bitcoin remittances – DIGIT INFO

Global BTC Trading App Strike Launches ‘First Fully-Featured Region Outside the US’

DIGIT — Thu, 29 Feb 2024 08:30:51 +0000

The fiat and bitcoin payments app, Strike, has launched its “first fully-featured region outside the U.S.” According to Jack Mallers, the founder and CEO of Strike, the African continent presents “immense opportunities for financial innovation and economic freedom.” High Inflation and Costly Remittances Render Africa a Favorable Market for Strike Strike, a payments app supporting […]

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Bitcoin Remittances to El Salvador Surge 300% Ahead of BTC Becoming Legal Tender

DIGIT — Mon, 14 Jun 2021 23:00:22 +0000

Bitcoin remittances to El Salvador jumped more than fourfold in May from the previous year, according to data from blockchain analytics firm Chainalysis. Last week, El Salvador passed a bill making bitcoin legal tender in the country alongside the U.S. dollar. The monthly bitcoin transfers of under $1,000 to El Salvador totaled $1.7 million in […]

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Official Remittance Inflows to Zimbabwe Surged to $1 Billion After Covid-19 Restrictions Forced Migrants to Use Formal Channels

DIGIT — Thu, 13 May 2021 07:00:37 +0000

Cross border remittances into Zimbabwe surged to $1 billion in 2020, more than a 36% increase from the $636m that was recorded in 2019. This surge in remittances occurred despite the “steep decline in economic activity in host countries, which in turn made it difficult for migrants in the diaspora to send money home.” Effects […]

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Some African Crypto Users See Bitcoin as an Alternative Source of Retirement Income

DIGIT — Sat, 01 May 2021 08:30:19 +0000

Bitcoin use cases in African countries continue to expand with the latest one being its use as an alternative source of retirement income. On a continent plagued by high inflation and unstable currencies, bitcoin, which is decentralized and censorship-resistant, is seen “as a safer source to contribute to for retirement.” According to a local report, […]

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African Migrants Are Turning to Cryptocurrency Platforms for ‘Low-Fee Remittances’

DIGIT — Tue, 30 Mar 2021 22:30:38 +0000

As central banks on the African continent fight to keep cryptocurrencies from going mainstream, many more migrant workers are increasingly turning to money-sending platforms that use cryptocurrencies when moving funds across borders. More Than Just an Investment Thus in addition to becoming a “hot investment for hedge funders and corporate moguls,” crypto-assets like bitcoin are […]

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IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies

DIGIT — Sat, 20 Feb 2021 00:00:47 +0000

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 cryptocurrencies were being used “for illegal transactions such as money laundering and drug trafficking.” […]

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Nigeria Crypto Ban: Stakeholder Body, Politicians Assail Central Bank’s Directive to Financial Institutions

DIGIT — Tue, 16 Feb 2021 02:30:16 +0000

A body representing cryptocurrency and blockchain stakeholders in Nigeria has joined other crypto industry players in assailing the recent Central Bank of Nigeria (CBN) directive to banks. The CBN order, which seeks snuff out crypto entities from the banking system, took effect on February 5, 2020. Not Just a Mere Reiteration In a statement, the […]

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Central Bank of Nigeria Orders Banks to Close Accounts of Crypto Clients as Remittances via Traditional Corridors Drop by 97%

DIGIT — Sat, 06 Feb 2021 16:05:45 +0000

The Central Bank of Nigeria (CBN) has circulated a letter directing banks and financial institutions to identify and close accounts of cryptocurrency transacting entities. The directive, which took immediate effect, threatens “severe regulatory sanctions” to financial institutions that fail to comply. Banks Taking Immediate Action Immediately following the letter’s publication, some banks and other financial […]

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Remittance Costs Lower in Q3 World Bank Study Shows – Only Cryptocurrencies Meeting UN Goal

DIGIT — Fri, 30 Oct 2020 16:30:56 +0000

The latest study by the World Bank shows that it costs 4.98% on average to remit funds to South Asia which makes it the least expensive region while sub-Sahara Africa is the most expensive with an average cost of 8.47%. The quarterly study also finds that it is costlier to remit funds when using service […]

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Nigerian Crypto Startup Yellow Card Raises $1.5 Million For Expansion in Africa

DIGIT — Sun, 30 Aug 2020 22:00:06 +0000

Yellow Card has raised $1.5 million in a seed round. The Nigerian crypto startup said it will use the money to expand its operations in Africa while making it easier for people on the continent to buy and sell digital assets. Investors in the new round include Polychain, venture capital firm Andreessen Horowitz, and Celo, […]

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