In 2024, the Intergovernmental Fintech Working Group, a consortium of South African regulators that unveiled a position paper on crypto assets in 2021, is expected to “publish additions to include stablecoins as a particular type of crypto asset.” The consortium is also considering the impact of tokenisation on domestic financial markets and is expected to
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Some Nigeria-based users of Binance’s peer-to-peer platform have blasted the crypto exchange’s decision to block or remove traders quoting USDT to naira exchange rates exceeding NGN1,802. Binance says it has the right to remove “users behaving in a malicious or manipulative way.” The Nigerian Currency’s Woes Some Nigerian users of Binance’s peer-to-peer (P2P) platform have
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In the first month of 2024, Nigeria’s headline inflation rose from nearly one percent to 29.9%. However, on a year-on-year basis, the January 2024 headline inflation rate was 8.08 percentage points higher than the January 2023 rate. Many commentators identify foreign exchange shortages as the root cause of the naira’s poor performance against major currencies…
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John Deaton, a U.S. lawyer known for his pro-crypto stance, is reportedly considering a run against Massachusetts Senator Elizabeth Warren. The Republicans are eager to nominate a formidable candidate against Warren. This strategy could compel her to concentrate on her political survival, potentially diverting her focus from supporting other Democrats…
Read MoreThe uncertainty that prevails in Nigeria’s foreign exchange market is partly to blame for the plunge in cross-border remittances into the country, an official with the International Monetary Fund (IMF) has said. Covid-19 Another Contributing Factor According to a report by local news outlet Punch, the official…
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