Money Transfers Financial News

The top United States agency for consumer financial protection is considering applying the Electronic Fund Transfer Act (EFTA) to crypto, in an attempt to protect consumers from fraudulent crypto transfers.

Brian Armstrong, CEO of crypto exchange Coinbase, thinks that his company made the right decision to comply with United States money transmitter licensing laws.

Ripple will power new payment corridors between 27 African countries and Australia, the United Kingdom and the Gulf Cooperation Council (GCC) under a deal with African mobile payments provider Onafriq.

Raj Gokal, co-founder of blockchain protocol Solana and chief operations officer of Solana Labs, started his career in venture capital with a focus on high-growth tech business. 

Kenya's lawmakers are considering the introduction of a 3% tax on cryptocurrency and nonfungible tokens (NFTs) transfers and a 15% tax on monetized online content, according to a newly introduced bill.

International money transfers have long been a challenge for anyone who needs to send money from one country to another. Traditional banking systems are slow and expensive because many banks don’t have a direct relationship with each other, so they have to charge high processing fees or use an intermediary to complete a transfer. The multi-step process can take days or even weeks to complete a transfer. This makes it increasingly difficult for people to pay for expenses abroad or send money to loved ones who may be in a time crunch.

Tornado Cash developer Alex Pertsev is set to be released from jail after spending nearly nine months in prison. Pertsev was arrested in August last year by Dutch authorities on suspicion of being involved in money laundering through the crypto mixing service Tornado Cash.

money transfers which are low cost and frictionless. Technically, blockchain based cryptocurrencies offer such benefits but face considerable regulatory hurdles. This is where some of the new age money transfer platforms are offering viable alternatives to transfer money. Wise, a global technology company is building ways to move money around the world. Started in 2011, Wise helps people and businesses hold more than 50 currencies, move money between countries and spend money abroad. Globally around 11 million people and businesses use Wise, which processes over £6 billion in cross-border transactions every month. London based Wise entered India in June last year and has tied up with RBL Bank enabling Indians to send money abroad through. In an e-mail interview Diana Avila, global head of banking & expansion, Wise, discusses money transfers, cryptocurrencies and other issues. Edited excerpts: