Browsing: IMF and cryptocurrencies

World trade is increasingly relying on new technologies to meet demand and Asia is likely to take centre stage in the future of global trade. Photo/WTO


World trade is increasingly relying on new technologies to meet demand and Asia is likely to take centre stage in the future of global trade.

Analysts predict Southeast Asia will be the world’s busiest trade area by trade volume.

The International Monetary Fund (IMF) reports that billions of dollars are already been invested in warehouses and distribution centers across with ports investing in automated vehicles and cranes to increase efficiency and cut costs in the long term.

Trade in the modern world is global. Flow of goods, services, capital, people and data connects us all. Value chains of even the smallest of daily consumer products are global. Raw, a raw material from Africa is developed in Asia and consumed in the Americas -, that is the modern world and countries that wish to be competitive must adopt.

However, this view of a ‘world village’ is changing, in the wake

CBDC's implementation key to Africa's Future of Money.

In full throttle the world is diving deeper into the Fourth Industrial Revolution (4IR).  Resultantly, among the new wave of technologies marking this new era is the adoption of digital currencies such as a CBDC. This relatively nascent era of economic disruption has birthed a need for digital currencies and we might very well be in the twilight years of using the traditional fiat currency. In his book, “The Future of Money: How the Digital Revolution is Transforming Currencies and Finance” economist Eswar Prasad, predicts that the era of cash is drawing to an end and that of central bank digital currencies and other forms of digital cash has begun. Indeed the future of money is evolving and already several countries across the globe are particularly piloting the Central Bank Digital Currencies (CBDCs).

In Africa, albeit slow, the concept of CBDC’s adoption is gaining momentum with several nations in the …

enaira binance

It is now possible to store, buy, exchange and resell Nigerian naira for bitcoin and a hundred other cryptocurrencies directly from the Binance platform.

The Chinese giant headquartered in Malta is opening up to the fiat currencies of Africa’s largest economy. And for the occasion, it is the Nigerian naira that will serve as a trial balloon.

  • Cryptocurrency exchange platforms are generally available to holders of euros or dollars, it is now the turn of the Nigerian naira are to be accepted
  • Binance has adopted African currencies and is looking at Kenya and South Africa as well.
  • Cryptocurrencies are now competition for Western Union and Moneygram

In an October 24 2021, press release, Binance explains that this milestone was reached thanks to a partnership with Nigerian fintech Flutterwave, which offers secure payment solutions for small entrepreneurs in 150 different currencies. In a second press release, Binance announces that it will …