Since the beginning of 2021, the cryptocurrency industry has experienced a marked surge in popularity, as institutions and individuals flock to the rapidly developing space in large numbers. Whilst the barrier to enter the space has significantly decreased since its birth a decade ago, there remain several sticking points which keep more widespread adoption difficult,…
Nigeria’s ongoing shortage of foreign exchange is forcing corporates and businesses to source this resource on the parallel market, a former official with the Lagos Chamber of Commerce and Industry (LCCI) has said. According to Muda Yusuf, who is the previous director-general at LCCI, these shortages stem from the foreign exchange market liquidity constraints that…
What is Cryptocurrency? Cryptocurrencies work using a technology called a blockchain. Blockchain is a decentralized technology spread across many computers that manage and record transactions. Part of the appeal of this technology is its security. A cryptocurrency is a form of : ● Digital cash or Virtual currency ● Secured by cryptography ● It’s impossible…
Major Indian bank ICICI has asked customers not to use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. ICICI, a leading private sector bank in India, has updated its retail outward remittance application to include cryptocurrency. With this update, the bank has asked its customers to declare under India’s…
The secretary-general of the African Continental Free Trade Area (AFCFTA) secretariat, Wamkele Mene, says Africa will “one day have a common currency” via a proposed “Pan-African Payment and Settlement System (PAPSS).” He adds that such a currency will help “ease constraints of settling intra-African trade in foreign-denominated currency.” Challenges Ahead In comments recently carried by…
The Advertising Standards Authority (ASA), the U.K. advertising watchdog, declared it would crack down on misleading ads promoting cryptocurrency investments. The organization will include cryptocurrency campaigns as a “red alert” priority in the financial marketing department. The organization will be more proactive regarding these ads, it claims, contacting companies and issuing warnings in the future.…
