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Iran Blocks 9,200 Bank Accounts Over Suspicious Foreign Currency, Crypto Transactions
17.5.2022
Iran’s Ministry of Intelligence has reportedly blocked almost 10,000 bank accounts over suspicious foreign currency and cryptocurrency transactions. The action was carried out in collaboration with the country’s central bank. 9,219 Bank Accounts Blocked Iran’s Ministry...
Putin Bids to Create New International Settlements Platform, Reform Foreign Currency Rules
10.5.2022
Russian President Vladimir Putin has spoken of plans to revamp the country’s international settlements ecosystem – in a bid to prevent Moscow from sliding into an economic quagmire at the hand of Western-led sanctions.
The nation has been all but frozen out of international trade and the global...
Venezuela Bets on De-Dollarization After Foreign Currency and Crypto Tax Is Applied
9.5.2022
The government of Venezuela is now focusing its action on trying to establish the bolivar as the go-to currency for purchases in the country. According to several economists, this might be a risky bet in a country that has just exited hyperinflation and still suffers high levels of inflation....
Argentinians Are Now Using P2P Markets to Multiply Their Savings
16.4.2022
Argentinians are now discovering that P2P (peer-to-peer) markets can be used to maintain or multiply their savings in crypto and foreign currency. According to local media sources, more and more Argentinians are using P2P exchanges and markets to apply arbitrage and earn money being P2P cashiers....
Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex
12.4.2022
The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s...
Ukraine Central Bank Limits Cash Withdrawals Amid Russian Assault
24.2.2022
The central bank of Ukraine has capped withdrawals of cash in national fiat and banned those in foreign currency. The monetary authority says the measures aim to ensure the functioning of the nation’s financial system under the martial law introduced in response to Russia’s military...
Report: Lebanon Planning to Devalue Currency by 93%, Depositors to Lose $38 Billion
9.2.2022
The Lebanese government is reportedly planning to devalue the local currency by up to 93% in a desperate bid to receive funding from the International Monetary Fund (IMF). As part of the plan, a major portion of foreign currency deposits in the banking system will be converted into local currency...
Venezuelan Government Approves New Tax for Cryptocurrency and Foreign Currency Transactions
5.2.2022
The Venezuelan Government has approved a new tax that would affect transactions made in foreign currency and cryptocurrency transactions. Approved by the National Assembly of the country, the tax, called the “large financial transactions” tax would collect up to 20% over transactions...
Valr Becomes Latest South African Exchange to Exit Crypto Arbitrage Market
4.2.2022
Crypto exchange Valr has announced it has closed its crypto arbitrage service to new customers in order to comply with the requirements of its banking partner. This announcement makes Valr the latest South African crypto exchange platform to close its arbitrage business. Ovex was one of the first...
Russia to Allow Foreign Residents to Own and Use Digital Ruble
13.12.2021
The central bank of Russia intends to ensure that the digital ruble is convertible to foreign currencies and can be used by non-residents. In a document devoted to the digitalization of the Russian financial sector, the regulator reiterates its concerns over the risks associated with...
Bank of Russia Rejects Provision of Crypto-Related Financial Services
7.12.2021
Russia’s central bank has voiced opposition to the provision of financial services related to cryptocurrencies. The monetary authority believes such offerings would go against the interests of Russian investors as they are highly risky. Central Bank of Russia Unwilling to Allow Financial...
No Plans to Make US Dollar Sole Currency, Zimbabwean Finance Minister Calls Idea ‘Suicidal’
29.10.2021
The Zimbabwean Finance Minister, Mthuli Ncube, recently told business leaders that he is not planning to make the U.S. dollar the country’s sole currency again. Government Focused on Strengthening Local Currency Instead of entertaining those calling for the dollarization of the Zimbabwean...
Nigerian Lawmaker Proposes Closure of All Domiciliary Accounts in Order to Save Imperiled Naira
30.9.2021
Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to “close all domiciliary accounts for the next 12 months.” Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months. The Naira’s...
Nigerian Currency Plunges to New Low of 570 — 10% of Value Lost in Under 30 Days
17.9.2021
The Nigerian currency, the naira, plunged to a new all-time low of N570 for every dollar on September 16, 2021. This new exchange rate means since August 17, the naira has now lost about a tenth of its value on the foreign currency black market. Naira Overvalued In spite of this plunge, which...
The CBN Says Nigeria Will Have a Digital Currency Before End of Year
12.6.2021
Nigeria is likely to have its own central bank digital currency (CBDC) by the end of the year, an official with the Central Bank of Nigeria (CBN) has said. In his remarks following the bankers’ committee meeting, Rakiya Mohammed, who is the director of information technology at CBN, also...
Nigerians Shun Local Currency— Seek to Protect Wealth From Inflation and Currency Depreciation with Foreign Currency
23.4.2021
Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use...
An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions
3.3.2021
A think tank affiliated with the Iranian Presidency has unveiled a study report that encourages the use of cryptocurrencies in circumventing sanctions against the country. In addition, the report also claims the government could potentially “generate US$2 million a day and $700 million a year...
End of Western Union Remittance Service to Cuba a Boon for Crypto
23.11.2020
As new U.S. government measures that impose restrictions on remittances to Cuba becomes effective after November 22, Western Union, which has been operating in the island nation since 1999, will close shop. The new rule, which was published on October 27, gave Western Union 30 days to implement...
Argentina’s Peso Plunges After Central Bank Tightens Foreign Exchange Controls: Citizens Discuss Bitcoin Adoption
18.9.2020
The Argentine peso plunged by more than 10% shortly after the country’s central bank announced measures to tighten controls on the movement of foreign currency. The peso, which is officially pegged at 72 for every USD, touched new lows of 145 to the greenback on the black market. The latest...
South African Man Charged in U.S. Court for Fraud Involving $28 Million in Bitcoin and Forex
5.9.2020
A South African man has been charged with fraud in the Maryland District Court for allegedly scamming $28 million from over 1,000 investors. Dennis Jali, a former resident of Maryland, targeted church-going African immigrants, promising them guaranteed returns on his supposed bitcoin (BTC)...