local currency – DIGIT INFO

Indonesia and South Korea Sign New Local Currency Agreement to Boost Trade

DIGIT — Sun, 01 Sep 2024 01:30:34 +0000

Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating direct currency transactions between the two nations, bypassing the need for […]

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China and Russia Push for Increased Local Currency Use in Trade, Deepen BRICS Cooperation

DIGIT — Sat, 24 Aug 2024 03:30:05 +0000

China and Russia solidified their cooperation in currency, finance, and within the BRICS framework following a meeting between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin. They committed to local currency use, payment infrastructure, and mutual investments, while also advancing collaboration in artificial intelligence, sustainable development, and global governance. China and Russia Strengthen […]

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Coinbase to Allow Remittance Receivers in Mexico to Cash Out in Local Currency

DIGIT — Sat, 19 Feb 2022 12:30:33 +0000

Coinbase, a leading U.S.-based exchange, has announced it will now allow remittance receivers in Mexico to cash out the funds received through its service in local currency. This marks the first foray of the company into the Mexican remittance business, allowing customers to cash out in more than 37,000 convenience stores and other locations in […]

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Nigerian Central Bank Freezes Bank Accounts of Fintech Firms, Accuses Them of Violating Forex Regulations

DIGIT — Thu, 19 Aug 2021 08:48:44 +0000

The Central Bank of Nigeria (CBN) reportedly frozen bank accounts belonging to four fintech firms for up to 180 days after a Federal High Court in Abuja acceded to an “ex parte motion.” The ex parte motion, which is a form of temporary suspension, was granted after a Nigerian chief, Micheal Kaase Aondoakaa, filed the […]

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Africa Will ‘One Day Have a Common Currency’ Says Secretary General of African Continental Free Trade Area

DIGIT — Tue, 13 Jul 2021 09:30:50 +0000

The secretary-general of the African Continental Free Trade Area (AFCFTA) secretariat, Wamkele Mene, says Africa will “one day have a common currency” via a proposed “Pan-African Payment and Settlement System (PAPSS).” He adds that such a currency will help “ease constraints of settling intra-African trade in foreign-denominated currency.” Challenges Ahead In comments recently carried by […]

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Korean Province to Replace Local Currencies With Crypto

DIGIT — Fri, 31 Aug 2018 01:50:23 +0000

An eastern South Korean province plans to issue its own cryptocurrency to replace the local currencies of its nine cities, according to local media. An exchange will be established for the new crypto. The coins can be used for payments within the province and merchants can accept them using smartphone QR codes. Also read: Yahoo! Japan […]

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