Emerging Markets

Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto

<div class=”featured_image_container”> </div> <strong>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 not exceed 5%. …

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Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin to Circumvent Country’s Overvalued Exchange Rate

<div class=”featured_image_container”> </div> <div class=”td-a-rec td-a-rec-id-content_top “><a data-bid=”1″ href=”https://news.bitcoin.com/linkout/424769″ rel=”nofollow noopener noreferrer” target=”_blank”><img loading=”lazy” src=”http://scoreit.online/wp-content/uploads/2020/11/728-by-90-2x-1-9.png” alt width=”728″ height=”90″></a></div><strong>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. </strong> According to Lasebikan, the Central Bank of …

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8 Countries Stricken With Rampant Inflation See Bitcoin Prices Touch All-Time Highs

<div class=”featured_image_container”> </div> <div class=”td-a-rec td-a-rec-id-content_top “><a data-bid=”1″ href=”https://news.bitcoin.com/linkout/387399″ rel=”nofollow noopener noreferrer” target=”_blank”><img loading=”lazy” src=”https://scoreit.online/wp-content/uploads/2020/10/wb_728x180-30.jpg” alt width=”728″ height=”180″></a></div><strong>The price of bitcoin touched new highs in 2020 and a number of supporters are optimistic that the crypto asset’s value will drive higher. In addition to this year’s bitcoin price high, around eight different countries have seen …

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Venezuela To Start Using Cryptocurrency in Global Trade in Efforts To Fend off U.S. Sanctions

Venezuela president Nicolas Maduro says the country is to start using cryptocurrency in both domestic and global trade, as part of efforts to neutralize crippling U.S. economic sanctions. Speaking in the country’s parliament on Sept. 29, Maduro revealed that the move will “give new strength to the use of petro and other cryptocurrencies, national and …

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Argentina’s Peso Plunges After Central Bank Tightens Foreign Exchange Controls: Citizens Discuss Bitcoin Adoption

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 plunge is seen as a …

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Inflation Hit Ethiopia Demonetizes Currency To Curb Cash Hoarding

The Ethiopian government has unveiled a new set of banknotes that are expected to help authorities in curbing cash hoarding, illegal trade and illicit financial flows. The move is also aimed at boosting the liquidity of banks that are struggling to cope with Ethiopia’s cash-based economy. In a statement released via Twitter on September 14, …

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Forex Strapped Nigeria Designates Crypto Assets as Securities

The Securities and Exchange Commission (SEC) of Nigeria has designated crypto assets as securities as the authorities step up efforts to regulate Africa’s largest cryptocurrency market. The SEC says the classification of crypto assets for regulation is consistent with the country’s investment and securities laws of 2007. In a statement released Sept. 14, the SEC …

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Report: Russia Remains a ‘Key Market for Crypto,’ Commands the 3rd Largest Bitcoin Hashrate in the World

Dex Platforms Trade Over $2.4 Billion in 7 Days, Defi Swaps up 68% Since Last Week Years ago the cryptocurrency community did not have access to a plethora of decentralized exchanges (dex). In 2020 with the rise of Ethereum, dex platforms have grown exponentially with trading applications like Uniswap, 0x, Kyber, and more. Dex trading …

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P2P Cryptocurrency Exchanges in Africa Pivot: Nigeria and Kenya the Target Markets

Leading cryptocurrency exchanges are bullish about Africa’s growth prospects as evidenced by their ongoing forays into the continent. During the month of August, Kucoin crypto exchange announced the addition of Nigeria’s naira currency as a payment option on its peer-to-peer platform. Similarly, Binance added Kenya’s popular mobile money service Mpesa to its peer-to-peer platform in …

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Nigeria’s Foreign Currency Crisis Boon for Bitcoin: Country Tops Wallet Downloads Ahead of the US

Nigeria’s weakening naira currency, as well as the shortage of U.S. dollars, are forcing businesses to switch to bitcoin as the means of settling payments for international transactions. Nigerian businesses need the American currency to buy new supplies, as well as to order essential equipment from abroad. However, formal sources of foreign currency like banks …

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