Crypto remittances – DIGIT INFO

Study: MENA Crypto Volumes Grew Fastest Between July 2021 and June 2022 — Turkey Cements Position as Region’s Largest Market

DIGIT — Sat, 08 Oct 2022 04:30:41 +0000

Of the $566 billion in cryptocurrency transaction volume for the Middle East and North Africa (MENA) region between July 2021 and June 2022, nearly 40% went to Turkey, which kept its place as the region’s biggest cryptocurrency market, according to the latest Chainalysis data. In Afghanistan, the Taliban’s takeover has seen the value of cryptocurrencies […]

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Why Migrants Are Turning to Crypto: The Key to Attaining the UN Goal to Reduce Remittance Costs to Less Than 3% by 2030

DIGIT — Thu, 14 Jul 2022 08:30:41 +0000

The cost incurred by African migrants or expatriates when sending funds via the so-called formal corridors remains way above the UN target of less than three percent, the latest data from the World Bank has shown. On the other hand, the cost is much lower than the target when cryptocurrencies are used. Global Average Higher […]

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Fintech Firm Centbee Graduates From South African Regulatory Sandbox

DIGIT — Fri, 24 Sep 2021 12:00:06 +0000

Fintech firm Centbee recently announced it has successfully completed the testing of its cross-border remittance application, Minit Money. The testing of the application was carried out within the framework of the South African Intergovernmental Fintech Working Group (IFWG)’s regulatory sandbox. Using Crypto to Enable Faster and Cheaper Remittances In a statement, the fintech firm claims […]

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Remittances to Africa Set to Drop by 5.4 % to $41 Billion — Covid-19 Pandemic and High Sending Costs Blamed

DIGIT — Tue, 21 Sep 2021 10:19:42 +0000

According to findings from the Continental Migration Report 2021, remittances to African countries are projected to decrease from the $44 billion recorded in 2020 to $41 billion. The Covid Effect As expected, the Covid-19 pandemic is identified as one of the main causes of the decline. However, despite this projected 5.4 per cent drop, a […]

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Indian Bank Blocks Use of RBI’s Remittance System for Crypto While Government Delays Bill

DIGIT — Tue, 13 Jul 2021 11:00:26 +0000

Major Indian bank ICICI has asked customers not to use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. ICICI, a leading private sector bank in India, has updated its retail outward remittance application to include cryptocurrency. With this update, the bank has asked its customers to declare under India’s […]

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Ghanaian Startup Bitsika Africa Processed $40 Million in Crypto Remittances in 2020, up 3,900% Year-on-Year

DIGIT — Tue, 05 Jan 2021 01:30:58 +0000

Bitsika Africa, a crypto startup operating out of Ghana and Nigeria, said Monday that it processed almost $40 million in remittances in 2020, up from just under $1 million the previous year. Founder and chief executive officer Atsu Davoh said that deposits accounted for $18.87 million of the total volume, with payouts making up $17.89 […]

The post Ghanaian Startup Bitsika Africa Processed $40 Million in Crypto Remittances in 2020, up 3,900% Year-on-Year appeared first on Bitcoin News.

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Nigeria’s Yellow Card Processes $165 Million in Crypto Remittances So Far This Year

DIGIT — Mon, 07 Dec 2020 10:30:20 +0000

Nigerian crypto startup Yellow Card says it processed over $165 million in volume during the first eleven months of this year. The figure represents a growth of more than 1,840% over the amount of remittances processed in the last six months of 2019. Launched in June 2019, Yellow Card enables Africans at home and abroad […]

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Fiat Devaluation Drives Retail Bitcoin Transfers in Africa 56% in a Year: Report

DIGIT — Thu, 10 Sep 2020 08:00:37 +0000

Monthly cryptocurrency transfers to and from Africa under $10,000 soared more than 56% from a year ago to reach $316 million in June, according to new research by U.S. crypto analytics firm Chainalysis. Altogether, $8 billion worth of crypto was received into the continent and $8.1 billion sent onchain in the last year. The total […]

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