Devaluation – DIGIT INFO

Peter Schiff: Phony Economy Must Die or US Risks Financial Ruin

DIGIT — Sun, 06 Oct 2024 00:30:46 +0000

Economist Peter Schiff has warned that restoring a real economy requires letting the “phony economy” collapse, which would result in significant financial losses for many. However, he emphasized that the alternative is worse, as it would lead to the devaluation of money itself. Schiff criticized the government and Federal Reserve policies, particularly following the 2008 […]

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Bitso Report Shows Argentines Leading Stablecoin Adoption in Latam

DIGIT — Fri, 30 Aug 2024 22:10:22 +0000

A recent report by Bitso, one of the largest crypto exchanges in Latin America, found that Argentines were especially inclined to use and purchase stablecoins over other cryptocurrencies. Six out of every ten cryptocurrency purchases in Argentina involved stablecoins during Q1 and Q2, as these are used as a hedge against inflation and devaluation. Bitso: […]

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Ethiopian Premier Defends Currency Float Decision, Rejects Devaluation Claims

DIGIT — Sat, 03 Aug 2024 08:30:23 +0000

The Ethiopian Prime Minister, Abiy Ahmed, has defended the decision to float the birr and insisted that this move does not amount to the devaluation of the currency. Ahmed stated that the intention is to unify the official and parallel market exchange rates. Reports suggest that Ethiopia’s decision to float the birr was promptly rewarded […]

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Russia-Linked Banknotes Blamed for Libyan Dinar Plunge

DIGIT — Fri, 26 Jul 2024 03:30:11 +0000

The Libyan dinar’s recent devaluation has been blamed on a flood of illicit banknotes exchanged for U.S. dollars. A report identified the Russian state money printer as a potential source of the banknotes, which the Central Bank of Libya has labelled counterfeit. Russia Linked to Illicit Libyan Banknotes A June 24 Reuters report said the […]

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Mexican Billionaire Ricardo Salinas Doubles Down on Bitcoin, Advises Using It as Inflation Hedge

DIGIT — Mon, 10 Jun 2024 20:35:52 +0000

Ricardo Salinas, the third wealthiest man in Mexico, has recently doubled down on his proposal to use Bitcoin as a reserve asset. On social media, Salinas defended the role of Bitcoin as an inflation hedge, commenting on a post that presented inflation as a hidden tax on fiat money and advised his followers to purchase […]

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Mexican Billionaire Ricardo Salinas Urges Followers to Buy Bitcoin as Nigerian Naira Falls Under a Satoshi

DIGIT — Mon, 03 Jun 2024 04:34:55 +0000

Ricardo Salinas Pliego, one of the wealthiest billionaires in Mexico, has urged his followers to purchase Bitcoin as a hedge against the devaluation of fiat currencies. Salinas Pliego recommended purchasing bitcoin in response to a social media post reporting on the fall of the value of the Nigerian naira under a satoshi. Mexican Billionaire Ricardo […]

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Economic Intelligence Unit: Nigerian Central Bank Lacks Capacity to Defend Local Currency

DIGIT — Tue, 12 Mar 2024 11:45:53 +0000

The Economic Intelligence Unit has stated that the Central Bank of Nigeria cannot halt the rapid depreciation of the local currency. The continued volatility of the naira is expected to result in erratic regulation, primarily affecting businesses that hold foreign exchange. Nigeria Presses Ahead With Reforms The Economic Intelligence Unit (EIU) has stated that the […]

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Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement

DIGIT — Fri, 08 Mar 2024 20:45:36 +0000

Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF which Egypt had to meet before the approval of a new financial aid package. IMF […]

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Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline

DIGIT — Tue, 09 May 2023 19:30:01 +0000

The recently launched meme token, inspired by Pepe the Frog and dubbed PEPE, experienced a 12% decline against the U.S. dollar on Tuesday, plummeting its market valuation beneath the $1 billion threshold to a present $790 million. Concurrently, the total meme coin sector faced a 7% loss against the dollar, with the top six prominent […]

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Argentina Debates Dollarization in the Midst of Rampant Devaluation and Inflation

DIGIT — Wed, 26 Apr 2023 10:30:24 +0000

Javier Milei, a presidential candidate for the next election in Argentina, has presented a dollarization plan to fix the economy of the country if elected. The proposal, which has supporters and detractors, would aim to solve the historic devaluation of the Argentine peso and the 100%+ interannual inflation that Argentina registered in March. Dollarization Surges […]

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