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ECB to Cease Bond Purchases in Q3, Lagarde Says EU’s Economic Rebound ‘Crucially Depends on How the Conflict Evolves’

14/04/2022 by Idelto Editor

ECB to Cease Bond Purchases in Q3, Lagarde Says EU’s Economic Rebound 'Crucially Depends on How the Conflict Evolves'

After the inflation rate in the eurozone reached a high of 7.5% in March, the European Central Bank (ECB) and the bank’s president Christine Lagarde explained on Thursday the central bank’s bond purchases will cease in Q3. Reiterating what she said at a press conference in Cyprus two weeks ago, Lagarde stressed on Thursday that inflation “will remain high over the coming months.”

European Central Bank Plans to End Asset Purchase Program in Q3

The eurozone is suffering from significant inflationary pressures as rising consumer prices are ravaging European Union (EU) residents. In March, data from the ECB had shown consumer prices skyrocketed to 7.5% and the ECB’s president Christine Lagarde expected energy prices to “stay higher for longer.” On April 14, members of the ECB met and then told the press that the central bank plans to cease its APP (asset purchase program) by the third quarter.

“At today’s meeting the Governing Council judged that the incoming data since its last meeting reinforce its expectation that net asset purchases under the APP should be concluded in the third quarter,” the ECB disclosed to the press. After the APP ends, the bank is expected to start hiking the benchmark bank rate. However, in Lagarde’s opinion, it will depend on what happens with the current Ukraine-Russia war.

The EU’s economic improvement, Largade said “will crucially depend on how the conflict evolves, on the impact of current sanctions, and on possible further measures.” The central bank’s message on Thursday highlighted that benchmark bank rates won’t change until end of the APP. “Any adjustments to the key ECB interest rates will take place some time after the end of the Governing Council’s net purchases under the APP and will be gradual,” the ECB detailed in a statement.

Fidelity International Global Macroeconomist: ECB Faces a ‘Tough Policy Trade-off’

Following the ECB’s and Largade’s statements, the gold bug and economist Peter Schiff threw in his two cents on Twitter about the central bank keeping rates suppressed. “The ECB announced interest rates will stay at zero until it judges inflation will stabilize at 2% over the medium term,” Schiff tweeted. “Eurozone inflation is currently 7.5%. How will throwing more gasoline on a fire put it out? Europeans are stuck with inflation well above 2% indefinitely.” Schiff continued:

The dollar is rising against the euro because the Fed is still pretending it will fight inflation, while the ECB is still pretending inflation is transitory. Once both banks stop pretending the dollar will fall against the euro, but both currencies will collapse against gold.

Speaking with CNBC on Thursday, global macroeconomist at Fidelity International, Anna Stupnytska, said the European Central Bank faces a “tough policy trade-off.” “On the one hand, it is clear that the current policy stance in Europe, with interest rates still in the negative territory and the balance sheet still growing, is too easy for the high level of inflation which is becoming broader and more entrenched,” Stupnytska remarked after the ECB’s statements. The Fidelity International economist added:

On the other hand, however, the Euro area is facing a huge growth shock, simultaneously driven by both the war in Ukraine and China’s activity hit due to zero-COVID policy. High frequency data already point to a sharp hit to Euro area activity in March-April, with consumer-related indicators worryingly weak.

What do you think about the ECB explaining that bond purchases will end in Q3 and the discussion concerning raising the benchmark bank rate? Let us know what you think about this subject in the comments section below.

Filed Under: 7.5%, 7.5% inflation, Anna Stupnytska, App, Asset Purchase Program, Bond Purchases, Central Bank, Christine Lagarde, Covid, Dollar, ECB, ECB bond purchases, ECB’s president, Economics, English, EU, EU Inflation, Euro, European Central Bank, European Union, Fed, Fidelity International, global macroeconomist, gold, inflation, Inflation in Europe, Inflation in the EU, interest rates, News Bitcoin, Peter Schiff, rate hikes

Scammers Offer Free Bitcoin on Hacked Government Site in Russia as Crypto Fraud Surges

05/09/2021 by Idelto Editor

Scammers Offer Free Bitcoin on Hacked Government Site in Russia as Crypto Fraud Surges

Unknown scammers have organized a fake bitcoin giveaway through a Russian government website they hacked. The news of the attack comes after a recent report revealed that damages from crypto-related fraud in Russia have reached $30 million in value in the first half of this year.

Regional Government Website in Russia Hacked by Scammers


The main website of the local administration in the Russian city of Ryazan, around 200 km southeast of Moscow, has been targeted by hackers twice in a single day, Rzn.info reported quoted by the crypto news outlet Forklog. The unidentified attackers published an ad offering cryptocurrency to those who download a special application.

The scammers initially promised to send 0.025 ВТС to every visitor who installed the app. They later changed the offer to a prize of $1,000 in bitcoin for each of five randomly chosen participants in what was advertised as the “Ryazani online lottery.” Both ads have already disappeared from the mayoral site but the local news outlet published a screenshot of one of the ads.

Scammers Offer Free Bitcoin on Hacked Government Site in Russia as Crypto Fraud Surges
Source: Rzn.info

Crypto Fraud in Russia Valued at $30 Million This Year


The volume of cryptocurrency-related fraud around the world has increased significantly in 2021. In the first half of the year, losses amounted to an estimated $1.5 billion, which is two to three times more than the total registered during the same period of last year, experts from the IT security company Zecurion told the Russian daily Izvestia.

According to the report published earlier this week, the Russian Federation accounts for 2% of the global amount – some $30 million, or almost 2.2 billion rubles. Analysts believe the main reasons for the spike stem from the growing exposure of users to digital assets as well as the desire to make quick profits in an expanding sector with limited regulations, amid volatility in the traditional financial markets. They also expect crypto fraud to continue to rise this year leading up to a 15% annual increase.

In July, the Central Bank of Russia (CBR) announced it had identified 146 financial pyramid schemes in the first six months of the year. The number is 1.5 times higher in comparison with the same period of 2020. Fraudsters often lure people with weak financial literacy into investment scams linked to cryptocurrencies or crypto mining, the regulator said. The CBR attributed the surge to the increasing activity of “unfair market participants” and investment demand in Russia.

Blockchain forensics firm Chainalysis revealed this week that crypto addresses based in Eastern Europe have sent $815 million of digital currency to scams in a single year. Over half of the money transferred to scam addresses from the region went to the Russia-based Ponzi scheme Finiko. The pyramid was targeting crypto holders in Russian-speaking populations in the former Soviet space with promises of 30% monthly returns before it collapsed in July.

Do you agree with experts’ expectations that crypto-related fraud will continue to increase this year? Share your thoughts on the subject in the comments section below.

Filed Under: ad, administration, App, application, Bitcoin, crypto, Cryptocurrencies, cryptocurrency, download, English, Fraud, fraudsters, Hack, Hackers, Hacking, Lottery, News, News Bitcoin, Russia, russian, Russian Federation, russians, Ryazan, Scam, scammers, Scams, Spike, Surge, website

U.K.’s Longest-Running Bitcoin Exchange Tackles Bitcoin’s “Stressful Sign-up” Problem

09/07/2021 by Idelto Editor

U.K. exchange Coinfloor has taken away some of the frictions and pain points from first attempting to buy BTC.

When signing up to an exchange to buy bitcoin, the process can be long and daunting, which may prevent new users from buying bitcoin. But Coinfloor has attempted to fix this problem with their app, according to a press release sent to Bitcoin Magazine.

When exchanges require you to submit your personal documents and photographs to verify your identity, it can be a real pain. You often have to switch devices, check your email or phone for confirmation codes, etc. But with the Coinfloor app, you can submit all your documents and photographs seamlessly right from your smartphone.

The app easily guides users through the process to make sure everything goes smoothly. The new feature allows you to access your camera and take pictures of your documents and selfies to submit, making the whole process as easy as one-two-three.

Once users have completed this quick sign-up process, they will be able to easily link up their method of payment and then they’ll be on their way buying bitcoin with the exchange’s one-time buy option, or regular dollar cost averaging option. Making the onramp process easy is great because it helps put bitcoin in the hands of more individuals and pushes us towards hyperbitcoinization.

“Many people want to start investing in Bitcoin but get no further than the time-consuming and stressful process of signing up to an exchange,” said Obi Nwosu, founder and managing director of Coinfloor U.K. “This has long been Bitcoin’s Achilles’ heel because it gives people the false impression that investing is complex and confusing, and this more than any other factor has delayed widespread adoption.”

“The Coinfloor App was designed to remove this last remaining barrier. It not only makes the entire signup process faster and easier by an order of magnitude: we have also incorporated functions like dashboards and one-click social sharing that helps us turn any user into an evangelist for Bitcoin, helping them explain the benefits of Bitcoin to friends and family and showing them easy it is to get started.”

As the bull run continues, inflation keeps rising, and interest in bitcoin goes through the roof, this will be a big game changer when it comes to onboarding new Bitcoin users.

Filed Under: App, Bitcoin Magazine, business, Coinfloor, English, Exchange

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

14/05/2021 by Idelto Editor

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

The banking subsidiary of the national postal service of Switzerland, Postfinance, has launched a mobile app providing clients with access to cryptocurrencies, ETFs and more. The software allows users to make payments, save funds or invest in various assets, with a commitment to a level of security provided only by the country’s leading online banks.

Swiss Post’s Bank Offers Clients Access to Crypto Assets and Stocks

The new application called Yuh is the product of a partnership between Postfinance and the online trading platform Swissquote. The collaboration was established late last year and the software was unveiled at a virtual launch event on May 11, the bank said in a press release. Anyone who wants to test it is welcome to download and install the app on either an iOS or an Android device. Postfinance emphasized:

With the Yuh app, you can not only execute payments and save for future projects or goals, but also make small or large investments, all from your smartphone.

Users can invest in over 100 of the most popular stocks like those of Apple, Nike, Tesla, or Coca-Cola, as well as exchange-traded funds (ETFs). The two financial companies also revealed that their customers will be able to buy and sell 13 cryptocurrencies from the app, including bitcoin (BTC) and ethereum (ETH).

“With Yuh we place the entire financial world in the palm of their hands. Everyone should be free to decide when, where and how they manage their money,” commented Yuh CEO Markus Schwab.

The platform launches with a promise to maintain “low to no fees” and provide “full transparency at all times” regarding applicable charges. Payments and peer-to-peer transfers are free of charge, for example. However, fees apply to the purchase or sale of equities, 0.5%, and crypto assets, 1%. The costs for these transactions will be clearly displayed within the app. Furthermore, Yuh account holders who deposit 500 Swiss francs or more will receive 500 swissqoins, the app’s cryptocurrency, which Yuh users will be able to trade.

Yuh to Help Postfinance Attract Needed Customers

Postfinance embarked on implementing a new digital banking strategy after registering a serious decline in some of its key indicators last year. Its profit fell from 246 million to 131 million Swiss francs ($145 million), while operating costs increased by 18 million francs (close to $19.9 million) in 2020, Swissinfo detailed in an article reporting on the announcement of Yuh.

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

In the midst of a global pandemic limiting international travel and spending, Postfinance’s banking clients fell to 2.69 million, from 2.74 million in 2019. Switzerland’s negative interest rates contributed to the trend. Besides, the bank is majority-owned by the Swiss state and as such, it’s not allowed to offer mortgages or corporate loans to compete with private Swiss banks.

The partnership with the online financial services provider Swissquote, which led to the launch of the new mobile app, is part of efforts to adapt to the rapidly changing environment in the country’s banking sector. Digital banking is closing more and more physical branches in Switzerland. With attractive features, such as the option to buy even fractions of company shares and trade a variety of cryptocurrencies at relatively low fees, Yuh is likely to attract new and different customers.

Do you think Postfinance will succeed in expanding its customer base with its new banking app supporting cryptocurrencies? Tell us in the comments section below.

Filed Under: App, Bank, banking app, crypto trading, Cryptocurrencies, English, Finance, Mobile App, News Bitcoin, partnership, Post Office, Postfinance, shares, stocks, swiss, Swiss Post, swissquote, Switzerland, Yuh

3 Debit Cards Nigerians Can Use to Spend Cryptocurrencies in Stores and Online

20/03/2020 by Idelto Editor

3 Debit Cards Nigerians Can Use to Spend Cryptocurrencies in Stores and Online

Options to acquire cryptocurrencies in Nigeria have been growing in number, along with increasing interest in bitcoin. Nigerians are also starting to see more opportunities to spend their coins in brick and mortar stores and at online merchants. Three crypto debit cards are now available to the residents of the African nation which is also the continent’s largest economy.

Also read: Nigerians Can Now Buy Bitcoin With Cash From Stores and ATMs That Take Naira

Crypto Exchange App First Kudi Issues Debit Card in Partnership With Stanbic IBTC Bank

Nigerian company First Kudi offers users a currency exchange and payments app. The mobile software facilitates purchases and sales of cryptocurrencies with Nigeria’s national fiat, the naira, and U.S. dollars. Users can link their bank account or credit card to the application which allows them to transact between Kudi wallets free of charge, deposit and withdraw funds from other crypto wallets and fiat accounts, and make payments at POS terminals.

3 Debit Cards Nigerians Can Use to Spend Cryptocurrencies in Stores and Online

Formerly known as Kudi Exchange, the fintech platform is owned by TLG Ventures in partnership with Ferrum Network and operates from Lagos. Besides the fiat options, which also include Ghanaian cedi and Kenyan shilling, its app supports bitcoin core (BTC), ethereum (ETH), the stablecoin Gemini dollar (GUSD), and the native Ferrum Network Token (FRM).

First Kudi now issues a debit Kudi Card in partnership with Nigeria’s Stanbic IBTC bank, member of Stanbic IBTC Holdings and Standard Bank Group, a South African financial services provider and Africa’s largest banking group. Holders can use the card to turn crypto into traditional money or buy goods and services with bitcoin and naira. Its balance can be topped up directly from the Kudi Wallet.

A Kudi account is needed to order and use the wallet and the Verve enabled card, and users need to pass KYC. The procedure involves providing full name, email address, and phone number, the Nigeria Bitcoin Community portal details. Certain fees apply to some transactions with First Kudi. Bitcoin withdrawals to another wallet are charged 0.0005 BTC per transfer. Withdrawing fiat to a bank account will cost you 100 NGN ($0.27) for naira and $10 for U.S. dollars. The POS transaction fee for bitcoin, naira, and dollars is 0.50%.

Patricia and Crypterium Provide Nigerians With More Crypto Card Options

Demand for this type of service in Nigeria, where around half of the population remains unbanked, is creating conditions inviting other offerings in the market. Patricia, a Nigerian e-commerce platform that started with gift cards trading, has set out to make it easy for customers to buy and sell bitcoin, as its website notes. The company behind it, Patricia Technologies, recently announced the launch of a new crypto debit card.

The Patricia Bitcoin ATM Card will allow users to withdraw cash directly from their BTC and Nigerian naira wallets, make POS payments and online transactions, transfer funds through teller machines like with any other debit card issued by a traditional bank, PM News Nigeria reported in late February. Registration is required to obtain the card.

3 Debit Cards Nigerians Can Use to Spend Cryptocurrencies in Stores and Online

Affirming the startup’s commitment to financial inclusion, Patricia founder Fejiro Hanu Agbodje acknowledged that payments won’t change overnight and predicted a long transitional period before the world starts to transact in digital currencies. That’s why his team focuses on combining digital infrastructure with existing card processing and banking infrastructure as a step towards mass adoption of cryptocurrencies. The Nigerian entrepreneur pointed out that Patricia card users will have access to cash and be able to pay bills, make over-the-counter transactions, and buy subscriptions. Agbodje further stated:

We will allow you to spend your bitcoin anytime, everywhere and anywhere.

Nigerians have another option to use cryptocurrencies through a debit card. Crypterium, an Estonia-based crypto payment and wallet provider, issues the Global Bitcoin Card, which allows holders to spend cryptocurrencies at merchants and withdraw fiat cash from ATMs in almost 180 countries around the world, as news.Bitcoin.com recently reported. The card, which is powered by the payment processor Unionpay, currently supports several major cryptocurrencies: BTC, ETH, LTC, as well as Crypterium’s own CRPT token.

To get the card you need to download the Crypterium wallet first and install it on your phone. To receive a download link, you have to provide your phone number. The app comes with a virtual card and the plastic one can be ordered separately. The platform delivers worldwide, including many countries not supported by other crypto card issuers. Nigeria is on the list along with other nations with potential to become important crypto markets such as India and Brazil. In November, Coinsutra reported that users of its portal from these countries have been able to obtain the debit card.

Do you know of other cryptocurrency debit cards available in Nigeria? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.


Images courtesy of Shutterstock.


Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.

The post 3 Debit Cards Nigerians Can Use to Spend Cryptocurrencies in Stores and Online appeared first on Bitcoin News.

Filed Under: App, card, cards, Crypterium, crypto, crypto card, Crypto Cards, crypto debit card, crypto debit cards, Cryptocurrencies, Currency Exchange, Debit Card, debit cards, English, Exchange, First Kudi, Gift Cards, News Bitcoin, Nigeria, Nigerians, Patricia, Payments, Services, spend, Wallet

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