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. […] Source
The New Zealand Central Bank governor, Adrian Orr, recently branded stablecoins “the biggest misnomers” and “oxymorons.” Orr also rejected the notion that cryptocurrencies could serve as a replacement or supplement to central bank-issued money. Stablecoins Not a Viable Substitute for Money Despite their rise as an alternative to fiat currency in some regions, stablecoins are […] Source CryptoX Portal
“We believe that by testing the tokenization of private assets, we are exploring the feasibility to open-up new operating models and create efficiencies for the broader market,” said Nisha Surendran, emerging solutions lead for Citi Digital Assets. Source
The Bank of Russia reported that the number of pyramid schemes and illegal lending providers in Russia rose to over 5,700 in 2023, an increase of 15.5% over the number detected in 2022. Specifically, the number of pyramid schemes detected increased by 46%, relying on the Internet and cryptocurrency as tools for promoting and carrying […] Source CryptoX Portal
The American Vast Bank, the first in the United States to offer its clients tools for working with cryptocurrencies, has decided to leave the crypto industry. Information about this appeared on the credit institution’s website. Due to the refusal to work with cryptocurrencies, the Vast Bank team closed the mobile application through which bank clients could conduct transactions with digital assets. “To strategically align our operations, effective Wednesday, January 31st, 2024, we will be disabling and removing the Vast Crypto Mobile Banking application from Google and Apple, which means your…
In a post on X, Arthur Hayes, the co-founder of the derivatives crypto exchange BitMEX, said it might be time for traders to double down on Solana (SOL) and altcoins in general. Hayes’s comments come at a time of heightened volatility in the broader crypto market, with Bitcoin (BTC) struggling to regain its footing and altcoins, including Ethereum (ETH), posting mixed results. Time To Switch To Solana? The co-founder noted that it could be time to get back on the Solana “train.” With this preview, Hayes is convinced that Solana and…
The Reserve Bank of India (RBI) is now looking into technology solutions to solve privacy concerns posed by a digital rupee, the official said. While the bank is maintaining a careful stance on crypto, the person said, it wouldn’t plan to object if the government decided to reduce a controversial tax that has stifled the crypto industry. The RBI isn’t mandated with legislating taxes, so that decision falls out of its purview. However, the central bank has stepped beyond its role before to try to ban crypto, so its apparent…
Bitcoin so far remained muted compared to its vehement rally during the March banking crisis, but one analyst said he’s “cautiously long” amid the turmoil. Original
DZ Bank, Germany’s second-largest financial institution, plans to launch a cryptocurrency trading pilot. Souad Benkredda, a board member at DZ Bank, stated that the Frankfurt-based bank aims to offer a variety of cryptocurrencies. The initiative is designed for customers who prefer to invest independently without seeking financial advice. “According to a study by the Genoverband, every second bank wants to offer this solution for their customers.” Souad Benkredda in an interview with Bloomberg However, Benkredda noted that the decision to adopt such a service ultimately rests with each individual institution.…
Over one-third of respondents said that bitcoin prices will drop below $20,000 by year end, and more people expect the cryptocurrency to disappear rather than stay. The survey showed that 39% of participants say they believe that bitcoin will continue to exist in the coming years, while 42% “anticipate its disappearance.” Original