Finance & Economics

Best of the week: El Salvador makes Bitcoin legal tender, Iran’s crypto mining ban, financial inclusion for women

best of the weekWe’ve gathered some of the best and most interesting articles over the last week.

Iran’s crypto mining ban explained

Iran, which previously resorted to Bitcoin as a hedge against inflation and US sanctions, now bans cryptocurrency mining.

The Iranian government announced a four-month ban until September 22 on the energy-consuming crypto mining after the capital and major national cities suffered unplanned blackouts.

First country to adopt Bitcoin as legal tender unveiled

Bitcoin is now a legal tender in El Salvador.

The acceptance comes after a majority vote by the country’s legislature in favor of the president’s move to adopt the digital currency. In the legislature voting, 62 votes were casted in favor of the currency while 19 rejected the bill. Three members were absent.

B2B, B2C, C2C, C2B and other types of business

In the age of e-commerce, we constantly face new crafty words and abbreviations. However, most of them look terrifying at first sight only. In fact, the vast majority of these words are simple and logical.

Open Banking Expo Canada Meetups launch virtually this June

Organisers of Open Banking Expo Canada are to launch free-to-attend quarterly meetups for the Open Banking community in Canada. The first meetup will take place virtually on Thursday June 24th, 2021.

Cryptocurrency savings accounts: pros & cons

At present, you won’t find crypto savings account options on the service list offered by traditional banks. This unique feature is enabled by crypto exchanges and other fintech players.

Similar to ordinary savings accounts, crypto ones allow you to put a sum of digital coins aside and earn some interest. Most offers concentrate on predictable stablecoins, but many companies accept more volatile assets such as Bitcoin as well.

PayPal launches instant transfers to bank accounts in Australia

PayPal Australia has announced a new feature enabling instant transfers from PayPal balance to eligible Australian bank accounts and Visa debit cards.

The new feature uses the New Payments Platform (NPP) via access provided by PayPal Australia’s banking partner, the National Australia Bank (NAB) and leverages Visa Direct for real-time payment capabilities to eligible Visa debit cards.

5 Best White Label Payment Gateway Solutions in 2021

The right payment gateway partner is one of the keys to the company or brand’s success and growth. Plenty of business owners are allured by the idea of integrating payments into their software or apps. It’s a possibility to handle online payments safely for both parties and expanding the client base on national or international levels.

How to launch a PSP with zero development cost

If you’re looking for a way to enter the payments industry, starting your own payment processing company seems to be the easiest way to go. However, with fierce competition and tedious red tape, the industry isn’t as welcoming to newcomers as one might think. In this article, we’ll explain how to launch a PSP with zero development cost and cut the processing costs by 50% with the right software choice.

Canada’s economic forecast 2021: what’s coming next?

Canada is one of the largest and most sophisticated economies of the developed world. Gifted with the most valuable natural resources such as oil and gas, the country is also equipped with a talented pool of human resources to navigate it through the fourth industrial revolution. Similar to most of the countries, Canada also experienced a drop in its economic output on the back of COVID-19 related lockdowns.

How to make financial inclusion for women work

There are around 1.7 billion unbanked people in the world, 55% of them are women. The average gap between male and female account owners is 7% globally. However, for some regions, the difference is more significant. Women who live in poor and marginalised communities face most difficulties in obtaining access to any formal financial services.

What can be done to make financial inclusion initiatives better suit the needs of women? Today, we’ll seek the answers along with the global change-makers.

Top 5 cybersecurity lessons for banks

Modern banks face a double security challenge since they have to protect both physical monetary assets stored in their vaults, and sensitive financial data stored in digital ledgers. With neobanks, proper data storage is the ultimate condition of their existence. Compromising customers’ data means lost money, a stained reputation, potential lawsuits, penalties, and loss of public trust. Therefore, maintaining strong cybersecurity policies is crucial in the banking industry.

Here are some lessons to learn about the protection of banks’ IT systems and networks.

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