Central Bank Action On Money Transfer Services Gives Bitcoin Yet Another Boost
The Central Bank of Nigeria has passed a rule that leaves most Nigerian money transfer operators unable to provide services to that country, making bitcoin a more valuable remittance tool, according to The Daily Post Nigeria. Only three companies – Ria, Money Gram, and Western Union – can continue money transfer operations. Nigerians using these services will have to pay high fees for sending money across international borders. Hence, bitcoin offers a solution since it allows people to send any amount anywhere at any time at negligible cost, usually in less than five minutes. Fiat....
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The Central Bank of Kenya has warned the public against Bitcoin and other virtual currencies, citing that it’s not legal tender and is unregulated. People should therefore desist from transacting in Bitcoin and similar products. There are not many countries left in the world with a buoyant Bitcoin market where the central bank hasn't issued a cautious statement on using cryptocurrency. Now Kenya joins the club of frightened central bankers. “Domestic and international money transfer services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no....
The bad news is how companies looking into this business model will need to convince the Central Bank of Nigeria about their intentions. Money transfer services are prone to disruption by new technologies. Many people feel Bitcoin, and other cryptocurrencies are a legitimate threat to remittance services. But in Nigeria, MoneyGram will continue its operations, as they are officially recognised as a trusted money transfer provider. This news comes on the heels of various remittance platform shaving their licenses revoked two weeks ago. It will not be easy to venture into the money transfer....
Bitfinex’s “bail-in” scheme after a major theft raised questions regarding its risk and fund management. What can we learn from the recent bail-in event? To answer, a look at the result of the bail-in, and how it differs from central bank bailouts is necessary. With central bank bailout schemes in place around the world, many who are new to the concept....
The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, recently announced it had successfully tested the transfer of funds across borders using JPMorgan’s JPM Coin. The test fulfills the central bank’s goal of creating safe and efficient settlement solutions for customers.
Eliminating Inefficiencies in the Cross-Border Payment Arena With CBDCs
Bahrain’s central bank recently said it had piloted its first cross border funds transfer using the JPMorgan blockchain. The transfer, which was carried out in partnership with Bank ABC, is the latest....
That being said, a loan from a central bank - permanent or not - is still a debt with an interest cost. Even though the consumer would not be responsible for paying back the money, the government budget would be affected. A transparent solution to the economic status of Australia is needed, and the time has come to start considering alternative options. The financial system we know and use today is not broken, according to financial experts and governments. At the same time, central banks are wielding so much power, and governments are next to powerless when a decision needs to be made. To....