As Binance exits Nigeria, the crypto landscape in the Global South faces uncertainty. The departure of the largest crypto exchange from the world's fastest-growing market for Bitcoin adoption has left many wondering about the future. However, for Ray Youssef, the founder of NoOnes, a peer-to-peer Bitcoin trading platform, the signs were clear. He foresaw the challenges that entrepreneurs in the Global South would face in the ongoing currency war.
Anticipating the Shift
Three years ago, Ray Youssef, the former CEO of a US-based Bitcoin company, recognized the financial barriers and regulatory hurdles that hindered business growth in Africa. Seeing the biased regulations favoring Western interests, Ray foresaw the limitations of serving the African market from the US. This realization led him to establish NoOnes, a platform aimed at empowering entrepreneurs in the Global South.
Challenges and Solutions
Ray Youssef emphasizes the need to address the deeper issues at play rather than solely blaming governments. By understanding the pressures faced by leaders, Ray advocates for collaboration to navigate a new path forward. The financial system's control over currency decisions restricts entrepreneurs in the Global South, hindering cross-border transactions and market expansion.
Empowering Entrepreneurs
To unlock the potential of Global South entrepreneurs, Ray stresses the importance of fostering a conducive environment for growth. Free trade and a seamless money flow are essential for enabling businesses to thrive. Despite the challenges, Ray made the bold decision to relocate to the Global South, prioritizing the mission to support the unbanked and drive economic empowerment.
A Local Approach
Unlike distant companies, NoOnes operates with a local perspective, engaging African talent for moderation and fostering partnerships with the community. By sharing profits with local stakeholders, NoOnes demonstrates a commitment to mutual growth and sustainability. The platform aims to provide life-changing opportunities for entrepreneurs in the Global South.
Creating Opportunities
Ray envisions a future where local entrepreneurs can harness the potential of Bitcoin and peer-to-peer platforms to catalyze economic growth. By empowering individuals with tools and resources, NoOnes strives to level the playing field and facilitate business expansion within their countries. Despite challenges, the platform remains dedicated to supporting Nigerian entrepreneurs on their journey towards prosperity.
In conclusion, as Binance exits Nigeria, NoOnes emerges as a beacon of hope for Global South entrepreneurs seeking to thrive in the evolving crypto landscape. With a focus on empowerment and sustainability, Ray Youssef's vision paves the way for a brighter future in Africa's burgeoning market.
Frequently Asked Questions
What precious metal should I invest in?
This depends on what risk you are willing take and what kind of return you desire. Although gold has been considered a safe investment, it is not always the most lucrative. For example, if you need a quick profit, gold may not be for you. You should invest in silver if you have the patience and time.
If you don't care about getting rich quickly, gold is probably the way to go. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
How much do gold IRA fees cost?
Six dollars per month is the fee for an Individual Retirement Account (IRA). This fee includes account maintenance fees as well as any investment costs related to your selected investments.
If you wish to diversify your portfolio, you may need to pay additional fees. These fees can vary depending on which type of IRA account you choose. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
A majority of providers also charge annual administration fees. These fees can range from 0% up to 1%. The average rate is.25% each year. These rates are often waived if a broker like TD Ameritrade is used.
How is gold taxed in Roth IRA?
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
You don't pay tax if you have the money in a traditional IRA/401k. Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
The rules governing these accounts vary by state. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. Massachusetts allows you to delay withdrawals until April 1. New York has a maximum age limit of 70 1/2. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
Who holds the gold in a gold IRA?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
To find out what options you have, consult an accountant or financial planner.
What Should Your IRA Include in Precious Metals?
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. It doesn't matter how rich you are to invest in precious metals. There are many methods to make money off of silver and gold investments.
You might think about buying physical coins such a bullion bar or round. Stocks in companies that produce precious materials could be purchased. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. They are not stocks but offer long-term growth.
And unlike traditional investments, they tend to increase in value over time. You'll probably make more money if your investment is sold down the line than traditional investments.
Can I hold a gold ETF in a Roth IRA?
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
A traditional IRA allows for contributions from both employer and employee. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
An Individual Retirement Annuity (IRA) is also available. An IRA allows for you to make regular income payments during your life. Contributions to IRAs will not be taxed
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
