Key Takeaways
- According to a World Bank study, Remittances to Sub-Saharan Africa grew by 6.2 percent in 2017 to $45 billion.
- With President Nayib Bukele's announcement that Bitcoin City would be financed with $1 billion in Bitcoin bonds, El Salvador remains the country leading the adoption of Bitcoin (BTC).
- The whitepaper for Square's planned Bitcoin-focused DEX has been released, and the company is seeking input from the crypto community.
Nigerians' remittances increased in the November 17, 2021 news release. However, this was a recovery from the total remittances sent in the similar time previous year.
According to the statement, monetary policy measures implemented in the first quarter of 2021 are partially to blame for this rise.
Money sent home through informal methods is discouraged by these procedures.
As a result of regulations aimed at channeling funds via the banking system, Nigeria, the region's biggest receiver, has seen a small resurgence, according to the statement.
El Salvador is set to create a Bitcoin City backed by $1 billion in bond
It is expected that Bitfinex and Adam Back's Blockstream would be involved in proactively creating Bitcoin City.
Bukele announced during El Salvador's Bitcoin Week conference a celebration of Bitcoin's mainstream acceptance in the nation and a call to action for citizens to become more involved.
"We thought we had to make a big announcement during this #BitcoinWeek. To that end, I would like to announce that we will be building the first #BitcoinCity today "; It's @nayibukele, the country's president.
— @PresidenciaSV November 21, 2021
In the words of Bukele:
"Digital and technology education will be provided in #BitcoinCity. City-wide geothermal power and environmentally friendly public transportation."
It is expected that Bitfinex and Adam Back's Blockstream would be involved in proactively creating Bitcoin City. According to CTO Paolo Arduino, bitcoin bonds will be held on the Bitfinex securities platform in support of El Salvador's Bitcoin City proposal.
Bitcoin DEX Whitepaper Released by Square's Jack Dorsey
Square, a San Francisco-based financial services and digital payments startup, has issued a whitepaper on its decentralized bitcoin exchange plan.
Developers of tbDEX, a decentralized exchange (DEX) initiative, claim to bridge the gap between fiat currency and bitcoin.
Despite the increasing use of cryptocurrencies and digital assets, many individuals continue to use fiat currencies to pay for products and services, pay taxes, and for various other purposes.
Users may directly exchange their fast depreciating fiat currency for bitcoins on tbDEX without the need to go through various intermediaries.
"The tbDEX protocol aspires to establish universal and accessible on-ramps and off-ramps that enable the ordinary person to profit from crypto innovation," the paper adds.
Square's tbDEX aims to solve this difficulty by making it easier for anyone to convert fiat currency into bitcoins directly on a decentralized network, even though this is already possible on several sites.
Remittances to Nigeria are increasing, but is this a positive thing for the country's economy?
