Tag: Cash

Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving ‘Feedback From Stakeholders’ – Africa Bitcoin News

Barely a month after announcing the restricting of cash withdrawals to under $50 per week, the Central Bank of Nigeria said on Dec. 21 that individuals will be able to withdraw an equivalent of $1,120 per week starting on Jan. 9, 2023. The central bank said individuals and corporate organizations withdrawing amounts exceeding the new limits would be required to pay processing fees of 3% and 5% respectively. CBN’s Digital Currency Push The Central Bank of Nigeria (CBN) has said that starting on Jan. 9, 2023, individual banking clients will…

Stellar partners with UNHCR to give Ukrainian refugees cash via USDC

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Humanitarian groups have increasingly used blockchain technology to solve problems with lack of banking or inadequate identity verification in developing or war-torn nations. Two new projects have been announced in December, including one that provides cash aid to Ukrainian refugees through the Stellar network and another that plans to offer cash and vouchers through the Partisia network. But past blockchain projects have had mixed results. Some projects have been effective at allowing recipients to bypass red tape and receive the aid they need, but with others the use of blockchain…

What Clicked for Snowfall Protocol (SNW) That Bitcoin Cash (BCH) and Litecoin (LTC) Missed?

Place/Date: – December 14th, 2022 at 5:27 am UTC · 3 min read Source: Snowfall Protocol Snowfall Protocol (SNW) has created a brand for itself in the short time of its existence. It has brought excitement to investors who like the utility it offers. On the other hand, established crypto like Bitcoin Cash (BCH) and Litecoin (LTC) offer a derivative cryptocurrency at best. They may have their advantages, but they are not enough to match the innovation of new cryptos like Snowfall Protocol (SNW). Snowfall Protocol (SNW) Snowfall Protocol (SNW)…

Chipper Cash Valuation Dropped to $1.25 Billion After it Secured Additional Funding From FTX – Featured Bitcoin News

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After Chipper Cash ended 2021 as one of Africa’s most valued fintechs, the FTX-backed startup’s valuation dropped from $2 billion to $1.25 billion after it reportedly received a $35 million simple agreement for future equity (SAFE) grant from the now-collapsed crypto exchange FTX. Chipper Cash has also reportedly laid off 50 employees as it seeks to cope with the deteriorated macroeconomic environment. FTX’s Simple Agreement for Future Equity Chipper Cash, one of the several African fintech startups to receive funding from FTX, saw its valuation drop from $2 billion to…

European Union to Put a 10,000-Euro Limit on Cash Payments; Transactions Over €1,000 in Crypto Will Be Scrutinized – Regulation Bitcoin News

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The states of the European Union have convened to establish a new limit on cash purchases and to strengthen the controls on cryptocurrency transactions. On Nov. 6 the bloc agreed to put a limit of €10,000 ($10,557) on cash payments and to exert stronger oversight on crypto transactions of over 1,000 euros ($1,055). European Union to Limit Cash Usage, Ostensibly to Fight Money Laundering The countries of the European Union have announced a set of new directives to make more difficult the usage of cash and other alternative currencies like…

FalconX says exposure to FTX represented 18% of its ‘unencumbered cash equivalents’

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Cryptocurrency trading company FalconX has disclosed that it suffered losses in the collapse of FTX.  According to the company, its assets locked on FTX represent only 18% of its “unencumbered cash equivalents.” However, the company added that this ratio fell well within their counterparty exposure limits.  FalconX insisted that despite its exposure to the now insolvent FTX, its finances remain strong, as it continues to facilitate “billions of dollars” in daily trade volume for its clients. The company also claimed that its monthly volume has grown by “80%+ month-over-month.” It’s…

Nigeria Announces New Cash Withdrawal Restrictions — ATMs Limited to Less Than $44 per Day – Bitcoin News

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In a new directive to financial institutions, the Central Bank of Nigeria (CBN) said individuals can now only withdraw an equivalent of just under $222 per week while corporates can only withdraw cash not exceeding $1,111 during the same period. The new limits, which are in line with the CBN’s cashless policy, are set to become effective on Jan. 9, 2023, the central bank said. Processing Fee to Be Levied on Cash Withdrawals Exceeding New Limits The Central Bank of Nigeria (CBN) recently announced the revised cash withdrawal limits that…

Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

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Nigeria has drastically reduced the amount of cash individuals and businesses can withdraw as it attempts to push its “cash-less Nigeria” policy and increase the use of the eNaira — Nigeria’s Central Bank Digital Currency (CBDC). The Central Bank of Nigeria issued the directive to financial businesses in a Dec. 6 circular, noting that individuals and businesses would now be limited to withdrawing $45 (₦20,000) per day and $225 (₦100,000) per week from ATMs. Individuals and businesses will also be limited to withdrawing $225 (₦100,000) and $1,125 (₦500,000) respectively at…