The Croatian parliament has approved a law on adopting the euro on January 1, 2023. Lawmakers voted 117-13 in favor of replacing the kuna with the European single currency. Under the legislation, prices in Croatia will be displayed in both currencies from September this year, and used in parallel throughout next year. The government says the adoption of the euro should remove currency risk, reduce... 

Consumer prices in Turkey soared by 69.97% in April compared to the same month last year, according to official data released on Thursday. Inflation has soared amid rising energy prices against the backdrop of the Russia-Ukraine war and due to a lira crash late last year. The figure, released by the Turkish Statistical Institute, exceeded the central bank’s estimate of 68% and represents the steepest... 

The world continues moving rapidly towards “cashless” societies, shunning physical currency in exchange for an electronic financial system that can literally be turned on and off by governments at will as a means of controlling their people. When the U.S. and the world got off the gold standard in the early 1970s, the move towards fiat currency dramatically accelerated, as did the accumulation... 

Update: The “digital dollar” provision of the Democrats’ version of the coronavirus stimulus bill has been scrubbed. However, the “digital dollar” is now mentioned in a separate bill introduced by Rep. Maxine Waters (D-Calif.), titled the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act.” In the latest step toward a cashless... 

Argentina’s embattled government has imposed currency controls intended to rein in a financial crisis that has damaged the country’s standing with investors, taken a bite out of its reserves and driven more people to an economic precipice. Companies now need to get permission from the Central Bank of Argentina to buy foreign currency or precious metals, and to transfer that money abroad.... 

Amid escalating concerns over Italy’s burgeoning debt, discussions surrounding the potential introduction of an “alternative currency” have resurfaced, gaining momentum within the corridors of power after the European Union (EU) issued a stern warning regarding the country’s escalating fiscal liabilities. Deputy Prime Minister Matteo Salvini’s Lega party, a key player... 

The cryptocurrency bitcoin plunged massively this week, dropping to $10,200 on Tuesday and sparking speculation on what could have caused the fall and whether the cryptocurrency is actually of any use. Bitcoin dropped to some $10,200 on the Bitstamp exchange earlier this week, as South Korean officials once again mulled the possibility of cracking down on the exchanges. At the time this article was... 

Russia’s activity in the Asian region may undermine the world financial domination of the United States. Russia has recently concluded major oil and gas contracts with leading Asian countries. According to the South China Morning Post, Russia’s ambitious gas projects in the Far East may trigger a sharp decline in the volume of US oil and gas contracts with Tokyo and Beijing. A change in... 

People queue outside outside RBI headquarters in New Delhi to exchange old high denomination bank notes in Old Delhi, India. Visitors to India risk seeing their money become worthless after the Indian government suddenly discontinued all 500 and 1,000 notes this week. Catching the whole country unawares on Tuesday, Prime Minister Narendra Modi made the move to crackdown on tax evasion and corruption. The... 

Following the British vote to leave the European Union, markets around the world slipped into free fall on Friday. Sterling fell to a low not seen since 1985, far below its value during the 2008 financial crisis. It lost parity against the dollar and the euro, but Mark Carney, Governor of the Bank of England and Chairman of the G20’s Financial Stability Board, said not to worry. The bank announced... 

In recent weeks, two independent journalists traveled undercover to document their experience in the socialist “paradise” of Caracas, the murder capitol of the world, and lived to share an incredible video showing the ultimate conclusion of a state run economy. Venezuela is in the midst of a complete economic collapse, with all the typical symptoms, including hyperinflation, government price... 

Beijing’s depreciation of the yuan in mid-August has triggered a wave of copycat moves from other countries and falling values of currencies. Is this a new currency clash, or is each case specific? What happened in China? In three consecutive days last week, the People’s Bank of China devalued the national currency, with a 4.4 percent overall depreciation. The step was intended to revive exports,... 

Historically, when a nation’s debt exceeds its ability to repay even the interest, it can be assumed that the currency will collapse. Typically, governments exacerbate the situation by printing large amounts of currency notes in an effort to inflate the problem away, or at least postpone it. The greater the level of debt, the more dramatic the inflation must be to counter it. The more dramatic the... 

It’s time to think about the prospects of creating a currency union between Russia, Belarus and Kazakhstan, President Vladimir Putin has said. “We think the time has come to talk about the possibility to form a currency union in the future,” Putin said Friday at a meeting with his Kazakh and Belarusian counterparts Nursultan Nazarbaev and Aleksandr Lukashenko in Astana. It’s easier to protect... 

In the very days when a deep split in the US Congress threatened a US government debt default, the gold price should normally jump through the roof, yet the opposite was the case. It is worth a closer look why. Since August 1971, when US President Richard Nixon unilaterally tore up the Bretton Woods Treaty of 1944 and told the world that the Federal Reserve ‘gold window’ was permanently closed,...