The United Nations Development Programme (UNDP) has announced a partnership with the Dfinity Foundation to enhance its Universal Trusted Credentials (UTC) initiative. The collaboration aims to improve financial inclusion for micro, small and medium enterprises (MSME) globally using blockchain technology. UN Project Explores Digital Identity Solutions for MSME Financing The partnership will focus on developing […]
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Pyypl and Visa Partner to Boost Financial Inclusion in MEA With Prepaid Cards
Pyypl, a fintech company operating in the Middle East and Africa (MEA), has partnered with Visa to introduce virtual and physical prepaid Visa cards via its mobile app. This strategic collaboration aims to enhance financial inclusion across the region, providing underserved populations with greater access to financial services. The integration of Visa virtual cards will […]
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IMF: CBDCs Can Boost Financial Inclusion and Payment Efficiency in Middle East
The International Monetary Fund (IMF) says 19 countries in the Middle East and Central Asia, including Bahrain, Georgia, Saudi Arabia, and the UAE, are in the advanced “proof-of concept” stage for central bank digital currencies (CBDCs). “We support policymakers evaluating the need to issue a CBDC and help them craft strong policies and regulatory frameworks […]
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EU Regulator Considers Crypto Inclusion in €12 Trillion UCITS Funds
The European Securities and Markets Authority (ESMA) has initiated a call for evidence to explore the potential inclusion of new assets, including cryptocurrencies, in UCITS funds, which represent a major share of EU retail investments. UCITS, an acronym for Undertakings for Collective Investment in Transferable Securities, is a regulatory framework of the European Union that […]
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Congolese Fintech Startups, Government Form Association to Accelerate Financial Inclusion
Democratic Republic of Congo (DRC)-based fintech startups have partnered with the government to launch an association. The goal of the collaboration is to accelerate financial inclusion in the African country. By partnering with the government, the association will play a crucial role in shaping “policies that encourage investment, competition, and access to financial services.” Bolstering […]
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Roqqu Announces the Inclusion of Bitcoin.com’s VERSE Token on its Wallet Platform, Aiming to Foster DeFi in Africa
PRESS RELEASE. 21st February, 2024 – Roqqu, a leading African blockchain technology company with over 1.6 million users and a vibrant community of 700,000 active users, is thrilled to announce the listing of VERSE token, the official utility and rewards token of Bitcoin.com, on its robust wallet platform. This integration marks a significant stride in […]
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IMF Boss Kristalina Georgieva Calls to Accelerate ‘Financial Inclusion’ Through Digitalization
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), has argued that digitalization could help to scale up “financial inclusion.” During a keynote, Georgieva stated that digitalization worked well in this sense and called for an extension of initiatives to promote financial inclusion.
IMF Managing Director Kristalina Georgieva Calls to Digitalize Economies
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), has referred to digitalization and its relation to “financial inclusion.” During a keynote at the 2023 Annual Meeting of the IMF in Marrakesh, Georgieva called for extending these digitalization initiatives, stating they were “clearly working out” in reaching more people.
Georgieva stated:
Digitalization is the most important way in which we can rapidly scale up financial inclusion and we saw that during COVID. We now see that many more of these digitally empowered schemes are in place.
She praised the properties of digital innovations, explaining that these were already ubiquitous in today’s economy. She declared:
Everywhere I look it is digital that moves help to people, moves investment, and on that basis moves the ability of the economy to accelerate. We know that digital brings the cost of transacting down.
Georgieva emphasized that the world we live in today is very different than the world in which she lived, with speed and interconnectivity being factors marking today’s economy. She stressed that now “everything moves much more rapidly,” calling to make speed a source of strength.
Factors to Accelerate Financial Inclusion and Digitalization
Georgieva defined four factors to spread digitalization and financial inclusion.
The first is the definition of comprehensive global strategies by governments to lead initiatives directed at increasing financial inclusion. Georgieva stated that the Moroccan strategy for financial inclusion allowed the country to increase the number of citizens with access to a bank account from 30% to 50% in five years.
The second factor has to do with prioritizing financial integrity and stability. Georgieva reinforced the need to establish regulatory oversight and supervisory frameworks to control the risks created by an increased financial inclusion level.
The third factor is promoting financial and digital innovations that allow financial instruments to reach more people, and the fourth factor is related to getting more accurate financial data to measure the result of the applied financial strategies.
What do you think about Georgieva’s thoughts on digitalization and how it can help improve financial inclusion? Tell us in the comments section below.
Bank of Canada Study: CBDC Can Help Overcome Inclusion Issues
A recent study conducted by the Bank of Canada delved into the role a central bank digital currency (CBDC) would play in improving financial inclusion, digital inclusion, and accessibility. The study concludes that while the Canadian financial ecosystem is inclusive, a CBDC might help tackle several challenges not dependent on the system itself.
Bank of Canada Study Examines CBDC Role
A recent study published by the Bank of Canada, titled “Redefining Financial Inclusion for a Digital Age: Implications for a Central Bank Digital Currency,” examined the challenges a central bank digital currency (CBDC) would tackle in Canada.
The study remarks that while financial inclusion is high in Canada, with 98% of adult Canadians having access to a bank account and debit cards, underbanked Canadians can still face barriers and challenges, having to resort to alternate providers that charge higher fees for their services, including payday lenders and cheque cashers.
The use of cash in the country, qualified as having a key role in financial inclusion, has diminished significantly, going from being present in approximately 53% of the transactions in 2009 to below 21% in 2021. Nonetheless, it continues to be accepted at a wide array of establishments.
CBDC and Inclusion
The study, which examined different kinds of inclusion (financial inclusion, digital inclusion, and accessibility), found that many of the challenges that impact the accessibility to payment methods were not “normally considered within the purview of central bankers” and require public investment on a series of policy initiatives.
However, these elements could be considered when designing a CBDC to make it universally accessible. The study compared today’s digital payment ecosystem with the old one, where banknotes were sufficient to achieve this accessibility. The study detailed:
Although bank notes may have been effective at addressing barriers in the past, to be universally accessible, a CBDC must address the barriers inherent in today’s—and tomorrow’s—evolving technical landscape.
While the study found that the number of individuals who face challenges that could exclude them from the traditional financial system is larger than previously assumed, it explains that these findings “serve to inform the design of future digital payment products and services and CBDCs.”
Furthermore, it calls for more research to uncover more challenges and opportunities associated with these new technologies to let the broadest population benefit from accessible digital payments.
What do you think about the CBDC and inclusion study recently completed by the Bank of Canada? Tell us in the comments section below.
EMCO Network Unleashes Blockchain’s Potential for Precious Metal Industry and Financial Inclusion
PRESS RELEASE. EMCO Network, a pioneering Defi project, is set to revolutionize the digital and financial landscapes by leveraging its unique blend of real-world experience in precious metals and artificial intelligence sectors.
Addressing the challenges faced by users from low socio-economic backgrounds, EMCO Network aims to provide a novel platform to tap into their digital identities, generating financial opportunities while fostering organic online interactions. The project’s robust and sustainable revenue model is built on its strong foothold in the precious metals industry.
EMCO Network’s blockchain strategy is designed to bring a new level of transparency, tracking, and authentication to the precious metals sector. This initiative aims to overcome the industry’s inability to share sensitive information on a public ledger due to risk factors such as cargo interception. By ensuring the safety and integrity of the load, EMCO Network will promote transparency and validation of goods, benefiting all parties involved.
The deployment of Blockchain Distributed Ledger Technology (BDLT) will give birth to ENERD, a Software as a Service (SaaS) rewards system, and a Defi platform. This initiative will provide financial inclusion and allow users to access the ENERD Dashboard/App and request a micro-task. The proprietary software solution, ENERD, issues unique micro-tasks to users determined by AI that analyzes data from connected platforms. These tasks, designed to promote organic engagement, will reward users with $EMCO tokens, which can be sold or staked in the Defi platform.
The Defi platform provides fixed APYs based on fixed periods and the unique opportunity to exchange tokens for RWA NFTs; the user can redeem a physical asset in the form of a coin, round, or bar, depending on the value; assets include Gold, Silver, Platinum, Copper and select Gemstones. Users can hold these for safekeeping or choose to redeem the investment, which is sent via secure courier. KYC for courier redemption is subject to the value denoted in the user’s local jurisdiction and the country’s custom declaration laws.
Relationships are being established at a local level across the globe that will allow users the ability to exchange their digital assets for physical assets at trusted and vetted bullion dealer partners. This will empower users the ability to convert easily into an asset class of physical value that they can use within local economies.
If a user decides instead to convert un-redeemed NFTs back into USDT or $EMCO, a secondary marketplace will be available through EMCO that will allow other users to place bids on these NFTs at discounted rates.
E.g; A buyer might put a bid of ,000 at a 3% discount to purchase. Their USDT is sent to the smart contract and held. When a seller/s agrees to the rate, the smart contract will complete the trade, sending the tokens and NFT/s to the appropriate parties. Both buyers and sellers can place offers onto the market at their desired price points ensuring a dynamic and inclusive ecosystem.
The project’s tokenomic structure and revenue model are built around trading precious metals on a B2B level. EMCO Network has direct contracts with precious metal mines, refineries, and government sector customers. The project will use 40% of the profits for a buyback of $EMCO tokens, creating a reflex loop for the longevity of the ENERD platform, with an additional 10% going to the treasury vault. This outside liquidity from the profits of the business ensures the growth of the token and its APY offerings are supported by realized gains as opposed to hypothetical market returns.
The EMCO Network team comprises seasoned professionals with an average of 20 years of experience in various fields, including precious metal sourcing, blockchain-related technologies, and business management. This multicultural, diverse team is dedicated to creating value for society and the community.
For more information, one can reach out to:
Twitter: https://twitter.com/EMCO_Network
Whitepaper: https://emco-network.gitbook.io/emco-network/
Telegram: https://t.me/EMCONetwork
Contact Details:
EMCO Network
Contact Email: contact@emco.network
Website: www.emco.network
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Argentina Mulls Inclusion of Proof-of-Solvency Requirements in Crypto Regulation
Regulators in Argentina are mulling the inclusion of stringent requirements in their next cryptocurrency regulatory framework. According to reports, institutions like the national securities regulator, the CNV, will be studying the inclusion of proof-of-solvency requirements for exchanges and custody institutions in Argentina, in the wake of the demise of leading cryptocurrency exchange FTX.
Cryptocurrency Exchanges Might Have to Complete Proof-of-Solvency Procedures by Law in Argentina
The government of Argentina is preparing to launch a set of stringent regulations that crypto companies will have to comply with to operate in the country. According to reports from Bloomberg, the national securities regulator (CNV) is mulling the introduction of proof-of-solvency requirements for institutions handling cryptocurrency deposits for third parties.
The regulation that is currently being worked on will be focused more on the activity of exchanges and less on the classification of crypto and tokens, per CNV president Sebastian Negri’s statements. Negri also explained that this regulatory framework will be applied in a progressive way, but did not confirm the inclusion of the proof-of-solvency requirements.
Negri clarified that all measures will be taken in a joint effort with crypto companies in Argentina. He declared:
We will create a working group with the industry to agree on new regulatory parameters, which will include companies that meet the asset and solvency requirements to support the risk they assume.
Proof of Solvency
A proof-of-solvency report registers whether an exchange or crypto company has the amount of cryptocurrency it claims to have, while looking directly at its funds in the blockchain, certifying the funds are sufficient to cover the liabilities the company presents to its customers.
The possible inclusion of this kind of measure in the upcoming Argentine crypto law would have the objective of avoiding a situation like the demise of FTX, formerly one of the biggest cryptocurrency exchanges, that filed for bankruptcy protection last year, leaving its customers without access to their funds.
After this event, other cryptocurrency exchanges made preparations for carrying out similar initiatives voluntarily. This is the case with Binance, Crypto.com, and Kucoin, which were preparing proof-of-reserves procedures. However, the firm responsible for these certifications, Mazars, abandoned such undertakings in December, indicating it would “pause their work with all their crypto clients globally.”
Some national exchanges like Lemon Cash have already stated that they will present this information in the coming days. “The community has lost its trust in cryptocurrency, so we have to get it back,” Lemon Cash’s blockchain manager Francisco Ladino declared.
What do you think about the possible inclusion of proof-of-solvency requirements in the upcoming cryptocurrency law in Argentina? Tell us in the comments section below.