Azuki #9,185 sold seven hours ago for $373,678. The top three NFT marketplaces in terms of sales volume for this past week were Blur, Opensea, and the Immutable X market, respectively.
What do you think the future holds for the NFT market? Will it continue to grow, or is this just a passing trend? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Nakamigos
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
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