As of today, January 19 , 2007 all Bitpass Buyers with US dollar denominated accounts are being notified that they will have seven (7) days to spend any amounts that currently exist in their Bitpass Account.
In terms of improving the incentives for migrants to remit, there is much that the Malawi Government could also do to facilitate increased remittances by migrants such as permitting the holding of foreign currency denominated accounts by Malawian's working abroad, without any requirement to convert foreign currency into Malawi kwacha.
In the case of an account denominated in one or more foreign currencies, the participating FFI may elect to report the account balance or value in a currency in which the account is denominated and is required to identify the currency in which the account is reported.
Or, given the global economic uncertainty, investors may want to open an investment account denominated in a foreign currency to diversify their portfolio.
Technically, the judgment handed down Friday applies to the single complaint of a depositor with an account denominated in pesos and not, in sharp contrast to most of the funds held in the Argentine banking system, American dollars.
I have also been informed that American visitors to China can deposit $50,000 a year in a Chinese bank account denominated in yuan, which will grow in value as the yuan rises.
Exports of oil and its derivatives, which are dollar-denominated, account for 97% of Venezuela's foreign earnings.
Robert de Bruin of the French Bankers Association points out that in a recent French poll 17% of respondents said they would like to open a euro-denominated account in 1999.
Will customers want bank accounts denominated in euros, or request monthly statements in both euros and local currencies?
Banks accepted deposits in either currency, and most Argentines preferred to open accounts denominated in dollars because they regarded the American currency as stronger than the peso.
Because of previous bouts of hyperinflation, no one wanted to save money in pesos; many people held savings accounts denominated in dollars.
