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The Pan-African Payment and Settlement System is a real-time settlement infrastructure for cross-border payments in local currencies. The initiative was publicly launched in January 2022. The move mirrors other initiatives around the world to develop financial systems independent of the US dollar. While it promotes soft de-dollarization, completely moving away from the greenback may not be its intended action. De-Dollarization Not The Goal Of The Pan-African Payment and Settlement System Source: Freepik According to the Pan-African Payment and Settlement System chief Mike Ogbalu, “ Our goal, contrary to what people might think, is not de-dollarization. “ Bypassing the US dollar seems like a prudent alternative. Ogbalu highlights how African economies struggle to find third-party global currencies to settle transactions. Commercial banks in Africa often rely on overseas counterparts. Partnerships with overseas counterparts significantly add to transaction costs. Trade in Afri...

Saudi Arabia and China sign 57 deals worth over $3.73 Billion USD just recently, and the agreements mark a major advancement in local currency cooperation and also de-dollarization efforts between the nations. The deals, which were signed at the Saudi-Chinese Business Forum in Beijing this month, are enhancing BRICS-aligned trade and also promoting currency substitution between these economic giants right now in 2025. Also Read: BlackRock Bitcoin ETF Soars as Abu Dhabi and Hong Kong Investors Pump Over $1 Billion Saudi-China $3.73B Agreements Boost Trade, Finance, Currency Use Source: Watcher Guru As Saudi Arabia and China sign 57 deals worth over $3.73 billion USD, at the same time institutional cryptocurrency market activity has also increased significantly. The BlackRock ETF inflows at the time of writing reflect growing confidence among major investors who are seeking alternative asset classes in today’s changing financial landscape. Strengthening Bilateral Economic Ties In at...

BRICS members Russia and Iran announced that they have officially abandoned the US dollar for trade between the two nations. Russia reported that 96% of all cross-border transactions between Iran have been settled in local currencies, the ruble and rial. In 2024, the usage of local currencies between Russia and Iran is up by 12.4%, making 96% of all settlements. Also Read: BRICS Determined to Trade In Local Currencies, Not US Dollar “We (BRICS members Iran and Russia) have entered into a currency agreement with Russia and fully removed the US dollar. Now we only trade in rubles and rials,” said the Governor of the Central Bank of the Islamic Republic, Mohammad Reza Farzin. However, both nations face sanctions as the White House has made it difficult to accept the US dollar. In July this year, both the BRICS countries agreed to a currency swap policy signed by the Russian and Iranian central banks. They also completed the integration of Russia’s Mir payment as a replacement ...

The overall crypto market trends signal the return of the memecoin season. Many of the assets in the category might become the next cryptocurrencies to explode . While the bull runs in current at full speed, memecoins like PEPE, BONK, FLOKI, etc., are printing dramatic gains.  Despite growing interest in memecoins and DePIN tokens, Bitcoin remains the driver of the current bull run. Bitcoin sets the pace of the market, and owning a significant amount of BTC could offset any downside incurred on mistimed investment. Next Cryptocurrency To Explode Tuesday Attention in the crypto market in the coming month will go toward the mining sector and making the most of the post-Bitcoin halving market. Hence, investors can capitalize on the moment and take a position in upcoming tokens like the 5th Scape. The project aims to revolutionize user interactions with virtual environments by blending innovation with entertainment. This post covers the details of its presale. 1. Hedera (HBAR) HBA...

Amsterdam, Netherlands, September 25th, 2023, Chainwire   New crypto project ‘Meme Kombat’ has announced the presale of its native token is now live, in a September 21st tweet from its official X account @Meme_Kombat. $MK token is able to be purchased at memekombat.io priced at $1.667, using ETH, USDT or BNB. Presale investors can use a range of wallets including MetaMask, Trust Wallet, Coinbase Wallet, OKX wallet, Ledger Live, Rainbow Wallet and a number of other WalletConnect options. What Is Meme Kombat? According to the project’s whitepaper, Meme Kombat is a gaming platform that ‘brings together the exciting world of memes and the competitive thrill of battle arenas. By leveraging cutting-edge technology and the decentralized power of the Ethereum network, Meme Kombat aims to create a unique and engaging gaming experience.’ Within the Meme Kombat ecosystem and its in-game arena, players engage in battle with characters...

14 years ago on Jan. 3, 2009, Satoshi Nakamoto launched the Bitcoin network and block zero at approximately 1:15 p.m. (ET) on a Saturday afternoon. Satoshi’s technology allows “online payments to be sent directly from one party to another without going through a financial institution.” Since Bitcoin was born it changed the financial system significantly, and it sparked an entire crypto currency economy worth more than $800 billion in value. The History and Significance of Bitcoin’s Genesis Block: 14 Years Later Today is the 14th anniversary of the genesis block, otherwise known as block zero, the first Bitcoin block that bootstrapped the network. Block zero is special because there are no ancestral blocks before it, and it was hardcoded into the software so it would have an official starting point and every node can validate the blockchain from the very beginning. Because block zero is hardcoded, the coinbase reward of 50 BTC stored within the first block...

Join Our Telegram channel to stay up to date on breaking news coverage Nigeria is looking to change its stance around private cryptocurrencies. According to a local publication, the chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria, Babangida Ibrahim, is planning to pass a law that will legalize the use of Bitcoin and other cryptocurrencies. Nigeria to legalize cryptocurrency use The bill brought before legislatures will be an amendment to the Investment Securities Act 2007. Once this bill is passed, Nigeria’s Securities and Exchange Commission (SEC) will recognize cryptocurrencies as legal capital for investment. The bill will also define how the Central Bank of Nigeria can regulate digital currencies. While speaking with the local news publication, Ibrahim said that Nigeria needed an efficient and vibrant capital market, and one of the ways to do this was to keep up with global practices. “In recent time, there are...