An AUD$10.5M transfer was sent to a client instead of an AUD$100 refund by Crypto.com

In May of 2021, Singaporean cryptocurrency exchange Crypto.com accidentally reimbursed two sisters from Melbourne AUD$10.5 million. There was a mistake with the payment box, and money was sent to the wrong account because of it. Manivel Thevamanogari has already used a portion of the money to purchase a mansion with five bedrooms in Craigieburn for AUD$1.35 million. The problem initially surfaced in May of 2021, but it wasn't discovered until the end of the year during the yearly audit in December of that year. She was warned of contempt of court charges unless she sold the property and returned the remaining funds. In October 2022, the court will hear the matter again.

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To boost trade, Africa is simplifying international payment systems

It's hard to transfer money between African countries. The Ghanaian king settled a bill with a Nigerian attorney. His experience highlights a systemic problem impeding Africa's economic growth: high transaction costs and inconvenience. 15% of all imports and exports occur between 55 African countries. 60% of Asian trade is within Asia. 70% in EU. The difficulty of international payments hinders African trade. There are also high tariffs, long border procedures, and congested roads. Proponents of AfCFTA say easing trade restrictions will boost trade, FDI, and economic growth. 50 million people will be lifted out of extreme poverty by 2035 due to the accord's positive impact on real income, which is projected to rise 9.1%. Another issue: In Africa, currency values fluctuate. From July 2021 to 2022, Ghana's currency fell from 6 to 8. Volatile currencies make financial transactions more costly and risky. To overcome these problems, PAPSS facilitates financial transactions ...

Eight countries, including China, banned to own or use cryptocurrency of any kind

There are dozens of governments and jurisdictions throughout the world that have either banned or severely regulated digital money in recent years, including China. Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China are among the countries that have banned the use of cryptocurrency. Algeria, Bahrain, Bangladesh, and Bolivia are among the 42 countries whose governments have either restricted or outlawed the use of digital currency exchanges or restricted banks' ability to deal with crypto. The number of countries and authorities that have overtly or tacitly banned cryptocurrencies has more than doubled since the group first issued research on the subject in 2018. According to governments that have banned cryptocurrency, criminals are using it to transfer money to criminals, and the expansion of crypto might undermine their financial systems. Many governments, including the United States, are considering regulations for cryptocurrencies despite the fact that n...

This summer, the Fed will take another step toward creating a digital money

This summer, the Federal Reserve will publish a research paper that examines the possibility of a central bank digital currency. Multiple countries' initiatives in the central bank digital currency arena, most notably China's, have heightened debate about how aggressively the Fed should act. The Federal Reserve is pushing ahead with its plans to create its own digital currency, stating that a study paper will be released this summer that will go deeper into the topic. Despite the fact that the central bank did not announce any particular plans for the currency, Chairman Jerome Powell acknowledged advancements in payments technology and stated that the Fed has been "actively monitoring and responding" to those developments. In the statement, The proper operation of our economy requires that consumers have faith and confidence not only in the dollar, but also in the payment networks, banks, and other payment service providers that allow money to flow on a regular basi...

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