African Migrants Are Turning to Cryptocurrency Platforms for ‘Low-Fee Remitta...
As central banks on the African continent fight to keep cryptocurrencies from going mainstream, many more migrant workers are increasingly turning to money-sending platforms that use cryptocurrencies when moving funds across borders. More Than Just an Investment Thus in addition to becoming a “hot investment for hedge funders and corporate moguls,” crypto-assets like bitcoin are now seen as “a cost-effective way to transfer money throughout the developing world.” Also adding to the growing popularity of cryptocurrencies, are lockdown measures imposed in many....
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The cost incurred by African migrants or expatriates when sending funds via the so-called formal corridors remains way above the UN target of less than three percent, the latest data from the World Bank has shown. On the other hand, the cost is much lower than the target when cryptocurrencies are used. Global Average Higher Than SDG Target According to the latest World Bank (WB) remittance data, Sub-Saharan Africa has once again emerged as the most expensive region to send funds to. With an average cost of 7.8% for every $200 sent, the region, which received $49 billion in remittances in....
While opponents of cryptocurrencies continue to peddle the environmental damage or the terrorism funding narrative, users from countries where the majority is financially excluded see these as a breakthrough innovation. Crypto Utility Inspires Volatility Solutions For instance, to undocumented migrants, cryptocurrencies offer a faster and cheaper way of sending money to their loved ones. For users that reside in countries with unstable currencies, cryptos act as an alternative store of value. Cryptocurrencies also act as a shield in times of hyperinflation. In some places, small businesses....
A South African tax expert, Thomas Lobban, has warned non-tax paying crypto traders that they now face possible jail time if the South African Revenue Services (SARS) decides to lay tax offense charges against them. He adds that this threat of jail time similarly applies to South African crypto traders that use offshore exchange platforms to trade or store their crypto assets. Lack of Guidance Blamed Lobban’s warning follows reports earlier in the year which suggested that changes to South African tax laws may have made it “easier for SARS to secure criminal convictions for....
The Museum of Modern African Art Gallery & Lifestyle (MOMAA), a platform that promotes African artworks, recently kickstarted a 30-day non-fungible token (NFT) Modern African Art Exhibition. The exhibition, which will be MOMAA’s first NFT showcase, is set to feature the works of Goran Pin or the Portraitist. Pin, a Croatian national, is an artist seen “pushing the edges of the crypto art medium on multiple levels.” According to a statement on MOMAA’s website, taking the centre stage at this exhibition will be the Portratist’s “Kings and Queens....
The Bitcoin Whitepaper, the document that presented the first cryptocurrency to the world, is turning 14 years old today. Investors, community members, developers, and others celebrate this event across social media platforms. Related Reading: After Dogecoin’s Explosion, Is Shiba Inu Next In Line? The project that began as an experiment, as an alternative to the […]