Zimbabwe Central Bank Denies Forced Remittance Conversion Claims

August 17, 2024 Bitcoin.com

bitcoin.com

The Reserve Bank of Zimbabwe (RBZ) has denied claims that it intends to force recipients of U.S. dollar-denominated remittances to convert their funds into local currency. The central bank clarified that it has no plans to review its diaspora remittances policy. According to the RBZ, the market had misconstrued a video on social media in […]

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Financial Analyst Peter St Onge States Saving the Dollar Is Easy: Return to the Gold Standard

August 16, 2024 Bitcoin.com

bitcoin.com

Peter St Onge, an economist and financial analyst, has explained his proposal to save the U.S. dollar from crumbling under the current central banking system. St Onge proposes returning to the gold standard, backing the total dollar issuance with gold at current prices and mandating the Treasury to repurchase it when it flows out. Economist […]

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$2.3 Billion in Dollar, Euro Bills Shipped to Russia Despite Ban

August 14, 2024 Bitcoin.com

bitcoin.com

Despite Western restrictions imposed after Russia invaded Ukraine, billions of dollars and euros in banknotes have flowed into the country. This suggests that Russia has found ways to circumvent these restrictions. Despite official efforts to reduce reliance on foreign currency, Russian citizens still prefer dollars and euros. Russia Successfully Skirts Western Sanctions Dollar and euro […]

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BRICS Countries Deem US Dollar Less Important in Global Trade, Says Indian Expert

August 14, 2024 Bitcoin.com

bitcoin.com

The vice chairman of the BRICS Chamber of Commerce and Industry, Sameep Shastri, has highlighted the economic bloc’s shift away from reliance on the U.S. dollar, opting instead to trade using their national currencies like the Russian ruble, Indian rupee, and Chinese yuan. He underscored the importance of economic self-reliance and the challenge to Western […]

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Zimbabwe to Unveil De-Dollarization Roadmap, Says Government Official

August 8, 2024 Bitcoin.com

Africa

The Zimbabwean Cabinet has approved a de-dollarization roadmap outlining “modalities to operationalize the Zig currency as legal tender for use in the economy.” Zimbabwean officials have set early 2026 as the new deadline for making the Zig the country’s sole currency. The central bank is expected to strengthen the mandatory licensing requirements, which compel business […]

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Ethiopia Announces Launch of Forex Auction Sale Days After Birr Float

August 8, 2024 Bitcoin.com

bitcoin.com

The National Bank of Ethiopia (NBE) said it will conduct a special foreign exchange auction on Aug. 7. The Ethiopian central bank envisions similar auctions in the coming weeks, depending on market conditions. The NBE said banks keen on participating must submit their bids on the date of the sale. According to the Ethiopian apex […]

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Crypto coalition calls for ‘clear rules of the road’ from Biden, Harris

August 8, 2024 Coin Telegraph

Coin Telegraph

Some of the CMIC members in support of the letter include Robinhood, BitGo, OKX, Gemini, Chainalysis, Elliptic, TRM, Kaiko and Matrixport.

A crypto coalition has added to calls for the current United States administration to implement a clearer digital asset regulatory framework, arguing it would result in “enormous economic and national security benefits” for the country.

In an Aug. 7 letter to President Joe Biden and Vice President Kamala Harris, the Crypto Market Integrity Coalition — a group of crypto firms — said outlining “clear rules of the road” would better protect US consumers from bad actors, promote the US dollar and secure America’s technological edge.

“Digital assets utilizing open, public blockchains present an important opportunity to further cement American values and norms into the global financial system,” CMIC added.

Bitwise files for ETF tracking firms with big Bitcoin treasuries

Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

August 5, 2024 Coin Telegraph

Bitcoin

Global equity markets witnessed a massive sell-off, pulling Bitcoin and several major cryptocurrencies to unexpected lows.

Bitcoin (BTC) fell below the psychological level of $50,000 on Aug. 5 as panic gripped traders following the crash in the Japanese stock market. Coinglass data shows $1.08 billion in liquidations in leveraged positions or collateral trades.

Will the correction deepen, or is it time for a relief rally to begin? That is a big question for traders. Popular analyst Rekt Capital said in a post on X that Bitcoin’s “downside deviation” could last for about two months.

Some analysts believe the correction could deepen further. FXPro senior market analyst Alex Kuptsikevich told Cointelegraph that Bitcoin’s selling could sink it to $42,000.

Bitwise files for ETF tracking firms with big Bitcoin treasuries

Nigeria Acts to Stabilize Currency with Forex Auction

August 4, 2024 Bitcoin.com

Africa

The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized dealer banks to share their respective lists of outstanding forex demand by end users. Auction System Aims to Mitigate Impact of Dollar Shortage on Exchange […]

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Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped

July 29, 2024 Bitcoin.com

Africa

Ethiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign exchange surrender requirements and lifted restrictions on certain imports. In return, Ethiopia, which is seeking BRICS membership, is expected to receive a $10.7 billion loan […]

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