Nigeria’s Naira Rated Worst-Performing Currency in H1 of 2024; Kenyan Shilling Named Best Performer

June 30, 2024 Bitcoin.com

In the first half of 2024, the Nigerian currency depreciated by nearly 40%, making it the worst-performing currency during that period. Meanwhile, the Kenyan shilling appreciated by 20.7%, ranking it as the best performer. The depreciation of the Nigerian naira was primarily driven by U.S. dollar shortages. Naira Falls for 9 Straight Days The Nigerian […]

Brazilian Congresswoman Sounds Alarm on Drex CBDC Risks, Rejects Cash Elimination Bill

What is Tether’s gold-backed stablecoin, ‘Alloy’ (aUSD₮)?

June 21, 2024 Coin Telegraph

Coin Telegraph

Alloy by Tether introduces a new class of digital assets called tethered assets, designed to track the price of various assets using robust stabilization mechanisms.

Tethered assets are a versatile class of digital tokens designed to track the price of various reference assets, such as the United States dollar.

Also termed stablecoins, tethered assets can be backed by a single type of collateral, such as gold, a specific fiat currency, or a diversified portfolio of multiple assets, offering greater flexibility and risk management options. This flexibility allows tethered assets to track the price of a wide range of assets, including major fiat currencies like the U.S. dollar or euro, commodities such as gold, oil and wheat, or even other financial instruments like stocks or bonds.

Brazilian Congresswoman Sounds Alarm on Drex CBDC Risks, Rejects Cash Elimination Bill

Former House Speaker Paul Ryan: Stablecoins Can Help Fight an Upcoming US Debt Crisis and China’s Growing Influence

June 16, 2024 Bitcoin.com

bitcoin.com

Paul Ryan, a former speaker of the House of Representatives, has assessed the possible role that stablecoins will play in fighting an upcoming U.S. debt crisis. According to Ryan, the demand derived from the increasing relevance of dollar-backed stablecoins, which use U.S. treasuries as backing, will help keep a healthy demand on U.S. debt and […]

Brazilian Congresswoman Sounds Alarm on Drex CBDC Risks, Rejects Cash Elimination Bill

IMF Data Shows Decline in US Dollar Dominance

June 15, 2024 Bitcoin.com

bitcoin.com

Recent data from the International Monetary Fund (IMF) points to an ongoing decline in the U.S. dollar’s share of allocated foreign reserves held by central banks and governments. Economists explained that reserve managers are attracted to nontraditional reserve currencies “because they provide diversification and relatively attractive yields, and because they have become increasingly easy to […]

Brazilian Congresswoman Sounds Alarm on Drex CBDC Risks, Rejects Cash Elimination Bill

Moscow Exchange Stops Trading in Dollar and Euro Due to US Sanctions

June 14, 2024 Bitcoin.com

bitcoin.com

On Wednesday, the Moscow Exchange (MOEX) announced new restrictions on its trading activities. The exchange revealed that, due to the enactment of U.S. sanctions against its platform, it would stop activity in all trading pairs involving the U.S. dollar and the euro. These measures came into effect on June 13th and affected FX, precious metals, […]

Brazilian Congresswoman Sounds Alarm on Drex CBDC Risks, Rejects Cash Elimination Bill

Euro’s Reserve Currency Status Threatened as Its Share of Foreign Reserves Holdings Drops

June 13, 2024 Bitcoin.com

bitcoin.com

A report from the European Central Bank indicated that the euro’s share of foreign exchange reserves declined by one percentage point to 20% in 2023. According to the report, the continued diversification of global reserve portfolios into nontraditional currencies threatens to further erode the euro’s share of foreign exchange reserves. Euro’s Decline Coincides with US […]

Brazilian Congresswoman Sounds Alarm on Drex CBDC Risks, Rejects Cash Elimination Bill

Ghana’s Cedi Hits Record Low Against US Dollar Amid Cocoa Output Decline

June 12, 2024 Bitcoin.com

bitcoin.com

The Ghanaian cedi recently plunged to a record low, trading at GHS 14.9335 against the U.S. dollar, which led to its designation as the fourth-worst-performing currency globally. Additionally, a decline in cocoa production has further complicated matters for the cedi, a currency previously ranked as the world’s worst-performing during the last quarter of 2022. Cedi […]

Brazilian Congresswoman Sounds Alarm on Drex CBDC Risks, Rejects Cash Elimination Bill

Russia, China Developing ‘Independent Payments System’ To Ditch US Dollar, Avoid ‘External Interference’: Vladimir Putin

June 8, 2024 The Daily Hodl

brics

A group of economically-aligned nations say they’re building an “independent payments system” in a move away from the US dollar. At the SPIEF 2024 Conference in Saint Petersburg, Russian President Vladimir Putin said work is underway on a system designed to safeguard the sovereignty of national currencies. “Within BRICS, we’re working on shaping an independent payment […]

The post Russia, China Developing ‘Independent Payments System’ To Ditch US Dollar, Avoid ‘External Interference’: Vladimir Putin appeared first on The Daily Hodl.

Brazilian Congresswoman Sounds Alarm on Drex CBDC Risks, Rejects Cash Elimination Bill

Nigeria Increases Capital Requirements for Currency Dealers Nearly Sixtyfold to $1.4 Million

May 25, 2024 Bitcoin.com

Nigeria Increases Capital Requirements for Currency Dealers Nearly Sixtyfold to .4 Million

Africa

The Central Bank of Nigeria has increased the capital requirements for national bureau de change operators from approximately $24,000 to $1.4 million. The central bank has given operators a six-month period to comply and they must apply for new licenses. The bank’s director for risk management stated that street trading of foreign exchange is now […]

Brazilian Congresswoman Sounds Alarm on Drex CBDC Risks, Rejects Cash Elimination Bill

IMF Calls Zimbabwe’s Gold-Backed Currency an ‘Important Policy Action’

May 24, 2024 Bitcoin.com

Africa

The International Monetary Fund (IMF) has stated that Zimbabwe’s recently introduced gold-backed fiat currency represents a significant policy step. This is the IMF’s first substantial comment on the currency since its inception. The global lender has reportedly announced plans to send a team in June to evaluate the performance of the new currency. Contrasting IMF […]

US Dollar

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