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Bank of Russia Aims for Full Launch of Digital Ruble in 2024
14.8.2022
The Central Bank of Russia plans to begin the comprehensive implementation of the digital ruble two years from now, according to a paper detailing its monetary policy priorities for the 2023 – 2025 period. As the development of the state-issued digital currency continues, the monetary...
Nigerian Lenders Frustrating CBDC’s Adoption — Central Bank Governor
21.7.2022
Apathetic Nigerian lenders are frustrating the e-naira’s adoption because they are worried this could deprive them of a key revenue source, Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, has said. Emefiele said the central bank is working on a channel that would enable...
Nigerian Central Bank Governor Says Fintechs and Cryptos Change the Way Financial Systems Function
19.7.2022
The Nigerian central bank governor and bitcoin critic, Godwin Emefiele, recently remarked that the rise of fintechs and cryptocurrencies among other technologies have forced banks and financial institutions to change the way they operate. According to Emefiele, this requires the central...
Zimbabwe to Hike Benchmark Rate to 200%, Central Bank Minted Gold Coins to Act as Store of Value
28.6.2022
After seeing the country’s inflation rise to 191.6% in June, Zimbabwean monetary authorities said they have resolved to increase the benchmark interest rate to 200% per annum. In addition, the central bank said it will introduce gold coins which will act as an instrument that will...
Fed Chair Powell: We’re Not Seeing Significant Macroeconomic Implications From Crypto Sell-Off
24.6.2022
Federal Reserve Chairman Jerome Powell says the central bank is “not really seeing significant macroeconomic implications” from crypto’s volatility. The Fed chair stressed that there is a need for a better crypto regulatory framework. Fed Chair Powell Says Crypto Needs Better...
Cleveland Fed President Loretta Mester Is ‘Not Predicting a Recession,’ Says Inflation Will Move Down
20.6.2022
Cleveland Federal Reserve Bank president Loretta Mester doesn’t think a recession will take place in the United States but believes it will take two years to get inflation back down to 2%. While speaking during an interview on Sunday, Mester explained that while it will take two years...
ECB Considers Capping Digital Euro in Circulation at 4,000 per Capita, Panetta Reveals
17.6.2022
With concerns about financial stability in mind, the European Central Bank (ECB) plans to limit digital euro holdings, according to Board Member Fabio Panetta. The plan is to have a maximum amount of digital cash in circulation similar to that of euro banknotes today, the official unveiled....
The Fed’s Christopher Waller Wants 50 bps Rate Hikes Until Inflation Subsides, US Savings Data Plummets
31.5.2022
Federal Reserve governor Christopher Waller has detailed he is ready to get behind 50 bps rate hikes until the extreme inflationary pressures plaguing the U.S. economy subsides. Waller stressed that until inflation is reduced he doesn’t “see the point of stopping” 50 bps rate...
Investors Predict Fed to Hike Rates This Week — Reactions From Crypto, Stocks, Gold Market Expected
14.3.2022
The U.S. central bank is expected to raise its target fed funds rate on Wednesday for the first time since the onset of the pandemic. Analysts and economists are hyper-focused on this key event, as the Russia-Ukraine conflict continues in Europe. If the Federal Reserve decides to increase the rate...
Central Bank Governor Says Kenya’s Position on Cryptocurrencies Has Not Changed
30.1.2022
Kenya’s position on cryptocurrencies is still unchanged the governor of the Central Bank of Kenya (CBK), Patrick Njoroge has said. Njoroge latest remarks come as Kenya continues to cement its position as one of the countries on the African continent that has the highest adoption...
India’s Monetary Policy Committee Member: Total Crypto Ban Is Difficult to Implement, Crypto Assets Should Be Regulated
5.1.2022
A renowned economist who is a member of India’s Monetary Policy Committee says that a total cryptocurrency ban is difficult to implement and “would only increase illegal activities and participation in the darknet.” She believes that crypto assets should be regulated. Monetary...
India’s Central Bank RBI Discusses Digital Currency and CBDC Launch With Minimal Impact on Monetary Policy
29.12.2021
India’s central bank, the Reserve Bank of India (RBI), says a basic central bank digital currency (CBDC) model must be adopted initially and tested comprehensively to minimize the impact on the country’s monetary policy and banking system. The Indian apex bank sees several benefits...
Tanzanian Central Bank Governor: Cryptocurrencies Not Outlawed, Traders Should Invest at Own Risk
15.12.2021
The Tanzanian central bank governor recently revealed that cryptocurrencies are not outlawed in the country but warned those dabbling in crypto-related investments that they do so at their own risk. Central Bank Open to Ideas The governor of the Bank of Tanzania (BOT), Florens Luoga, recently...
Zanzibar Government Keen to Get Stakeholders’ View on Cryptocurrencies
15.11.2021
Zanzibar is keen on getting stakeholders’ views on the viability of adopting digital currencies before a final decision is made, a government minister has said. The Importance of Getting the Views of Stakeholders In his remarks during an interview with The Citizen, Mudrick Soraga, who is...
CBDC Could Increase Nigeria’s GDP by $29 Billion in 10 Years: President Buhari
28.10.2021
The Nigerian president, Muhammadu Buhari, suggested in a recent speech that the new e-naira central bank digital currency (CBDC) could lead to an increase in the value of his country’s GDP by $29 billion in ten years. Africa’s First CBDC President Buhari made bold remarks in...
Tanzania Central Bank Heeding Call to Prepare for Crypto, Economists Express Reservations
5.10.2021
While the Bank of Tanzania (BOT) executives continue to reiterate the central bank’s willingness to heed the government’s call to prepare for cryptocurrencies, some economists insist Tanzania lacks the resources needed for it to adopt such digital currencies. Economists: Tanzania...
Nigerian Central Bank Threats Force Parallel Exchange Rate Tracker to Suspend Service
20.9.2021
Following threats from the Central Bank of Nigeria (CBN), the management of Abokifx, a website that tracks the Nigerian currency’s black market exchange rates, has announced the suspension of their daily updates. This suspension will remain in effect until Abokifx gets “better clarity...
Nigerian Central Bank: We Are Not Worried About the Naira’s Valuation
9.9.2021
The Central Bank of Nigeria (CBN)’s director of monetary policy, Hassan Mahmud, has suggested that the institution is not worried about the naira’s valuation but is instead interested in “boosting dollar supply on the currency market.” Naira Depreciation According to...
Bank of Ghana Selects German Technology Firm as Partner for CBDC Project
13.8.2021
The Bank of Ghana (BOG) says it has signed an agreement with Giesecke Devrient (GD) to implement a pilot central bank digital currency (CBDC) project. This pilot CBDC, which is a precursor to the e-cedi digital currency, is set to be tested with banks, payment service providers, merchants...
New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices
21.6.2021
Nigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said. In addition, the report says ongoing restrictions on the use and movement of foreign exchange are “further pushing up prices...