El Salvador President Nayib Bukele to Present Debt-Free Budget for 2025
[Sep 16 2:22 PM] Bukele spoke during the commemoration of 203 years of El Salvador independence.
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Bukele States Bitcoin Was an Effective Rebranding Tool for El Salvador
[Aug 31 6:40 PM] President Nayib Bukele pondered how El Salvador adopted the bitcoin banner and evaluated how it has fared for the country so far. In a recent interview given to Time magazine, Bukele admits that while Bitcoin adoption has not grown as he expected…
Latam Insights Encore: El Salvador Bitcoin’s Allure Might Help Bukele Reactivate the Country’s Economy
[Aug 20 11:30 AM] Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency-based news from last week. In this edition, we discuss the possibilities of making Bitcoin an important part of the proposed economic…
IMF Economists Suggest Electricity Tax to Lower Crypto and AI Environmental Impact
[Aug 17 11:30 AM] International Monetary Fund (IMF) economists have warned of the environmental impact of crypto mining and AI data centers, which are projected to increase global electricity consumption to 3.5% by 2027, leading to higher carbon emissions. Proposing…
IMF execs float raising crypto mining electricity prices by 85%
[Aug 16 1:44 AM] A tax on the energy used by crypto miners could cut emissions by 100 million tons a year, equal to Belgium’s emissions, say two IMF executives.
Latam Insights Encore: El Salvador Forges a Path to Overcome IMF’s Bitcoin-Phobia
[Aug 13 5:30 AM] Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency-based news from last week. In this edition, we discuss the possibilities that El Salvador is opening for other countries to receive help…
Latam Insights: El Salvador Advances Talks With IMF Despite Bitcoin Allegiance; Brazil Passes First Solana Spot ETF
[Aug 12 11:20 AM] Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the last week. In this issue: El Salvador holds talks with the IMF despite its Bitcoin allegiance; Brazil greenlights the first Solana spot…
Global Asset Freeze Targets Fugitive ‘Cryptoqueen’ and Onecoin
[Aug 10 12:30 AM] A London high court has announced a global asset freeze targeting Onecoin’s co-founder Ruja Ignatova and associates. Over 400 investors sought this legal action after losing millions in the Onecoin cryptocurrency scam. The asset freeze prevents…
El Salvador and IMF Advance Talks on Bitcoin Risk Mitigation and Economic Reforms
[Aug 8 3:30 AM] The International Monetary Fund (IMF) has reported progress in negotiations with El Salvador on policies to strengthen public finances, boost bank reserves, improve governance, and address bitcoin risks. Although many BTC risks haven’t…
Group Urges Nigeria to End Naira Float, Reinstate Subsidies
[Aug 7 1:22 PM] The Nigerian government has been urged to abandon a floating foreign exchange system and reintroduce subsidies in the power and energy, agriculture, and transportation sectors. In a communique, the Multidisciplinary Finance Professionals (MFP) said…
Nigerian CBDC Adoption Lags, Makes Up Less Than 1% of Currency in Use
[Jul 30 11:30 AM] Nigeria’s central bank digital currency, known as the eNaira, was the first of its kind in Africa. However, it currently represents only about 0.36% of the total currency in circulation. Nigerian experts attribute the slow adoption of the…
Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped
[Jul 29 4:30 PM] Ethiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign exchange surrender requirements and lifted…
Zambia De-Dollarization: Central Bank Seeks to Enforce Kwacha as Sole Legal Tender for Domestic Transactions
[Jul 27 2:05 PM] The Bank of Zambia has defended its de-dollarization plans but also seeks input from stakeholders who oppose the proposal. The central bank governor clarified that they are not proposing anything new; instead, the bank aims to enforce existing laws…
BRICS Poised to Dominate World Bank and IMF, Says Russian Executive Director
[Jul 26 8:31 PM] The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western…
IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive
[Jul 20 9:30 AM] An International Monetary Fund representative has cautioned that Zambia’s proposed dedollarization initiative may inadvertently undermine efforts to contain inflation. The representative expressed concern that the prevailing economic conditions in…
AI Preparedness Index: South Africa Best Prepared African Country; Nigeria Ranks Outside the Continent’s Top 7
[Jul 17 5:20 AM] The latest International Monetary Fund (IMF) Artificial Intelligence Preparedness Index reveals that only seven African countries have preparedness indices of 0.4 or more. South Africa leads the continent with a score of 0.5, while the Republic of…
IMF Advises US to Keep Interest Rates Steady Through Late 2024
[Jul 3 5:16 PM] The International Monetary Fund (IMF) has advised the U.S. to improve its fiscal position by reducing spending and increasing revenues. The IMF emphasizes addressing rising debt through policy adjustments and recommends maintaining current interest…
IMF: CBDCs Can Boost Financial Inclusion and Payment Efficiency in Middle East
IMF Says CBDCs Could Boost Middle East's Financial Inclusion, Payment Efficiency
[Jun 19 1:21 AM] Central bank digital currencies (CBDCs) may not be essential to achieving intended policy goals, instead addressing underlying constraints and improving other digital payment systems may be a more practical alternative, a survey of 19 central banks…
IMF Data Shows Decline in US Dollar Dominance
[Jun 15 4:06 PM] Recent data from the International Monetary Fund (IMF) points to an ongoing decline in the U.S. dollar’s share of allocated foreign reserves held by central banks and governments. Economists explained that reserve managers are attracted to…
IMF Calls Zimbabwe’s Gold-Backed Currency an ‘Important Policy Action’
[May 23 11:37 PM] The International Monetary Fund (IMF) has stated that Zimbabwe’s recently introduced gold-backed fiat currency represents a significant policy step. This is the IMF’s first substantial comment on the currency since its inception. The global lender…
Indian Finance Minister: Crypto Regulation Needs Global Consensus
[May 20 3:15 PM] Indian Finance Minister Nirmala Sitharaman advocates for global consensus on cryptocurrency regulation, highlighting the need for international cooperation, particularly within the G20. She noted that while Indian regulators have differing opinions…
IMF Acknowledges Russian Assets’ Confiscation Might Undermine the World’s Financial System
[May 19 10:31 PM] The IMF has expressed its concerns about the possible outcome of the confiscation of Russian assets abroad as a consequence of the ongoing military conflict between the nation and Ukraine. Julie Kozack, a spokesperson for the institution, called…
IMF Official: Countries Are Reevaluating Their Reliance on the US Dollar
[May 11 2:31 AM] First Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath recently revealed that some nations are reconsidering their reliance on the U.S. dollar. Gopinath explained that this originated in the recent shocks from the…
Latam Insights: Bitcoin Hurts El Salvador Credit Opportunities, Paraguay Supports Selling Power to Crypto Miners
Bitcoin Reportedly Hindering El Salvador’s Credit Opportunities With the IMF
IMF Urges Ukraine to Finalize Crypto Legislation, Government Official Reveals
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…
XRP Sinking? A Double Blow Of Underperformance And Address Exodus
[Feb 28 2:00 AM] Ripple’s XRP has been struggling to regain its momentum, as its performance continues to lag behind that of its competitors in the crypto market. Recent data from CoinMarketCap reveals that XRP has been the most underperforming large-cap…
Argentine President Javier Milei Rules out Dollarization Process in 2024
[Feb 8 3:30 PM] Javier Milei, the libertarian president of Argentina, has ruled out the possibility of applying his dollarization plan during 2024. In an interview with local media, Milei stated that while dollarization and the free convertibility of coins was the…