Afghans Aim To Protect Their Wealth Using Stablecoins – Bitcoin Not An Option?
Afghanistan is currently one of the top 20 countries that have widely adopted cryptocurrencies. Afghans have shifted to digital coins to protect their wealth from Talibans. Crypto is highly volatile but Afghans have put their trust into stablecoins instead of Bitcoin. Suggested Reading | Abu Dhabi Grants Kraken License To Operate Crypto Exchange Storing Assets […]
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Since the Taliban took over Afghanistan in August of last year, US authorities have cut off financial sources to disrupt the state’s economy. As a result, money transfers became a severe problem for Afghans. Sanctions by the US unable Afghans from receiving foreign aid. But, cryptocurrencies popped up as an alternative payment medium to rescue […]
As more people look for safer alternatives to store and transfer their wealth, stablecoins have emerged as a viable option with practically no restrictions. These fiat-pegged crypto assets allow users to store value reliably, but do nothing to account for inflation of the fiat backing the asset. e-Money has developed a new stablecoin, one more […]
Crypto is playing an important role for organizations looking to send financial aid to Afghanistan. Around 24.4 million afghans are in humanitarian need, but strict rules and sanctions forbid money to go into the country by traditional means. Immediate Support Is Needed Since the Taliban took over, the country has reached the verge of collapse. […]
Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency Substitution According to a report, this preference for foreign currencies (or currency substitution as CBN economists call it) however, needs to be contained in order to maintain the effectiveness of the central....
According to Bloomberg, Japan’s parliament enacted a legislative framework surrounding stablecoins pegged to the yen or another fiat currency on Friday. This is a historic move. The bill makes it clear that stablecoins are digital money. They must be linked to a legal tender, like the yen, so that people can redeem them for their […]