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India to Facilitate International Settlements in Rupees to Reduce Dependence on the US Dollar
3.4.2023
The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this measure to facilitate payments for countries...
Saudi Arabia and OPEC Reveal Surprise Oil Production Cut; White House Insists Cuts Aren’t Advisable Right Now
3.4.2023
On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of...
Analyst Predicts Gold Prices Might Exceed $8,000 in the Next Decade as Central Banks Lose Confidence in Foreign Currency
27.3.2023
Jan Nieuwenhuijs, a gold market analyst, has predicted that gold might exceed prices of $8,000 during the next decade, as the current Ukraine-Russia war, and the worldwide battle against inflation, shift the preference of central banks for foreign currencies to gold. The proposed long-term price...
Report: Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro
26.3.2023
According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while...
Report: Egyptian Police Arrest 29 Alleged Masterminds of Crypto Mining App Scam
14.3.2023
The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued at $194,000 was recovered during the arrests....
Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise
11.3.2023
The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there...
CBDCs threaten our future, so it’s time to take a stand
9.3.2023
Central bank digital currencies will give governments around the globe unprecedented power to surveil (and control) your financial activity
India-Russia Oil Deals Chip Away at Dollar Dominance in International Trade
8.3.2023
On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S....
Kenyan Forex Crisis: Central Bank Orders Financial Institutions to Ration Dollars
6.3.2023
Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate...
Reports Indicate USDT Is Being Used in Venezuela to Facilitate Settlements and to Avoid Sanctions
27.2.2023
Some companies in Venezuela are using the stablecoin tether as a way of sidestepping sanctions and settling payments with foreign customers and providers. Local reports indicate that, while the most popular use case for the stablecoin involves its purchase for devaluation shielding purposes,...
South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product
26.2.2023
In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa...
Moody’s Says Forex Shortages May Force Nigerian Central Bank to Delay Repaying Local Banks
17.2.2023
The persistent scarcity of foreign exchange may force the Nigerian central bank to delay repaying the $10.4 billion owed to local banks, analysts at Moody’s Investors Service have concluded. The central bank’s failure to pay its debts on time will likely force the affected financial...
Prosecutors Seek Restrictions on Former FTX CEO’s Electronic Devices Following VPN Use for Football Streaming
17.2.2023
Prosecutors in the financial fraud case against former FTX CEO Sam Bankman-Fried (SBF) are attempting to persuade the judge to restrict his use of electronic devices. It has been revealed that SBF used a virtual private network (VPN) to watch the Super Bowl through a foreign subscription service...
Uzbekistan Allows Foreign Firms to Deposit Funds From Crypto Trading, Restricts Other Operations
16.2.2023
The Central Bank of Uzbekistan has permitted foreign-based businesses to open domestic bank accounts and deposit funds received from cryptocurrency trading. These companies will also be able to transfer the money abroad, but operations in the country will be restricted. Uzbekistan Updates Rules...
DPA Token (DPAT) and Blockchain Technology: The Key to Unlocking Africa’s Economic Potential
14.2.2023
PRESS RELEASE. For foreign investors who have always wanted to diversify their portfolio with African assets but have been held back by security and transparency, this might be a game-changer. Africa is a continent that is rich with potential and opportunity. However, due to prolonged periods...
OFAC-compliant blocks on Ethereum hits three-month low of 47%
14.2.2023
The fall to 47% comes nearly three months after the percentage of OFAC-compliant blocks reached its peak at 79% on Nov. 21
Report: Egyptian Lawmakers Hail Parliament’s Endorsement of Pact to Join BRICS Bank
3.2.2023
Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable...
Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies
24.1.2023
In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa’s top 15 currencies. While one U.S. dollar bought 13.10 units of the cedi on the parallel market, according to the latest Bank...
Crypto Will ‘Play a Major Role’ in UAE Trade Going Forward, Minister Says
24.1.2023
The United Arab Emirates (UAE) minister of state for foreign trade says that cryptocurrency “will play a major role for UAE trade going forward.” He stressed: “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto...
China-backed Blockchain Project Proposes SWIFT Alternative for Stablecoins and CBDCs
23.1.2023
The company developing China’s blockchain network wants to create a system for international settlements with stablecoins and state-issued digital currencies. The plan is to establish a platform facilitating the use of these two fiat-based digital assets in foreign trade. Company Behind...