1 / 1 Relevant items tagged with #Devaluation
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Bitso Report Shows Argentines Leading Stablecoin Adoption in Latam
[Aug 30 10:10 PM] A recent report by Bitso, one of the largest crypto exchanges in Latin America, found that Argentines were especially inclined to use and purchase stablecoins over other cryptocurrencies. Six out of every ten cryptocurrency purchases in Argentina…
Ethiopian Premier Defends Currency Float Decision, Rejects Devaluation Claims
[Aug 3 8:30 AM] The Ethiopian Prime Minister, Abiy Ahmed, has defended the decision to float the birr and insisted that this move does not amount to the devaluation of the currency. Ahmed stated that the intention is to unify the official and parallel market…
Russia-Linked Banknotes Blamed for Libyan Dinar Plunge
[Jul 25 9:30 PM] The Libyan dinar’s recent devaluation has been blamed on a flood of illicit banknotes exchanged for U.S. dollars. A report identified the Russian state money printer as a potential source of the banknotes, which the Central Bank of Libya has…
Mexican Billionaire Ricardo Salinas Doubles Down on Bitcoin, Advises Using It as Inflation Hedge
[Jun 10 2:35 PM] Ricardo Salinas, the third wealthiest man in Mexico, has recently doubled down on his proposal to use Bitcoin as a reserve asset. On social media, Salinas defended the role of Bitcoin as an inflation hedge, commenting on a post that presented…
Mexican Billionaire Ricardo Salinas Urges Followers to Buy Bitcoin as Nigerian Naira Falls Under a Satoshi
[Jun 2 10:34 PM] Ricardo Salinas Pliego, one of the wealthiest billionaires in Mexico, has urged his followers to purchase Bitcoin as a hedge against the devaluation of fiat currencies. Salinas Pliego recommended purchasing bitcoin in response to a social media…
Economic Intelligence Unit: Nigerian Central Bank Lacks Capacity to Defend Local Currency
[Mar 12 5:30 AM] The Economic Intelligence Unit has stated that the Central Bank of Nigeria cannot halt the rapid depreciation of the local currency. The continued volatility of the naira is expected to result in erratic regulation, primarily affecting businesses…
Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement
[Mar 8 2:30 PM] Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF…
Report: Nigerian Central Bank Sued for Dollarizing Economy
Latam Insights — Argentine Peso Touches Historic Lows, Tether Dominated the Brazilian Market
Former US OCC Officials: ‘Stablecoins Can Keep the Dollar the World’s Reserve Currency’
[Aug 11, 2023 11:30 PM] Brian Brooks and Charles Calomiris, former officials at the U.S. Office of the Comptroller of the Currency (OCC), have stated stablecoins can be tools that might help the U.S. dollar maintain its status as a reserve currency. In a recent article…
Argentine Peso Plunges to Historic Lows as Uncertainty Rules Before Elections
[Aug 8, 2023 2:00 PM] The exchange rate of the Argentine peso reached historic lows Monday in a decline that took its exchange rate to almost 600 pesos per U.S. dollar. Economists state that the uncertainty of the upcoming elections caused key bagholders to hedge their…
Tether Surpasses Previous Market Cap Record, Reaching $83.23 Billion
Meme Token PEPE Plunges Below $1 Billion Mark Amidst Market Decline
[May 9, 2023 11:30 AM] The recently launched meme token, inspired by Pepe the Frog and dubbed PEPE, experienced a 12% decline against the U.S. dollar on Tuesday, plummeting its market valuation beneath the $1 billion threshold to a present $790 million. Concurrently, the…
Argentina Debates Dollarization in the Midst of Rampant Devaluation and Inflation
[Apr 26, 2023 4:00 AM] Javier Milei, a presidential candidate for the next election in Argentina, has presented a dollarization plan to fix the economy of the country if elected. The proposal, which has supporters and detractors, would aim to solve the historic…
Latam Insights: Argentine Peso Plunges, Venezuela and Russia to Develop SWIFT Alternative, Bitcoin Mining Still Paused in Venezuela
[Apr 24, 2023 3:00 AM] Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue: the Argentine Peso plunges against the U.S. dollar, Venezuela and Russia agree to develop a…
Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise
[Mar 11, 2023 1:30 AM] The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several…
Like Venezuela, Some Retailers in Argentina Are Now Pricing Items in Dollars
[Mar 8, 2023 6:30 AM] Some retailers in Argentina are already pricing imported items in U.S. dollars, according to reports from local news outlets. The idea behind this would be to keep prices stable and avoid repricing articles each day, a practice that has already…
Latam Countries Prepare Regional Agreement to Counter Rampant Inflation
[Mar 4, 2023 5:30 AM] A group of countries in Latam is preparing a regional agreement to address inflation, a problem common to most nations in the region. The initiative, which is being spearheaded by Mexican president Andres Lopez Obrador, would allow the exchange of…
Crypto Dominates as Payment Method for Remote Workers in Latam
[Feb 20, 2023 6:30 AM] Most remote workers in Latam prefer to get paid in crypto, according to the latest report from the Deel Lab for Global Employment. The reasons behind the finding are said to be diverse, but include the instability of some of the local fiat…
Central Bank of Argentina to Issue New 2,000 Peso Bill as Inflation Keeps Rising
Cryptocurrency Rose Ranks in Popularity as Investment Option in Chile in 2022
[Jan 10, 2023 5:30 AM] Cryptocurrencies rose in popularity in Chile, according to a survey from global consulting firm Bain & Company. The survey found that crypto is ranked as the third most popular investment asset among Chileans, only behind investment funds…
Venezuelan Banking Watchdog to Oversee Crypto Transactions to Preserve Currency Stability
[Dec 30, 2022 5:30 AM] Sudeban, the Venezuelan banking watchdog, is currently working on a mechanism to review crypto-related transactions in real-time to control the influence these have on the stability of the exchange market. Analysts have recently linked the…
Argentine Peso Breaks Historic Low Mark as Argentines Hedge Savings in Dollars
[Dec 29, 2022 7:30 AM] The U.S dollar-Argentine peso exchange rate escalated during December, with the Argentine fiat currency reaching new historic lows as citizens ran to exchange their holiday payments for dollars. The U.S. dollar reached a value of 356 pesos on…
Venezuelan Currency Plunges Almost 40% Against the US Dollar, Analysts Cite Crypto Drought as Part of the Problem
[Nov 27, 2022 3:00 PM] The Venezuelan fiat currency, the bolivar, has lost almost 40% in its exchange rate against the U.S. dollar in a month. According to reports, the seasonal payments that the government has to make, and the lack of liquidity of the government to…