diff --git a/__mocks__/react-native-localize.ts b/__mocks__/react-native-localize.ts
new file mode 100644
index 000000000..18340ba9c
--- /dev/null
+++ b/__mocks__/react-native-localize.ts
@@ -0,0 +1 @@
+export * from "react-native-localize/mock/jest";
diff --git a/__tests__/fiat.test.ts b/__tests__/fiat.test.ts
index e81a234df..ce90e94d8 100644
--- a/__tests__/fiat.test.ts
+++ b/__tests__/fiat.test.ts
@@ -71,7 +71,7 @@ describe('Pulls latest fiat exchange rates and checks the wallet store for valid
 	});
 
 	it('Blocktank FX rates with default selected currency', async () => {
-		const res = await updateExchangeRates({});
+		const res = await updateExchangeRates();
 
 		expect(res.isOk()).toEqual(true);
 		if (res.isErr()) {
@@ -155,7 +155,7 @@ describe('Pulls latest fiat exchange rates and checks the wallet store for valid
 describe('convertToSats', () => {
 	describe('can work with exchange rates', () => {
 		beforeAll(async () => {
-			const res = await updateExchangeRates({});
+			const res = await updateExchangeRates();
 			if (res.isErr()) {
 				throw res.error;
 			}
diff --git a/e2e/settings.e2e.js b/e2e/settings.e2e.js
index 0a0536e56..1fef292ef 100644
--- a/e2e/settings.e2e.js
+++ b/e2e/settings.e2e.js
@@ -535,14 +535,14 @@ d('Settings', () => {
 				by.id('ConnectedUrl'),
 			).getAttributes();
 
-			const alteredRelay = origRelay + '/';
+			const alteredRelay = `${origRelay}/`;
 			await element(by.id('UrlInput')).replaceText(alteredRelay);
 			await element(by.id('WebRelayStatus')).tap(); // close keyboard
 			await element(by.id('ConnectToUrl')).tap();
 			await sleep(1000);
 
 			// url should be updated
-			let { label: newRelay } = await element(
+			const { label: newRelay } = await element(
 				by.id('ConnectedUrl'),
 			).getAttributes();
 
@@ -570,14 +570,14 @@ d('Settings', () => {
 			).getAttributes();
 
 			// add slash at the end
-			const newUrl = origValue + '/';
+			const newUrl = `${origValue}/`;
 			await element(by.id('RGSUrl')).replaceText(newUrl);
 			await element(by.id('RGSUrl')).tapReturnKey();
 			await element(by.id('ConnectToHost')).tap();
 			await sleep(1000);
 
 			// url should be updated
-			let { label: newValue } = await element(
+			const { label: newValue } = await element(
 				by.id('ConnectedUrl'),
 			).getAttributes();
 
@@ -587,7 +587,7 @@ d('Settings', () => {
 			await element(by.id('ResetToDefault')).tap();
 			await element(by.id('ConnectToHost')).tap();
 
-			let { label: resetValue } = await element(
+			const { label: resetValue } = await element(
 				by.id('ConnectedUrl'),
 			).getAttributes();
 
diff --git a/ios/Podfile.lock b/ios/Podfile.lock
index 3aed02a62..6bccb4377 100644
--- a/ios/Podfile.lock
+++ b/ios/Podfile.lock
@@ -1782,7 +1782,7 @@ PODS:
     - ReactCommon/turbomodule/bridging
     - ReactCommon/turbomodule/core
     - Yoga
-  - RNLocalize (3.0.2):
+  - RNLocalize (3.4.1):
     - React-Core
   - RNNotifee (9.1.8):
     - React-Core
@@ -2391,7 +2391,7 @@ SPEC CHECKSUMS:
   RNFS: 89de7d7f4c0f6bafa05343c578f61118c8282ed8
   RNGestureHandler: 9f3109e11ed88fe5bed280bf7762b25e4c52f396
   RNKeychain: 824e7372c7e921d76c4ea4169bdc6c7a32025784
-  RNLocalize: 01b15a24a8f1856eeaeeb77f4179ccd88c117a73
+  RNLocalize: 15463c4d79c7da45230064b4adcf5e9bb984667e
   RNNotifee: 5e3b271e8ea7456a36eec994085543c9adca9168
   RNPermissions: a03f8bd0e6c9d87597e39be694f90d208dd6f835
   RNQrGenerator: afacf12b55dfba0e3aaca963eec23691e8426431
diff --git a/jest.setup.js b/jest.setup.js
index 8558c3ef0..e1f55e0c0 100644
--- a/jest.setup.js
+++ b/jest.setup.js
@@ -1,6 +1,5 @@
 import mockRNDeviceInfo from 'react-native-device-info/jest/react-native-device-info-mock';
 import mockRNCNetInfo from '@react-native-community/netinfo/jest/netinfo-mock';
-import mockRNLocalize from 'react-native-localize/mock';
 import * as mockLDK from '@synonymdev/react-native-ldk/dist/mock';
 
 jest.mock('react-native-reanimated', () =>
@@ -12,7 +11,6 @@ jest.mock('react-native-permissions', () =>
 	require('react-native-permissions/mock'),
 );
 jest.mock('@react-native-community/netinfo', () => mockRNCNetInfo);
-jest.mock('react-native-localize', () => mockRNLocalize);
 jest.mock('@synonymdev/react-native-ldk', () => mockLDK);
 
 global.net = require('net'); // needed by Electrum client. For RN it is proviced in shim.js
diff --git a/package.json b/package.json
index 8daabff2f..67b1a46d7 100644
--- a/package.json
+++ b/package.json
@@ -86,7 +86,7 @@
     "react-native-image-picker": "8.1.0",
     "react-native-keyboard-accessory": "0.1.16",
     "react-native-keychain": "9.2.3",
-    "react-native-localize": "3.0.2",
+    "react-native-localize": "3.4.1",
     "react-native-mmkv": "2.12.2",
     "react-native-modal": "13.0.1",
     "react-native-permissions": "5.2.5",
diff --git a/src/screens/Settings/Currencies/index.tsx b/src/screens/Settings/Currencies/index.tsx
index 33b8955dc..357ed45d5 100644
--- a/src/screens/Settings/Currencies/index.tsx
+++ b/src/screens/Settings/Currencies/index.tsx
@@ -19,6 +19,8 @@ const CurrenciesSettings = ({
 	const selectedCurrency = useAppSelector(selectedCurrencySelector);
 
 	const currencyListData: IListData[] = useMemo(() => {
+		const currencies = Object.keys(exchangeRates).sort();
+
 		const onSetCurrency = (currency: string): void => {
 			dispatch(updateSettings({ selectedCurrency: currency }));
 		};
@@ -40,17 +42,15 @@ const CurrenciesSettings = ({
 			},
 			{
 				title: t('general.currency_other'),
-				data: Object.keys(exchangeRates)
-					.sort()
-					.map((ticker) => ({
-						title: ticker,
-						value: selectedCurrency === ticker,
-						type: EItemType.button,
-						onPress: (): void => {
-							navigation.goBack();
-							onSetCurrency(ticker);
-						},
-					})),
+				data: currencies.map((ticker) => ({
+					title: ticker,
+					value: selectedCurrency === ticker,
+					type: EItemType.button,
+					onPress: (): void => {
+						navigation.goBack();
+						onSetCurrency(ticker);
+					},
+				})),
 			},
 		];
 	}, [selectedCurrency, exchangeRates, navigation, t, dispatch]);
diff --git a/src/store/shapes/settings.ts b/src/store/shapes/settings.ts
index 5f721be02..870872641 100644
--- a/src/store/shapes/settings.ts
+++ b/src/store/shapes/settings.ts
@@ -1,18 +1,36 @@
 import { ECoinSelectPreference, EProtocol, TServer } from 'beignet';
 import cloneDeep from 'lodash/cloneDeep';
+import { getCurrencies } from 'react-native-localize';
 
 import {
+	__E2E__,
 	__ELECTRUM_REGTEST_HOST__,
 	__ELECTRUM_REGTEST_PROTO__,
 	__ELECTRUM_REGTEST_SSL_PORT__,
 	__ELECTRUM_REGTEST_TCP_PORT__,
 	__WEB_RELAY__,
 } from '../../constants/env';
+import { currencies } from '../../utils/exchange-rate/currencies';
 import { EAvailableNetwork } from '../../utils/networks';
 import { TSettings } from '../slices/settings';
 import { ETransactionSpeed } from '../types/settings';
 import { EDenomination, EUnit } from '../types/wallet';
 
+const getDefaultCurrency = (): string => {
+	if (__E2E__) {
+		return 'USD';
+	}
+
+	const localCurrencies = getCurrencies();
+
+	// Find the first currency that matches the user's preference
+	const preferredCurrency = localCurrencies.find((currency) => {
+		return currencies.includes(currency);
+	});
+
+	return preferredCurrency ?? 'USD';
+};
+
 export const defaultElectrumPeer: Record<EAvailableNetwork, TServer[]> = {
 	bitcoin: [
 		{
@@ -82,7 +100,7 @@ export const initialSettingsState: TSettings = {
 	theme: 'dark',
 	unit: EUnit.BTC,
 	denomination: EDenomination.modern,
-	selectedCurrency: 'USD',
+	selectedCurrency: getDefaultCurrency(),
 	selectedLanguage: 'english',
 	customElectrumPeers: defaultElectrumPeer,
 	rapidGossipSyncUrl: 'https://rgs.blocktank.to/snapshot/',
diff --git a/src/utils/exchange-rate/currencies.ts b/src/utils/exchange-rate/currencies.ts
new file mode 100644
index 000000000..543843320
--- /dev/null
+++ b/src/utils/exchange-rate/currencies.ts
@@ -0,0 +1,52 @@
+// The currencies that are supported by the exchange rate API
+// https://blocktank.synonym.to/fx/rates/btc/
+
+export const currencies = [
+	'ARS',
+	'AUD',
+	'BHD',
+	'BDT',
+	'BMD',
+	'BRL',
+	'CAD',
+	'CLP',
+	'CNY',
+	'CZK',
+	'DKK',
+	'EUR',
+	'GEL',
+	'GBP',
+	'HKD',
+	'HUF',
+	'XDR',
+	'INR',
+	'IDR',
+	'ILS',
+	'JPY',
+	'KWD',
+	'MYR',
+	'MXN',
+	'MMK',
+	'TWD',
+	'NZD',
+	'NOK',
+	'PKR',
+	'PHP',
+	'PLN',
+	'RUB',
+	'SAR',
+	'SGD',
+	'ZAR',
+	'KRW',
+	'LKR',
+	'SEK',
+	'CHF',
+	'USDT',
+	'THB',
+	'TRY',
+	'USD',
+	'UAH',
+	'AED',
+	'VEF',
+	'VND',
+];
diff --git a/src/utils/i18n/index.ts b/src/utils/i18n/index.ts
index b9592ad4c..3477c4045 100644
--- a/src/utils/i18n/index.ts
+++ b/src/utils/i18n/index.ts
@@ -1,7 +1,7 @@
 import i18n from 'i18next';
 import ICU from 'i18next-icu';
 import { initReactI18next } from 'react-i18next';
-import * as RNLocalize from 'react-native-localize';
+import { findBestLanguageTag, getTimeZone } from 'react-native-localize';
 
 import { __ENABLE_I18NEXT_DEBUGGER__, __JEST__ } from '../../constants/env';
 import { dispatch } from '../../store/helpers';
@@ -14,9 +14,7 @@ import locales, {
 } from './locales';
 
 const getDeviceLanguage = (): string => {
-	const lang =
-		RNLocalize.findBestLanguageTag(Object.keys(locales))?.languageTag ?? 'en';
-	return lang;
+	return findBestLanguageTag(Object.keys(locales))?.languageTag ?? 'en';
 };
 
 const resources = convert(locales);
@@ -41,7 +39,7 @@ i18nICU
 		returnNull: false,
 	})
 	.then(() => {
-		let timeZone = RNLocalize.getTimeZone();
+		let timeZone = getTimeZone();
 
 		// if polyfill is used, we need to set default timezone
 		// https://formatjs.io/docs/polyfills/intl-datetimeformat/#default-timezone
diff --git a/yarn.lock b/yarn.lock
index 5d3353fe7..a05fd174b 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -5889,7 +5889,7 @@ __metadata:
     react-native-image-picker: 8.1.0
     react-native-keyboard-accessory: 0.1.16
     react-native-keychain: 9.2.3
-    react-native-localize: 3.0.2
+    react-native-localize: 3.4.1
     react-native-mmkv: 2.12.2
     react-native-modal: 13.0.1
     react-native-permissions: 5.2.5
@@ -12640,9 +12640,9 @@ __metadata:
   languageName: node
   linkType: hard
 
-"react-native-localize@npm:3.0.2":
-  version: 3.0.2
-  resolution: "react-native-localize@npm:3.0.2"
+"react-native-localize@npm:3.4.1":
+  version: 3.4.1
+  resolution: "react-native-localize@npm:3.4.1"
   peerDependencies:
     react: ">=18.1.0"
     react-native: ">=0.70.0"
@@ -12650,7 +12650,7 @@ __metadata:
   peerDependenciesMeta:
     react-native-macos:
       optional: true
-  checksum: 46abd6046dfb1fb5426f9e51971894e893556646206b7fa387c5eb9394a3f3b9ddce190bc94ffc9c51c65326f60bbad57219d8330b4a1dcfaf46dd2eb4ef43ae
+  checksum: 2ec4c1992d88c208af3688e9be128ef16c293280677d5493bcae7cee7f66f59c73b91db2370b1879383b9ae5618caab3d569e51024b11d976a732afd5440e87d
   languageName: node
   linkType: hard