CBDC Interest Climbs Steadily Over Five Years, Google Trends Data Shows

Google Trends data reveals a consistent increase in search interest for “CBDC,” which stands for central bank digital currency, over the past five years. The term has maintained a score above 20 since August 2022, on a scale of 1 to 100, where 100 signifies peak interest.
CBDCs See Consistent Search Growth, Top Regions Include South Korea and Jamaica
In recent years, central bank digital currencies (CBDCs) have become a significant topic in discussions about modern finance and the global economy. Essentially, a CBDC is a digital version of a country’s fiat currency, managed and issued by the central bank, facilitating digital transactions. Interest in CBDCs has increased, driven by both positive and negative discussions on the topic.
Google Trends assigns a score between 1 and 100 to represent a term’s search interest relative to its peak during a specific period and location. A score of 100 indicates maximum popularity, while lower scores denote lesser interest. From December 4-10, 2022, the search term “CBDC” achieved a score of 74.

Between March 19-25, 2023, “CBDC” reached a top score of 100. The previous high was 64 in July 2023, after which interest declined. Over the past 90 days, Google Trends shows the term “CBDC” hit a score of 100 on March 28, 2024, and 79 on May 23 of this year. Most of the 90-day chart scores fall between 20 and 50.

Over five years, South Korea leads as the most popular region for “CBDC” searches, followed by Jamaica. Hong Kong, Singapore, and China to complete the top five. Related topics and queries include “Reserve Bank of India,” “Stablecoin,” “World Economic Forum,” “RBI,” and “CBDC countries.”
As of March 2024, more than 130 countries were researching CBDCs, with three countries launching CBDCs and 36 conducting pilot programs. The growing interest in CBDCs, as shown by Google Trends, highlights a significant move towards integrating digital currencies into global economies. This trend reflects not only increased public curiosity but also a stronger commitment from policymakers to explore and potentially adopt these types of digital currencies.
What do you think about the interest in CBDCs over the past five years? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Crypto Friendly Evolve Bank Under Scrutiny: Cease and Desist Order Issued 

The Federal Reserve and Arkansas State Bank Department have mandated sweeping reforms at Evolve Bank & Trust following significant compliance breaches. The order highlights issues in anti-money laundering efforts and consumer protection, especially in its dealings with fintech companies and prominent crypto players like FTX.
Compliance Concerns Trigger Regulatory Action Against Evolve Bank
Evolve Bank & Trust, based in West Memphis, Arkansas, has entered a cease-and-desist agreement after federal and state regulators uncovered inadequate risk management and compliance systems.
According to the U.S. central bank, these deficiencies primarily concern the bank’s Open Banking Division, which facilitates services for various fintech partners. This arrangement, the Federal Reserve detailed, has led to substantial regulatory scrutiny, impacting both consumer operations and broader financial stability.
The scrutiny further extends to Evolve’s role within the crypto sector, serving as a banking partner to Blockfi and providing financial services to FTX customers. Evolve reportedly lacked a direct connection with Blockfi; instead, it collaborated with Deserve, a credit card platform, to issue Blockfi credit cards.
The court filing reports that recent examinations have exposed that Evolve’s lax controls around anti-money laundering and consumer protection may have indirectly affected these partnerships.
“Supervisors conducted a further examination of the Bank, issued on January 10, 2024, that identified additional deficiencies with respect to the bank’s risk management and compliance with applicable laws, rules, and regulations relating to anti-money laundering, including the Bank Secrecy Act; the rules and regulations issued thereunder by the U.S. Department of the Treasury,” the cease and desist order states.
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New York Recovers $50 Million From Gemini — Bans the Exchange From Crypto Lending in the State

New York Attorney General Letitia James has secured a $50 million settlement from cryptocurrency exchange Gemini for Earn program investors. This settlement ensures that all defrauded investors will fully recover the assets they invested but were unable to withdraw when the program collapsed. Additionally, Gemini is now banned from operating any crypto lending program in New York.
Gemini to Return Approximately $50 Million in Digital Assets to Earn Investors
New York Attorney General (NYAG) Letitia James’ office announced Friday that James has recovered approximately $50 million from the cryptocurrency platform Gemini Trust Company LLC “for more than 230,000 investors, including at least 29,000 New Yorkers, who invested in the Gemini Earn program and were defrauded.”
The announcement details, “Gemini allegedly misled thousands of investors on the risks associated with Gemini Earn, an investment program it offered with another cryptocurrency company, Genesis Global Capital (Genesis),” elaborating:
The settlement provides all defrauded investors full recovery of the assets they invested in the Earn program but were unable to withdraw when the investment program collapsed.
Friday’s settlement follows Attorney General James’ $2 billion agreement with Genesis and resolves claims against Gemini. The settlement “bans Gemini from operating any cryptocurrency lending program in New York,” the announcement explains, adding that it also mandates the crypto firm to cooperate with the Office of the Attorney General’s litigation against Digital Currency Group (DCG), Barry Silbert, and Genesis’ former CEO Soichiro Moro.
The New York Attorney General’s Office further noted:
Under today’s settlement, Gemini will return approximately $50 million worth of digital assets to Gemini Earn investors who were locked out of their accounts.
“Investors do not need to take any action to recover their digital assets and they will be able to access their digital assets in their accounts,” the announcement clarifies.
Attorney General James filed a lawsuit against Gemini in October of last year, accusing the company of misleading investors about the safety of its Gemini Earn program. Gemini had repeatedly assured investors that investing in the program with Genesis was low-risk. However, the lawsuit alleged that Gemini knew Genesis’ loans were under-secured and heavily concentrated with a single entity, Sam Bankman-Fried’s Alameda, but did not disclose these risks to investors. Last month, Attorney General James secured a $2 billion settlement from Genesis to compensate the defrauded victims.
What are your thoughts on Gemini’s settlement with New York Attorney General Letitia James? Also, what do you think about New York’s decision to ban Gemini from operating any cryptocurrency lending programs in the state? Share your opinions in the comments section below. #Write2Earn

Nigerian Regulator Warns Against Investing in Meme Coin Linked to Davido

The Nigerian securities regulator warned residents against investing in a meme coin linked to singer and celebrity Davido. The regulator described the meme coin as a highly risky investment, saying investors who invest in it do so at their own risk. The Commission will continue to monitor the ecosystem and will exercise its authority if necessary.
SEC Warns Davido’s Meme Coin is Highly Risky
The Nigerian Securities and Exchange Commission (SEC) warned local investors against participating in or investing in a meme coin linked to singer and celebrity Davido. In an investment alert issued on June 14 via the social media platform X, the regulator described the coin, known as $DAVIDO, as “highly risky” and cautioned that individuals who invest in it do so at their own risk.
Before the SEC’s alert, Imran Muhammad, a member of the Nigerian governing party, claimed in a post on X that the Commission had warned residents about the risks associated with meme coins. Muhammad also revealed that the SEC had clarified that Davido’s meme coin fell outside its regulatory scope.
As reported by Bitcoin.com News, Davido, whose real name is David Adedeji Adeleke, was recently accused of using his influence to promote a pump-and-dump scheme. After a brief surge, the DAVIDO token’s value plummeted mere hours after Davido publicly endorsed it.
Davido Accused of Scamming Residents, Investors
However, before the meme coin’s collapse, Davido reportedly sold millions of the meme coin, profiting over $450,000. Many Nigerians, including prominent crypto industry players, condemned Davido for using cryptocurrency to scam residents and his followers. Following the public outcry, the Nigerian SEC has released a statement explaining the origins of meme coins.
The Commission, however, warned capital market players against associating with risky crypto assets like Davido’s meme coin.
“Capital market operators are by this Notice warned not to associate with instruments that fall outside the SEC’s regulatory purview. Such instruments should not in any manner be distributed or monitored through any capital market mechanism,” the SEC said.
Meanwhile, the Commission said it will continue to monitor developments in the ecosystem and will not hesitate to exercise its authority if necessary.
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IMF Data Shows Decline in US Dollar Dominance

Recent data from the International Monetary Fund (IMF) points to an ongoing decline in the U.S. dollar’s share of allocated foreign reserves held by central banks and governments. Economists explained that reserve managers are attracted to nontraditional reserve currencies “because they provide diversification and relatively attractive yields, and because they have become increasingly easy to buy, sell, and hold with the development of new digital financial technologies.”
IMF Data Reveals Increasing Preference for Non-US Dollar Reserve Currencies
The International Monetary Fund (IMF) published a blog post on Tuesday, titled “Dollar Dominance in the International Reserve System: An Update,” authored by economists Serkan Arslanalp, Barry Eichengreen, and Chima Simpson-Bell.
They explained that the U.S. dollar, while still the leading global reserve currency, is gradually losing ground to nontraditional currencies, stating:
Recent data from the IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) point to an ongoing gradual decline in the dollar’s share of allocated foreign reserves of central banks and governments.
Despite the current strength of the U.S. dollar, stricter monetary policy, and geopolitical risks, signs of economic fragmentation and a shift towards alternative currencies are emerging, the economists described, reiterating that the IMF COFER data indicates a continuous decline in the dollar’s share of global reserves.

The economists pointed out that this reduction has not been offset by increases in the euro, yen, or pound, but rather by nontraditional currencies, such as the Australian and Canadian dollars, the Chinese renminbi, and others. While noting that the Chinese renminbi, while initially gaining market share, has seen its growth stall recently, potentially due to exchange rate depreciation, they detailed:
These nontraditional reserve currencies are attractive to reserve managers because they provide diversification and relatively attractive yields, and because they have become increasingly easy to buy, sell and hold with the development of new digital financial technologies (such as automatic market-making and automated liquidity management systems).
This shift away from the U.S. dollar is broad-based and includes many G20 economies, they further shared, adding that some countries, influenced by geopolitical considerations, are diversifying their reserves, including into gold, which is less vulnerable to sanctions.
Noting that “the international monetary and reserve system continues to evolve” and the diversification trend is driven by a variety of factors, including financial sanctions and geopolitical risks, with central banks responding by modestly shifting reserves, the economists concluded: “The patterns we highlighted earlier — very gradual movement away from dollar dominance, and a rising role for the nontraditional currencies of small, open, well-managed economies, enabled by new digital trading technologies — remain intact.”
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Trump vs Biden: Riot's Morgenstern Highlights Stark Contrast in Crypto Policies

Brian Morgenstern of Riot Platforms shared his insights on the 2024 election’s impact on bitcoin and the crypto industry, praising former U.S. President Donald Trump’s pro-bitcoin stance and criticizing President Joe Biden’s regulatory measures. Trump promised to protect bitcoin from regulatory threats, oppose a central bank digital currency (CBDC), and support the cryptocurrency industry, aligning with global pro-bitcoin leaders, he explained.
‘Trump Acknowledges Our Right to Self-Sovereignty’
Brian Morgenstern, the head of public policy for Riot Platforms (Nasdaq: RIOT), a bitcoin mining and infrastructure firm, and former deputy assistant secretary of the Treasury and White House deputy press secretary, shared his insights on the 2024 election and its potential effects on bitcoin and the crypto industry. His views were shared in an opinion piece published by Bitcoin Magazine on Wednesday.
Morgenstern pointed out that former U.S. President Donald Trump actively engaged with the Bitcoin community, such as at the recent Libertarian National Convention. At this event, Trump pledged to shield bitcoin from regulatory threats by President Joe Biden’s administration. He promised to protect the rights of bitcoin holders, including self-custody, and to oppose the creation of a central bank digital currency (CBDC). The Riot head of public policy detailed:
Trump acknowledges our right to self-sovereignty, and perhaps no one better understands the value of decentralization, as people have been losing trust in institutions like the government and banks.
He mentioned: “Trump has been the target of unprecedented lawfare politicizing the justice system, and Trump-affiliated organizations have been debanked and de-platformed.” Morgenstern noted that Trump’s stance on BTC is clear and aligns with global pro-bitcoin leaders like Presidents Javier Milei of Argentina and Nayib Bukele of El Salvador.
Biden Has Been ‘Extraordinarily Hostile’ to Crypto
In contrast, Morgenstern described the Biden administration as “extraordinarily hostile to bitcoin and the broader cryptocurrency ecosystem.” He referenced Biden’s recent veto of a resolution to overturn the U.S. Securities and Exchange Commission (SEC)’s Staff Accounting Bulletin 121 (SAB 121), which imposes stringent cryptocurrency regulations. Morgenstern stated:
President Biden, meanwhile, just vetoed legislation that would have ensured a customer’s right to have their preferred regulated financial institution custody their bitcoin or other digital assets — laughably — in the name of ‘consumer protection.’
He further highlighted additional anti-crypto measures by the Biden administration, including “Operation Choke Point 2.0,” proposed taxes on bitcoin mining, and regulatory actions against self-hosted wallets. Morgenstern characterized these efforts as attempts to undermine the cryptocurrency industry. While acknowledging that there are pro-bitcoin leaders within the Democratic Party, like Senator Kirsten Gillibrand and Representatives Ritchie Torres and Wiley Nickel, the Riot head of public policy argued that Biden’s policies, influenced by anti-crypto figures like Senator Elizabeth Warren, resemble those of the Chinese Communist Party in their restrictive nature.
In conclusion, Morgenstern asserts that Trump is the best candidate for bitcoin enthusiasts. “President Trump will protect your right to own bitcoin, to mine bitcoin, to transact with bitcoin, and for many of us, to work in the bitcoin industry. We believe he will support bitcoin miners’ ability to help revolutionize the finance and energy industries in the United States and maintain American economic leadership for the future. And he will ban a CBDC, protect self-custody, and stop out of control regulators from trying to put us out of business,” he opined.
Do you agree with Riot Platforms’ Brian Morgenstern that former U.S. President Donald Trump is the best candidate for bitcoin and the broader crypto industry? What do you think about all the promises Trump has made regarding crypto? Let us know in the comments section below. #Write2Earn

Bill Miller Explains Why Bitcoin Is Still Undervalued

Bill Miller IV, chairman and CIO of Miller Value Partners, has explained why bitcoin is undervalued despite the cryptocurrency’s recent highs. He emphasized bitcoin’s potential as a revolutionary monetary system superior to fiat currencies, which are subject to human control and debasement. Miller believes bitcoin’s market cap has room for substantial growth.
‘I Believe Bitcoin Today Is Still Significantly Undervalued’
Bill Miller IV, chairman and CIO of Miller Value Partners and a long-time bitcoin investor, explained in a blog post on Monday why he is still betting on bitcoin. The executive wrote:
Despite bitcoin recently hitting new highs against every fiat currency, I believe bitcoin today is still significantly undervalued and that the world is likely in the early stages of a secular shift around how humans think about capital and its governance.
He explained that money serves as an accountability system, but human control leads to errors and influence, causing currency devaluation as politicians and regulators create new units. He noted that Lyn Alden’s “Broken Money” shows that superior monetary technologies prevail, as people seek to preserve or grow their financial options.
According to Miller, determining bitcoin’s intrinsic value is challenging, but he believes it is worth significantly more than its current $1.5 trillion market capitalization, especially in a global fiat system nearing one quadrillion dollars. He noted that bitcoin represents only a fraction of the world’s capital market, yet its blockchain is more accountable and secure than the best fiat systems.
The chairman of Miller Value Partners opined:
Unlike anything we have seen before, bitcoin is a true technological breakthrough.
He explained that with bitcoin, “there now exists an effectively unalterable, automated and transparent global ledger network with decentralized governance enabling the transfer of property rights through time and space without human permission or the possibility of confiscation.”
Miller concluded that as a groundbreaking technology, Bitcoin is subject to unforeseen developments and changes in value. While it may become worthless to some, he says ignoring the cryptocurrency over the next decade will likely prove unwise, as it has in the past.
Do you think bitcoin is undervalued like Bill Miller said? Let us know in the comments section below. #Write2Earn

Bitwise Analysis: AI and Crypto Fusion Poised to Elevate Global Economy by $20 Trillion

Bitwise’s Senior Crypto Research Analyst, Juan Leon, predicts a transformative impact on the global economy as artificial intelligence (AI) and cryptocurrency converge, potentially adding $20 trillion to the global Gross Domestic Product (GDP) by 2030.
AI and Crypto — The Trillion-Dollar Synergy
Leon’s bold forecast was emphasized at the recent Consensus conference in Austin, which drew attention to the burgeoning synergy between these two sectors. According to Bitwise’s latest insights, the collaboration between bitcoin (BTC) miners and AI companies is becoming increasingly pivotal.
For instance, following a strategic move by AI cloud provider Coreweave, which proposed a $1.6 billion acquisition of bitcoin miner Core Scientific, the stage is set for strong collaborations. Leon highlights how such partnerships not only capitalize on shared technological resources but also drive mutual growth—demonstrated by Core Scientific’s substantial $3.5 billion deal to host AI services over the next 12 years.
Leon further explores the long-term potential for crypto and AI integration to enhance information validation and operational efficiencies. Leveraging blockchain’s inherent properties of security and transparency, startups like Attestiv are pioneering ways to ensure digital media’s authenticity, which could significantly mitigate AI-generated misinformation.
Bitwise projects these developments to fundamentally reshape interactions within the digital sphere, promoting a new era of enhanced trust and efficiency. “Developments like these lead me to believe that the integration of AI and crypto will play to the advantage of both sectors, reshaping how we innovate and interact with the world,” the Bitwise researcher concludes.
What do you think about the Bitwise research concerning AI and crypto? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Crystal Intelligence Report Reveals $19 Billion Lost in Crypto Crimes Over 13 Years

In a comprehensive new report, Crystal Intelligence, a blockchain analytics firm, details a significant $19 billion in losses due to cryptocurrency crimes over the past thirteen years. The study covers a timeline from June 19, 2011, to March 6, 2024, and delves into the various types of criminal activities within the digital currency space.
Study Reveals $19 Billion Lost to Crypto Crimes Over 13 Years
The latest Crystal Intelligence report categorizes the losses into $6 billion from security system breaches, nearly $5 billion from decentralized finance (defi) hacks, and close to $8 billion from fraudulent schemes. Crystal is a blockchain intelligence start-up based in Amsterdam, Netherlands, that was founded by Bitfury.

A standout incident highlighted in Crystal’s study was the 2019 Plus Token scam, where fraudsters siphoned off $2.9 billion worth of bitcoin (BTC) and ethereum (ETH), marking it as the most substantial single theft recorded. Despite advances in security and tracking, Crystal’s research notes that crypto-related crime figures for 2023 reached an all-time high with 286 reported thefts amounting to over $2.3 billion.

In the ongoing year, 2024, the largest recorded theft was the Playdapp security breach in South Korea, with criminals looting $290 million worth of ether. Another significant defi hack occurred in the U.K. with Eulor Finance, where hackers made off with $197 million in ether. The United States emerged as the most targeted nation, experiencing 20 incidents totaling $287 million in losses.
As the cryptosphere continues to evolve, Crystal’s report underscores a persistent vulnerability to complex cybercrimes, signaling a critical need for enhanced security measures by both crypto protocol creators and users. As thefts grow in both sophistication and frequency, the industry will have to prioritize the development of more robust security solutions for both centralized and decentralized platforms.
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World's Largest Bank ICBC Sees Bitcoin as Digital Gold — Calls Ethereum 'Digital Oil'

The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by total assets, recently compared bitcoin to digital gold and labeled Ethereum “digital oil” in a report. The bank emphasized the roles of these cryptocurrencies in the digital economy and their contributions to technological advancements.
ICBC Sees Bitcoin as Digital Gold, Ethereum as Digital Oil
The Industrial and Commercial Bank of China (ICBC), the world’s largest bank with $6.6 trillion in total assets as of March, compared bitcoin to digital gold and labeled ethereum “digital oil” in an equity research report, published on June 6. The report provides an in-depth macroeconomic analysis of the digital asset ecosystem. The bank’s analysts explained:
Bitcoin retains the scarcity similar to gold through mathematical consensus, while solving its problem of being difficult to divide, difficult to identify authenticity, and inconvenient to carry.
The ICBC analysts asserted that bitcoin’s “monetary attributes are gradually weakening, while its asset attributes are constantly strengthening.”
The report refers to ethereum as “digital oil,” emphasizing its pivotal role in the digital economy. The analysts explained:
Ethereum has been continuously upgrading its technology in terms of security, scalability, and sustainability, providing technical power for the digital future.
“In addition, the introduction and development of stablecoins provide a bridge for the digital currency market to connect to the real world,” the report notes. The analysts further detailed that Ethereum has introduced Turing completeness through its programming language (Solidity) and virtual machine (EVM). This innovation enables the creation of complex smart contracts and applications, which are crucial for decentralized finance (defi) and non-fungible tokens (NFTs). They added that Ethereum’s technological advancements position it as a key player in the future digital infrastructure, driving progress in security, scalability, and sustainability.
What is your opinion on ICBC, the world’s largest bank by total assets, comparing bitcoin to “digital gold” and referring to ethereum as “digital oil”? Let us know in the comments section below. #Write2Earn

US Bitcoin ETFs See $200 Million Outflow; Grayscale Leads With $121 Million

U.S. spot bitcoin exchange-traded funds (ETFs) witnessed $200.31 million in outflows on Tuesday following the $64 million in outflows the day prior. Grayscale’s Bitcoin Trust (GBTC) shed the most with a $121 million reduction.
Spot Bitcoin ETFs Lose Ground
Spot bitcoin ETFs have recorded two days of outflows so far as Tuesday’s trading sessions saw $200.31 million leave. While IBIT, BTCO, BRRR, EZBC, BTCW, and DEFI saw neutral days with no inflows or outflows, GBTC, FBTC, ARKB, and HODL all recorded outflows.
Once again, GBTC was the leader of the outflows as $121 million left the fund during Tuesday’s trading sessions. Approximately $1.98 billion in volume was witnessed by all the ETFs trading and IBIT led the pack in terms of volume with $1.12 billion.
Around $328 million in volume derived from GBTC trades on Tuesday. Following GBTC’s reduction, ARKB took the second spot with $56 million exiting and that was followed by BITB’s $12 million loss.
Following those three, in terms of outflows, FBTC shed $7 million and HODL lost $4 million, according to sosovalue.xyz metrics. At press time, Blackrock’s IBIT holds 305,067.82 BTC while GBTC’s cache is currently 283,965.99 BTC.
While U.S. spot bitcoin ETFs broke their 19-day streak of stability with two consecutive days of outflows, questions loom about the sustainability of this downturn. The sharp reduction in holdings, particularly from industry giants like Grayscale, may signal a shift that could spell a long-term recalibration.
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Report: Major Entities Hold Over 4 Million Bitcoin, Accounting for 27% of Supply

The latest Glassnode onchain report reveals that major labeled entities collectively hold approximately 4.23 million bitcoin, representing over 27% of the adjusted circulating supply. This significant concentration of BTC holdings underscores the prominent role these entities play within the bitcoin ecosystem.
Institutional Holdings: ETFs, Miners, Government, and Exchanges Control 4.23 Million Bitcoin
According to Glassnode’s latest onchain study, U.S. spot bitcoin exchange-traded funds (ETFs) are among the largest holders, commanding a balance of 862,000 BTC. The U.S. government and the Mt Gox Trustee follow with 207,000 BTC and 141,000 BTC, respectively. Additionally, all exchanges collectively hold about 2.3 million BTC, while miners, excluding Satoshi Nakamoto, maintain a balance of 706,000 BTC.
The Glassnode report highlights the dynamics within the ETF market, noting that the cash-and-carry trade structure significantly influences ETF inflows. This strategy, involving a long spot position via ETFs and a short position in CME Group futures, has led to a stable open interest above $8 billion in CME futures markets. Researchers suggest that hedge funds are increasingly adopting this arbitrage strategy, contributing to the robust demand for bitcoin ETFs.

The report also details a recent divergence in onchain activity metrics. While the number of active addresses has declined, transaction counts have reached near all-time highs. This discrepancy is attributed to the advent of the Runes protocol, which utilizes address reuse, resulting in multiple transactions from singular addresses. The protocol has gained popularity since its launch, displacing other token protocols like BRC20 tokens and Ordinal inscriptions, now accounting for 57.2% of daily transactions.
Despite the inflows into bitcoin ETFs, market prices have remained relatively neutral, indicating that organic buy-side demand is essential for further price appreciation. The Glassnode report concludes that while these institutional and onchain activities are pivotal, broader market dynamics and investor behavior will continue to shape bitcoin’s price trajectory.
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Ghana’s Cedi Hits Record Low Against US Dollar Amid Cocoa Output Decline

The Ghanaian cedi recently plunged to a record low, trading at GHS 14.9335 against the U.S. dollar, which led to its designation as the fourth-worst-performing currency globally. Additionally, a decline in cocoa production has further complicated matters for the cedi, a currency previously ranked as the world’s worst-performing during the last quarter of 2022.
Cedi Depreciates by 20% in 2024
The Ghanaian currency, the cedi, recently hit an all-time low against the U.S. dollar after it depreciated to GHS 14.9335 per dollar. Since the start of the year, when it traded at approximately GHS 12 per dollar, the cedi has depreciated by more than 20% in 2024, making it the fourth worst-performing currency tracked by Bloomberg.
According to a Bloomberg report, the Ghanaian currency is being weighed down by increased demand for dollars to purchase fuel, pharmaceuticals, and other fast-moving consumer goods. The decline in the cocoa output has also complicated matters for the cedi, which was the world’s worst-performing currency at some point in the last quarter of 2022.
“The weakening of the cedi seems to reflect foreign exchange flow mismatches. Foreign exchange demand recovered this year, though it has remained broadly constant in recent months, and continues to exceed supply,” explained Samir Gadio, head of Africa Strategy at Standard Chartered Bank.
After the cedi was named the worst-performing currency, Ghanaian authorities implemented a series of measures to curb the demand for the U.S. dollar. According to Bitcoin.com News, one such measure was the gold-for-oil scheme. Under this program, Ghana, a significant gold producer, utilized the metal to purchase petroleum products.
Ghana’s Forex Reserves Reach 19-Month High
Since the gold acquired from mining companies was paid for in cedis, this strategy helped diminish the demand for the U.S. dollar. Coupled with other initiatives by Ghanaian authorities, the gold-for-oil scheme contributed to the accumulation of the West African nation’s foreign exchange reserves, which reached $6.6 billion in April. Based on Bloomberg data, these reserves are the largest Ghana has seen in 19 months.
The increase in foreign exchange reserves has, in turn, allowed Ghanaian monetary authorities to intervene directly in the forex market. However, a decline in cocoa production, a vital source of foreign currency for Ghana, has led to a disparity between the demand and supply of foreign exchange, resulting in the cedi’s depreciation.
The report indicates that Ghana is projected to produce between 422,500 and 425,000 tons of cocoa in the 2023-2024 season, nearly half the initial forecast. The report also noted that cocoa revenues of $599 million, generated from January to April, are down by 49%.
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Putin Says BRICS Developing Independent Payment System Free From Political Pressure
Russian President Vladimir Putin recently announced that the BRICS bloc aims to establish an independent payment system, free from political pressure and external interference. Putin stated that the addition of new members has increased BRICS’ share of global GDP to 36% and its share of the global population to 45%.
Putin Announces BRICS Open to New Members
Russian President Vladimir Putin said the BRICS economic bloc is working on establishing an independent payment system that is “free from political pressure, abuse and external interference.” At the St. Petersburg International Economic Forum, Putin emphasized the importance of a payment system for BRICS, which welcomed new member countries this year.
According to the Russian leader, the addition of countries like Saudi Arabia, Iran, the United Arab Emirates, Egypt and Ethiopia increases BRICS’ share of global GDP to 36% and its share of the global population to 45%. Putin’s comments on the topic are the latest in his ongoing effort to persuade supporters and critics of Western countries to abandon the U.S.-dominated global financial system.
As reported by News, Putin recently criticized the U.S. for attempting to block payments by Russian companies to their Chinese suppliers, calling the move “stupid” and “a huge mistake.”
Despite Putin’s repeated warnings, the BRICS bloc has yet to unveil a global payment system to rival the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Critics argue that the bloc’s apparent inability to launch an alternative has encouraged the United States and other Western nations.
However, in his speech, Putin, seemingly undeterred by the threat of Western sanctions, highlighted the bloc’s growth and expressed its continued interest in expanding its membership.
“BRICS has tremendous potential for the joining of new participants and stakeholders from different continents. They can only be welcomed by us and we’ll support this,” Putin said.
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Largest Bank in Brazil Itau Unibanco Opens Cryptocurrency Trading to All Users
Itau Unibanco, the largest bank in Brazil and all of Latam, has reported the availability of cryptocurrency trading services for all its users. Through Ion, the bank’s in-house investment platform, customers can purchase bitcoin (BTC) and ether (ETH), a feature previously available to selected users.
Brazilian Banking Giant Itau Unibanco Opens Cryptocurrency Trading Services for All Customers
Banks are realizing the potential of offering cryptocurrency opportunities and traditional finance services. Itau Unibanco, the largest bank in Brazil and Latam with over 60 million customers and close to 100,000 employees, has announced the general availability of cryptocurrency trading services for its customers.
While this feature was launched in December, the functionality was only available for selected consumers and was slowly expanded to more users. First, Itau had to assess the level of acceptance these assets had as part of Ion’s platform, the bank’s investment app. According to Guto Antunes, head of Itaú Digital Assets, the acceptance was high, as customers trusted Itau’s cryptocurrency custody solution.
Antunes clarified the bank developed its custody solution, where each customer has a digital wallet with segregated assets. Antunes stated:
We have a stake and a partnership with Liqi, but nothing in terms of custody. The entire custody solution, since it was conceived, has been done with architecture and fiduciary duty within Itau.
The platform will only provide the already available digital asset offering, consisting of bitcoin (BTC) and ether (ETH), to customers, although they are already considering new cryptocurrency inclusions. However, as a regulated banking entity, Itau is still expecting the central bank of Brazil to issue regulations regarding the treatment of stablecoins for their inclusion on its Ion platform. “We are aligned with the central bank in the development of regulation, we want to grow in the right way,” Antunes stressed.
Before, in July 2022, the bank launched tokenization services, creating the Digital Assets unit to this end. This unit would act as a service provider for companies wishing to put their assets on the blockchain and to wider financial markets.
What do you think about Itau Unibanco’s expansion of cryptocurrency trading services? Tell us in the comments section below. #Write2Earn

BRICS Meeting Highlights Shift to Local Currencies
BRICS Ministers of Foreign Affairs have emphasized using local currencies in trade, reaffirming economic resilience and financial sovereignty. At their meeting on Monday, the Ministers underscored the importance of the enhanced use of local currencies in financial transactions between the BRICS countries.
BRICS Ministers Push for Use of Local Currencies
The BRICS Ministers of Foreign Affairs convened on June 10 in Nizhny Novgorod, Russia, and issued a joint statement after the meeting. They reaffirmed their commitment to the BRICS strategic partnership, which spans politics, security, economy, finance, and cultural exchanges.
The ministers discussed several topics, including the use of local currencies in trade among BRICS nations, which reduces their reliance on the U.S. dollar. The statement reads:
The Ministers underscored the importance of the enhanced use of local currencies in trade and financial transactions between the BRICS countries.
“They recalled paragraph 45 of the Johannesburg II Declaration tasking the finance ministers and central bank governors of the BRICS countries to consider the issue of local currencies, payment instruments, and platforms, and to report back to the BRICS Leaders,” the statement adds. The Johannesburg declaration was issued following the 15th annual BRICS leaders’ summit in August last year.
The BRICS Ministers of Foreign Affairs also discussed the global financial architecture and food security. The ministers condemned terrorism, emphasized peaceful conflict resolution, and supported African peace initiatives.
The economic bloc, initially formed by Brazil, Russia, India, China, and South Africa, has expanded to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) as new members.
The BRICS nations are prioritizing the use of local currencies for trade and financial transactions to reduce reliance on major global currencies, including the U.S. dollar and the euro, and to strengthen economic ties within the bloc. This strategy mitigates exchange rate risks, lowers transaction costs, and stabilizes financial systems.
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Experts Say Dollar Dominance Debate Misses the Point, US Needs Economic Focus

Two experts have explained that the global debate on the future of dollar dominance misses the point because it doesn’t focus on how the dollar’s future will evolve. They warned: “If the U.S. doesn’t keep its house in better order, dollar dominance will be the least of our worries.”
Experts Discuss US Dollar’s Dominance
Steven Kamin, a senior fellow at the American Enterprise Institute and former director of the International Finance Division at the Federal Reserve Board, and Mark Sobel, the U.S. Chair of the Official Monetary and Financial Institutions Forum and former deputy assistant secretary for International Monetary and Financial Policy at the U.S. Treasury, discussed the dominance of the U.S. dollar in an opinion piece published by the Financial Times, published on Monday.
They argue that despite longstanding criticisms of the dollar’s dominance, the key focus should be on strengthening the global economy rather than finding an alternative currency. They explained that the dollar remains dominant due to the large, dynamic U.S. economy, deep and liquid financial markets, and strong rule of law, noting that other contenders like the euro and Chinese renminbi have limitations. They asserted:
The global debate on the future of dollar dominance misses the point because it doesn’t focus on how the dollar’s future will evolve.
The authors suggest that the future of dollar dominance depends on U.S. economic policies, emphasizing that a sound financial approach will stabilize the global economy while U.S. fiscal mismanagement could cause severe disruption.
“Instead of the debate focusing on the euro, RMB, CBDCs [central bank digital currencies], stablecoins, payments systems etc as alternatives, the malign scenario highlights the real issue — the U.S. needs to look into the mirror,” they stressed, cautioning:
If the U.S. doesn’t keep its house in better order, dollar dominance will be the least of our worries.
The authors dismiss crypto assets and sanctions as threats to the U.S. dollar. “Some argue that crypto assets may help free the international monetary system from the dollar. Balderdash. Key stablecoins are pegged to the dollar. Watching other crypto assets prices fluctuate gives one a case of vertigo, the antithesis of a store of value,” they opined.
Do you agree with Steven Kamin and Mark Sobel about the U.S. dollar’s dominance and that potential alternatives pose no significant threat? Share your thoughts in the comments section below. #Write2Earn

Rich Dad Poor Dad Author Robert Kiyosaki Sees Bitcoin as the Easiest Way to Become a Millionaire

Rich Dad Poor Dad author Robert Kiyosaki has stated that bitcoin is the easiest way to become a millionaire because the cryptocurrency “does the hard work.” He contrasted this with entrepreneurship, which requires significant intelligence, dedication, and luck. “That is why I love bitcoin,” he emphasized.
Bitcoin Is the Easiest Route to Millionaire Status, Robert Kiyosaki Says
The author of Rich Dad Poor Dad, Robert Kiyosaki, shared on social media platform X on Monday that he believes bitcoin is the easiest way to become a millionaire. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki wrote:
Bitcoin is the easiest way to become a millionaire … I save bitcoin because bitcoin does the hard work for me. That is why I love bitcoin.
He contrasted bitcoin investing with entrepreneurship, which he said requires significant intelligence, dedication, and luck to achieve millionaire status. The famous author stated: “Making millions as an entrepreneur is hard. I know. You have to be really smart, dedicated, and lucky to become a millionaire starting your own business.”
Kiyosaki has long been bullish about bitcoin, recommending the cryptocurrency along with his preferred assets — gold and silver. He views gold and silver as “God’s money” and bitcoin as “people’s money.”
Last week, he predicted that BTC would reach $350,000 in August. “It’s a prediction. It’s speculation. It’s an opinion, but it’s not a lie. It’s suckers bait, but it’s not a lie because any prediction about the future is not a lie. I want $350,000 bitcoin to be a fact, and I want it to be true … but it is only a prediction,” he explained. In May, the renowned author advised investors to buy BTC before its price explodes. He believes the U.S. economy is in a depression and that a market crash has begun, which he predicts will be severe.
Do you agree with Rich Dad Poor Dad author Robert Kiyosaki that bitcoin is the easiest way to become a millionaire? Let us know in the comments section below. #Write2Earn

South Korean Regulator Excludes Certain NFTs From Crypto Regulations

South Korea’s top financial regulator has issued guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. This distinction aims to minimize the risk of widespread user harm. The guidelines will be part of the Virtual Asset User Protection Act, effective July 19, 2024.
FSC Issues New NFT Classification Guidelines
On Monday, South Korea’s top financial regulator, the Financial Services Commission (FSC), released detailed guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets.
The FSC explained that NFTs are issued in limited quantities and traded primarily for collecting content such as videos and images. As a result, they are typically held by a small number of individuals with restricted secondary market transactions. These characteristics lead the regulator to view the risk of widespread user harm as minimal, distinguishing NFTs from other virtual assets.
According to the FSC, NFTs are excluded from being classified as virtual assets under the Enforcement Decree if they are mainly intended for collection, facilitate transactions between parties, or are unique and irreplaceable. Examples of such NFTs include proof of authenticity tokens in the art market, property transaction records, and supply chain verification tokens. However, the FSC noted that if an NFT effectively functions as a virtual asset, the provisions of the “Virtual Asset User Protection Act” and other relevant regulations will apply.
The FSC enacted the Enforcement Decree to specify the details of the Virtual Asset User Protection Act, promulgated on July 18, 2023, and scheduled to take effect on July 19, 2024. The act aims to safeguard virtual asset users and establish market order. Key measures include defining virtual assets, requiring safe storage of users’ deposits and virtual assets, and imposing penalties for unfair trading practices. The enforcement decree details exclusions from the virtual asset category, management of user deposits, mandatory use of cold wallets for asset storage, and insurance or reserve requirements for incident liability.
The FSC emphasized that the legal classification of NFTs must be judged on a case-by-case basis, considering the substance rather than the name or technology. Factors such as issuance and distribution structure, terms and conditions, advertising, and business and service contents should be thoroughly evaluated by those intending to issue, distribute, or handle NFTs.
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