Central Banks

According to Governor Perry Warjiyo, Bank Indonesia aims to introduce a digital rupiah currency. The country’s Central Bank has not yet decided which platform to use to utilize the currency, but the debate is ongoing. Indonesia saw a rise in digital currency transactions from the onset of the global pandemic COVID-19. As more countries continue to adopt the Central Bank-issued digital currencies, Indonesia doesn’t want to lag. In a report released last year, the number of crypto users in the…

Bitcoin price is up over 6% after it soared past its recent highs near $19,500. The BTC/USD pair followed a nice bullish path and even managed to break the $19,666 ATH set in Dec 2017.  At the time of writing, BTC Is changing hands for $19,789. Investors will now be watching to see if the coin can surpass the $20K mark, a more rounded figure given to the Bitcoin ATH.  [caption id="attachment_20954" align="aligncenter" width="1494"] BTCUSD Chart By TradingView[/caption] The last…

The fiat monetary system currently in place is a "proven failure." Paper money gets introduced into the system with high value, but as time progresses, the cash is overprinted, and it loses its value. For example, the US dollar, used as the fiat currency's global standard, has seen a 1,934% inflation since the year 1800. The fiat has no intrinsic value, has an unlimited supply, and follows government regulations. Bitcoin technology may be the liberator of international monetary systems. Due…

As participants in the cryptocurrency space are clamoring for wider adoption of cryptocurrencies and blockchain technology, as well as regulations to govern the space, some governments have taken steps in that direction, some are considering it while others still seem uninterested. According to the Central Bank of Myanmar (CBM), cryptocurrencies are not recognized as an official currency and imprisonment or fine is waiting for anyone caught trading digital assets. The new development was revealed by the Myanmar Times on May 20, noting…

A central government or authority does not control cryptocurrencies, and they have a fixed supply, which makes their devaluation via inflation mostly nonexistent. Many people consider cryptocurrencies short-lived and unreliable, mainly as it could be unclear what affects their value. Besides, many enthusiasts don't know if it is possible to predict future crypto prices.   Crypto prices primarily depend on the value consumers place on them. A positive attitude from society is, therefore, vital to the value of crypto assets.  There…

Over a decade ago, the first cryptocurrency to permit secure transactions (bitcoin) changed the fintech world. It is based on cheap peer-to-peer transactions and is designed to be completely decentralized.  This digital evolution was set up to eliminate the centralized model of managing finances that monopolized the industry. However, a virtual currency based on blockchain technology has remained in the speculative emerging finance growth category over the years. That means we are still heavily reliant on the traditional financial systems…

The coronavirus pandemic continues to ravage the global economy. Therefore, countries such as China and South Korea have instituted cash quarantines as strategic measures to mitigate its spread. This decision follows the World Health Organization (WHO) revelation that cash is a key medium for the virus'  transfer. Following The Trend Hungary is the most recent country to follow the trend. Local reports indicate that the country's central bank announced that it would be withdrawing billions of banknotes from circulation daily.…

On February 17, Russian finance published a report noting that the Central Bank of Russia created new guidelines to curb suspicious crypto transactions.  According to these new rules, all crypto transactions are deemed as a potential money laundering risk. This new set of rules, which comes to update directive 375-P, notes some possible signals that will prove some suspicious money laundering associated activities. This update comes long after the 2012 release of the initial set of rules.  These new rules…

Reports from recent times have shown that Zebpay, the Singapore-based cryptocurrency exchange platform, has made a comeback to the Indian market. Zebpay has been closed in India for more than a year. The closure came about due to India’s cryptocurrency market suppression as the RBI cut off financial services to exchanges months before. Zebpay closed up shop in India on 28th September 2018. However, on 29th January, the IBS intelligence announced Zebpay would finally continue to avail its services for…