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The 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, Abebe Selassie, said this
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According to findings from the Continental Migration Report 2021, remittances to African countries are projected to decrease from the $44 billion recorded in 2020 to $41 billion. The Covid Effect As expected, the Covid-19 pandemic is identified as one of the main causes of the decline. However, despite this projected 5.4
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The Zimbabwean minister of finance, Mthuli Ncube, has once again talked up the potential advantages of using cryptocurrencies. In new comments made shortly after visiting the DMCC Crypto Centre in Dubai, Ncube raises the possibility that the country might use cryptocurrency-based solutions to lower the cost of remitting funds across
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According to a report, the value of annual dollar remittances by Nigerians working abroad has surged to $34 billion, a figure that easily surpasses the previous record-high of $25 billion. Still, a large portion of the funds doesn’t seem to be entering domestic forex markets. Target Attained Two Years Ahead of
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Western Union recently announced it would be suspending U.S. dollar transfers to Cuba, due to sanctions from the United States. This may only increase the attractiveness of sending remittances with cryptocurrencies, which are much more resistant to geopolitical tensions.According to the World Bank, Latin America’s formal remittance market is around
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USDC is being added to its third blockchain: Stellar.Announced Thursday during the Stellar Development Foundation’s quarterly review call, the addition of the dollar-backed stablecoin seeks to bolster Stellar’s standing as a cross-border payments network.“We are focused on creating equitable access to the financial system by building a global network that
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This month Cryptox.trade launched two services that help facilitate bitcoin cash adoption and crypto remittance via email. In a recent video on June 5, Cryptox.trade’s Roger Ver showcased gifts.bitcoin.com, a new feature that allows individuals to send BCH gift cards via email. Additionally, Cryptox.trade also launched send.bitcoin.com, a tool
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The World Bank has predicted that the global remittance industry will retract by 20% amid the global economic slow-down resulting from the coronavirus pandemic.With a plethora of crypto firms targeting the remittance sector, the news may comprise a poor omen for many blockchain firms seeking to gain a foothold in
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Do virtual currencies really threaten existing digital payment systems and traditional financial institutions? Or can they co-exist and help to bolster both ecosystems?If you are familiar with the global crypto ecosystem, I am positive you must have heard of a rumor making rounds recently, suggesting that the recent spike in
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