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Putin Reinforces Local Currency Dominance in Sino-Russian Trade: Dollar a ‘Statistical Discrepancy’
1.9.2025
Russian President Vladimir Putin stressed that most of the trade between the two countries is settled using yuan and ruble-based payments, leaving the dollar behind. He noted that Sino-Russian trade had risen by $100 billion, and they were still working to dismantle trade barriers. Putin: Local...
Shopify Merchants Can Now Receive USDC or Local Currency
13.6.2025
Shopify has integrated the stablecoin USDC into its Shopify Payments system through partnerships with Coinbase and Stripe. USDC Stablecoin Live on Shopify Payments for Global Sales The integration, now in early access, allows merchants globally to accept USDC payments from customers using the Base...
De-Dollarization Push: African Payment Provider Tests Platform to Facilitate Local Currency Trade
14.3.2025
An African payment infrastructure provider is piloting the Africa Currency Marketplace, which seeks to enable countries to settle trades with local currencies. PAPSS Fees to Be Market-Driven The Pan-African Payment and Settlement System (PAPSS), a payment infrastructure provider backed by...
BRICS Challenges Dollar Dominance: Iran Backs Local Currency Framework
23.1.2025
BRICS nations are boosting trade in national currencies, a move Iran emphasizes as vital for reducing dollar dependence and countering the economic impact of sanctions. Breaking Free From the Dollar: Iran Pushes BRICS Toward Financial Sovereignty Countries worldwide are increasingly reducing their...
BRICS Leaders Push for Local Currency Network, Diminishing US Dollar Role
27.10.2024
BRICS leaders have declared their commitment to a local currency payment network designed to revolutionize cross-border transactions and reduce reliance on the U.S. dollar. BRICS Leaders Commit to a Groundbreaking Local Currency Payment Network At the 16th BRICS Summit in Kazan, Russia, BRICS...
Nigeria Unveils Oil-for-Naira Program to Stabilize Local Currency
2.10.2024
Nigeria began selling crude oil to billionaire Aliko Dangote’s new refinery in naira on October 1st. This “oil for naira” scheme aims to ease pressure on the struggling Nigerian currency, the naira, which has lost significant value this year. However, the success of the scheme...
Ghana Launches Gold Coin Priced in Local Currency
30.9.2024
Ghana’s central bank launched a gold coin to boost domestic savings and manage liquidity. The coins are available in October and priced based on the London Bullion Market Association auction price. Despite efforts to strengthen the cedi, Ghana’s currency continues to depreciate against...
Indonesia and South Korea Sign New Local Currency Agreement to Boost Trade
1.9.2024
Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating...
China and Russia Push for Increased Local Currency Use in Trade, Deepen BRICS Cooperation
24.8.2024
China and Russia solidified their cooperation in currency, finance, and within the BRICS framework following a meeting between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin. They committed to local currency use, payment infrastructure, and mutual investments, while also...
Tanzania Seeks to Shore up Local Currency With Directive Mandating Tourists to Use Shillings
17.7.2024
Tanzania’s Ministry of Tourism and Natural Resources has mandated that all fees in the tourism sector must be paid in local currency, aligning with a government directive for local transactions to use the country’s shillings. This requirement applies to Tourism Business Licence fees, filming...
Nigeria’s Anti-Graft Agency Announces Reward for Whistleblowers Exposing Local Currency Abusers
6.6.2024
The Economic and Financial Crimes Commission (EFCC) in Nigeria has announced a 5% reward for whistleblowers who provide credible information leading to the prosecution of offenders involved in naira abuse. Dele Oyewale, the EFCC spokesman, emphasized the importance of enforcing the law...
Nigerian Senate Committee: Regulated Crypto Trading a Boost for Local Currency
30.5.2024
The Nigerian Senate Committee on Capital Markets has called for the regulation of cryptocurrency and warned that the country’s unclear position could be costing the country. The committee also urged the government of Bola Tinubu to develop the capital and crypto markets to defend the local...
Bitcoin hits record in Japan, Argentina and Philippines' local currency
21.5.2024
For the first time in history, the price of one Bitcoin exceeded 11 million yen in Japan, while prices also peaked in terms of the Argentinean and the Philippines peso
Nigerian SEC to ‘Delist’ Local Currency From P2P Crypto Trading Platforms
8.5.2024
The Director General of Nigeria’s Securities Regulator has announced plans to delist the local currency from peer-to-peer cryptocurrency trading platforms in the coming days. He insisted that the decision to delist the naira aims to eliminate the manipulation of the local currency by...
Nigerian Central Bank Governor Denies Using Forex Reserves to Defend Local Currency
20.4.2024
The Nigerian central bank governor has refuted claims that the bank is using the country’s foreign exchange reserves to shore up the naira. The governor attributes the decline in reserves to debt repayments and other payments, which are made because they help to maintain Nigeria’s...
Nigerian Central Bank Prohibits Use of Foreign Exchange as Collateral for Local Currency Loans
10.4.2024
The Central Bank of Nigeria has barred the use of foreign exchange as collateral for local currency loans. In its April 8 letter addressed to banks, the CBN warned of severe consequences for banks that fail to comply with the latest directive. Halting the Slide of the Naira Hamstrung by ongoing...
Economic Intelligence Unit: Nigerian Central Bank Lacks Capacity to Defend Local Currency
12.3.2024
The Economic Intelligence Unit has stated that the Central Bank of Nigeria cannot halt the rapid depreciation of the local currency. The continued volatility of the naira is expected to result in erratic regulation, primarily affecting businesses that hold foreign exchange. Nigeria Presses Ahead...
Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown
1.3.2024
The Nigerian government has imposed a staggering $10 billion fine on Binance as part of a crackdown on the platform in an effort to stabilize the nation's local currency.
The post Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown appeared first on Cryptonews
Zimbabwe to Launch ‘Structured Currency’ Linked to Gold, Says Finance Minister
14.2.2024
The Zimbabwean government plans to launch what it calls a “structured currency.” Some commentators and social media users have expressed skepticism over the government’s latest currency plans. Zimbabwe’s Structured Currency The Zimbabwean Finance Minister, Mtuli Ncube, has said...
Stitch Launches Payment Service Allowing Customers to Settle With Crypto in South Africa
23.11.2023
A new product offering recently launched by Stitch, a South African payment service provider, now enables customers to settle transactions with crypto. According to Stitch, this new functionality makes it possible for customers to pay with bitcoin (BTC) or ether (ETH). Local Businesses to Receive...