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IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies
20.2.2021
The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that...
Bitcoin Starting to Lead FX Markets, Analysis of Tesla Reaction Shows: Report
12.2.2021
EUR/USD, the most liquid currency pair globally, tracked bitcoin higher following the Tesla news
Central Bank of Nigeria Denies It Has Placed New Restrictions on Cryptocurrencies — Uses Debunked Claims to Justify New Directive
10.2.2021
Following the outcry over the Central Bank of Nigeria’s latest directive that targets cryptocurrencies, the institution has reaffirmed its stance with another statement. In the latest five-page document, the CBN insists that this directive is intended to protect the country’s financial...
Brazil Revenue Collector’s Data Shows Cryptocurrency Volumes Exceed $6 Billion Between January and September
15.12.2020
Raw data from the Federal Revenue of Brazil (RFB) shows that crypto traded volumes in the country exceeded $6 billion between January and September this year. According to the data, bitcoin dominates as it accounts for over 80% of traded volumes. Still, other cryptos like bitcoin cash, dai,...
Venezuelan Crypto-Friendly Freelancing Platform Emerges Amid Economic Crisis, US Sanctions
10.12.2020
More cryptocurrency solutions keep appearing on the scene for Venezuelan residents as U.S. sanctions weigh on Nicolás Maduro’s government, including heavy restrictions on the circulation of foreign exchange transactions, driving people to find on crypto a way to circumvent such hurdles...
Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto
4.12.2020
The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele says the embrace of the parallel market exchange rate by some professionals in that country is unfair and unfortunate. The CBN governor says the parallel foreign exchange market only accounts for a share of the market that does...
Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin to Circumvent Country’s Overvalued Exchange Rate
26.11.2020
A former Microsoft software engineer and co-founder of Buycoins Africa Tomiwa Lasebikan says some Nigerians expatriates are now using bitcoin to circumvent the country’s overvalued exchange rate when sending remittances. According to Lasebikan, the Central Bank of Nigeria (CBN)’s fixed...
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...
Nigeria Foreign Exchange Crisis: Worsening US Dollar Shortages Point to Further Devaluation
2.9.2020
Pressure on Nigeria’s current exchange rate is likely to get worse in 2021, when the expected recovery of imports is set to force another devaluation of the local currency to N430/$ next year, according to two Bank of America analysts. Earlier rate adjustments, one in March and another...
Zimbabwe’s Battle To Control Currency Inadvertently Boosts Bitcoin Profile
12.7.2020
Zimbabwe’s deteriorating economic situation is forcing authorities to sign off on some desperate and controversial decisions. Some of such decisions include the abrupt suspension mobile money as well as the recent designation of Zimswitch as a national payment switch. Reserve Bank of Zimbabwe...
Vanguard’s Blockchain Platform for Foreign Exchange Will Go Live in Q3 2020
26.6.2020
Mutual fund giant Vanguard has completed another blockchain pilot that aims to change the risk profile of foreign exchange (FX) transactions
Forex vs. Cryptocurrency Trading, Explained
17.6.2020
On the surface, Forex and cryptocurrency trading look similar, but the history and functioning of these markets are notably different — we’ll explain how
TradAir: Your One-stop Solution for Foreign Exchange and Crypto Trading Services
29.2.2020
There are a number of companies that provide access to foreign exchange (FX) services, but only a few names are there when it comes to providing the FX facility with the facility of crypto trading underpinned by the ecosystem of blockchain. More importantly, it is quite a hard task to find...
Italy’s Securities Regulator Shuts Down 8 Crypto Trading and Foreign Exchange Sites
11.2.2020
8 websites relating to FX and cryptocurrency are being shut down in Italy by Consob, the country’s securities regulator
China Takes Another Step Away From USD Hegemony
1.1.2020
The China Foreign Exchange Trade System (CFETS) announced that effective January 1, 2020, the system “will adjust weights for CFETS RMB Index,” decreasing the weighting of the USD for the second time in the currency basket’s history from 22.40% to 21.59%, and increasing the Euro...
CME Group Publishes Bitcoin Options Specifications
2.11.2019
In mid-September, the foreign exchange company CME Group announced the launch of options on its bitcoin futures contracts in Q1 2020, pending regulatory review. CME Group executive Tim McCourt said there was “increasing client demand” for the firm’s bitcoin derivatives and now...
Foreign Exchange Giant CLS Admits: No, We Don’t Need a Blockchain for That
8.10.2019
Forex giant CLS is now using a blockchain to handle certain currency trades, but the technology is “not essential” for the task, an executive admits
European Union Fines 5 Top Banks 1 Billion Euros for Foreign Exchange Market Rigging
17.5.2019
Over the course of their history, some of the biggest banks in the world have often colluded to rig the different markets in which they operate, and much of that has come out in the open over the past decade or so. The fixing of LIBOR was a case in point, and in a new …
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