IMF calls for tighter crypto regulation in Africa as the industry unfolds
FTX’s collapse is one of the reasons why countries in the region should adopt regulation, noted the monetary fund. Go to Source Powered by WPeMatico
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Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission
According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of … Read more
While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stats Say It’s Closer to 200%
Inflation has skyrocketed in Turkey as official figures from the Turkish Statistical Institute (Tüik) show the country’s inflation rate topped 85.5% year-on-year. The inflation rate in Turkey has risen for 17 consecutive months and last month it reached a 24-year high. Turkey’s Interest Rate Remains Low, While Inflation Runs Rampant Turkey, the transcontinental country located … Read more
Does the IMF have a vendetta against cryptocurrencies?
Is the multilateral lending institution throttling useful DLT experiments in the developing world, or is it saving crypto from itself? Go to Source Powered by WPeMatico
Eswatini Central Bank Partners With German Firm to Explore CBDC
Eswatini recently became the latest African country to jump on the central bank digital currency (CBDC) bandwagon after its central bank selected Giesecke Devrient, a Germany-based technology firm, as its partner. An agreement signed by both parties aims to enable them to deepen their “understanding of the practicalities of implementing a CBDC in Eswatini.” Retail … Read more
EU Commissioner Urges US to Create New Crypto Rules — Says ‘We Need to Look at Global Regulation of Crypto’
The European Commission’s commissioner for financial services has reportedly urged U.S. lawmakers to establish new rules to regulate the crypto industry. “We do need to see other players also legislating … We need to look at global regulation of crypto,” said the commissioner. EU Commissioner Calls on U.S. Lawmakers to Establish New Crypto Rules Mairead … Read more
Salvadoran President Nayib Bukele Takes Aim at Bitcoin Detractors, Says the Ones Who Are Afraid ‘Are the World’s Powerful Elites’
It’s been over a year since El Salvador codified bitcoin as legal tender in the Latin American country, and by popping the ‘orange pill,’ the country was propelled into the international spotlight. At the end of September, the 41-year-old Salvadoran president Nayib Bukele penned an opinion editorial that takes aim at the detractors who think … Read more
Egyptian Pound Latest African Currency to Slump to Record Low Versus US Dollar
The Egyptian pound recently became the latest currency from the African continent to see its value versus the greenback slump to a record low. The pound’s fall came amidst reports suggesting the Egyptian government is hoping to strike a loan deal with the International Monetary Fund (IMF) within a month or two. Egyptian Pound Still … Read more
Bitcoin-Embracing El Salvador President’s Re-Election Declaration Slammed
Just over a year after overseeing El Salvador’s adoption of bitcoin, the Central American country’s 41-year-old president, Nayib Bukele, recently declared his intention serve another five-year term. The announcement has been criticized by some who have been quick to remind Bukele that El Salvador’s constitution prohibits presidents from serving consecutive terms. Re-Election of Presidents a … Read more
Law Decoded, Sept. 5–12: The pressure is growing in the US
Last week regulators worried about the “de-integration” of financial sector and global energy consumption — all because of crypto. Go to Source Powered by WPeMatico