Read all the latest news, breaking stories, top headlines, opinion, pictures and videos about Cryptocurrency from Nigeria and the world on today.ng In effect, the CBN ban has made the operation of these companies illegal, thereby removing them from the one trillion-dollar market where they had thus far created value. By Sodiq Adewale Chocomilo On Mar 20, 2021. The US SEC’s oversight has built confidence and created a relatively safe operating environment where consumers and service providers are adequately protected while improprieties are closely monitored. Secondly, the country’s securities and exchange commission created a cyber unit that prevents misconduct and enforces sanctions on erring players in the industry. Institutional interest in cryptocurrency has never been higher. The United States has taken a two-pronged approach to cryptocurrencies. Also cited in the CBN’s report was a remark from Warren Buffet that cryptocurrency is a gambling device and a mirage because many buy it not as a means of payment but hoping they can sell it for higher than they bought. Cryptocurrency market now worth $2tn -Report 78% of transactions performed on mobile devices – NIBSS Mobile money: Nigeria needs telecom, banking alliance, says GSMA Morgan Stanley is an American multinational and leading global investment bank and financial services company..The headquarter is situated in the New York.The financial services company makes money mainly from three units, which are; institution securities, wealth management and investment management. For instance, international transactions are settled mainly through the SWIFT protocol, which provides an interface for banks worldwide to transfer money in various currencies. For instance, Buy coins, an indigenous cryptocurrency exchange had $141,395,605 traded on its platform in 2020 alone. They are fiat currencies created by government decree. BAT is the cryptocurrency developed in the Ethereum infrastructure under the Token ERC-20 model, created to be the vehicle currency within this platform. One of the fastest ways to make genuine money presently, is through Cryptocurrency especially, the bitcoin.The rates at which bitcoin value keeps rising on daily basis is alarming. Cryptocurrencies in Nigeria are classified as securities, decided the Nigerian Securities and Exchange Commission (SEC) on Monday. READ our Privacy-policy and cookie policy. This paper argues that rather than being banned, cryptocurrencies should be allowed and closely regulated to curb illicit activities. World Nigeria's cryptocurrency crackdown causes confusion. National enforcement agencies can easily perform forensic audits of blockchains to reveal the identities of anonymous users committing illegal acts. Nigeria, Africa’s largest economy, has only three dollar-billionaires, according to Forbes 2021 world billionaires list released on Tuesday. Ho... 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Transactions, investment and transfer of funds through cryptocurrency is on the rise. In the few days since the ban, Nigeria has risen to the country with the second-largest volume of peer-to-peer bitcoin transactions in the world. Binance, Nigeria's cryptocurrency market, has seen sign-ups surge 50 percent so far in 2020. I was recently briefed by a client seeking legal advice regarding the use of cryptocurrency by way of an Agri Coin to unify farmers, farm products and product trading in the rural areas of Nigeria. President Joe Biden.The President of the United States, Joe Biden has expressed his excitement as United States citizens have started receiving cheques of $1,400, which should help them get over the economic encumbrances caused by the ravaging Corona virus. Questions? Nigeria Cryptocurrency News Monitoring Service from EIN News; Media Monitoring & Online News Monitoring of Nigeria Cryptocurrency. According to the Bitcoin news, the COVID-19, the global pandemic, has opened another way for the criminals. Nigerians caught on to the cryptocurrency trend early on, and many were able to create opportunities for themselves and the country through cryptocurrency trading and service provision. A blockchain is a digital ledger of transactions that is duplicated across a network of computer systems. The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist fromtransacting in cryptocurrencies. Other jurisdictions have approached the issues in this more preservatory way. SEC approves cryptocurrency trading in Nigeria. The decision was reached after a rigorous debate on a motion titled: “CBN’s decision to stop Financial Institutions from transacting in Cryptocurrencies and matters […] NewsNow aims to be the world’s most accurate and comprehensive Naija news aggregator, bringing you the latest headlines on Nigeria automatically and continuously 24/7. The map below shows countries where cryptocurrency trading is legal in green and illegal in red. The CBN argued that many other countries have prohibited cryptocurrencies and that at least one notable investor has warned against their use. Fiyin is a 24-year-old technology entrepreneur, he graduated with an MSc in Management of Information Systems and Digital Innovation from the London School of Economics and a BA/Qualifying Law Degree in Law and Business Studies from the University of Warwick. Cryptocurrencies are digital payment systems that rely on blockchain technology to verify transactions. See reactions. Cryptocurrency opera news,find latest breaking Economy Investing Cryptocurrency news in Nigeria, Opera News provides you with all the news about Cryptocurrency, headlines today, updates of Cryptocurrency news, and enjoy the news from Opera News. On Paxful you … Bitcoin is the first cryptocurrency created and the whitepaper authored by an individual or group of people known as Satoshi Nakamoto.It's not new that cryptocurencies has been drawing attention globally after the Corona breakout that created time for people to explore the internet. The speech was read on his behalf by Professor Gambari. Yes, you can now trade cryptocurrency in Nigeria without receiving a warning or even a restriction on your account as some banks warned their customers before now. The global cryptocurrency market is rising and will surpass $1.4 billion by 2027 as predicted by the experts. The cryptocurrency scams in Nigeria is threatening to massacre the entire blockchain space. The Federal Polytechnic Ado Ekiti chapter of the Academic Staff Union of Polytechnics (ASUP) has vehemently denied that it ever made any allegation purporting that the Rector, Dr. Dayo Oladebeye invested One billion naira staff salary in Bitcoin. Published By: Prior to the ban, Nigerian companies had begun gaining a foothold in the cryptocurrency industry and put up stiff competition to foreign service providers. This means the cryptocurrencies will be regulated by the … Nigeria has set the pace in the acceptance and use of cryptocurrency in Africa. All latest cryptocurrency news in Nigeria today on investorsking.com. Several countries have used this and similar methods to track down individuals who conduct illegal activities through cryptocurrency. Quite amusing on twitter as the world richest man replied a twitter user who said everything in life is not about Bitcoin. Bitcoin, the cryptocurrency, has reached $60,000 (£43,100) for the first time, continuing its record-breaking streak.Bitcoin's value has more than tripled since the end of last year as a result of well-known businesses using it as a payment tool. Do NOT follow this link or you will be banned from the site. “Although the Central Bank of Nigeria has barred cryptocurrency platforms and bank accounts from its banking system, Nigeria remains one of the world’s highest traders in cryptocurrency, in particular Bitcoin, coming in third behind only the United States and … Elon Musk is an engineer, a tech entrepreneur and the CEO of Tesla, Starlink and neuralink.Elon Musk has been really endorsing dogecoin via his tweet, he is a great supporter of dogecoin. ICE, the New York stock exchange parent company, launched Bakkt in 2015; it enables futures trading of bitcoin and allows institutional players access to the market. Again this presents a largely one-sided argument. Before the ban, most of this volume was traded through indigenous exchanges that paid tax in Nigeria and were being monitored and regulated by the SEC. “What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy, especially after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in … Local Bitcoins. United State's $1,400 Stimulus Package May See Bitcoin Hit $220,000 Before Year End. Dogecoin was invented as a crypto currency by Billy Markus and Jackson Palmer, on December 6, 2013.Both inventors are engineers.The duo greed to invent instant payment system, free from the traditional banking fees. +1 (202) 335-3939. The immediate effect of this will be the loss of millions of dollars of revenue to foreign competitors. The CBN’s decision will have a number of repercussions on cryptocurrency trading in Nigeria and the economy as a whole, some of these issues are discussed below. But the Central Bank Nigeria and the Senate have warned people as … Layah is a journalist, presenter and a bitcoin Marxist.Layah took to her Twitter account to share a story after a bitcoin ad was banned in the United kingdom for misleading pensioners. Layah. A celebrity that fail to live a life of impact may not have loyal followers compared to the one that does not joke with the mental growth of his followers, see why someone compared Reno Omokri to a bitcoin now. They can be used as a medium of exchange for goods services and do not require a central authority as governance is performed through a distributed consensus of the currency’s users. Crypto Exploit: How Mining Dogecoin Can Give You Up To 2000 US Dollars Monthly, Dollar, Economy Will Be Destroyed; Start Buying Bitcoin, Silver & Gold- Billionaire Robert Kiyosaki. According to him, the daily volume of naira-crypto transactions on Binance surpassed that on the Nigerian Stock Exchange. For Nigeria to stop cryptocurrency trading within the country, it would need to shut down every server around the world that processes cryptocurrency. DESPITE ban, Nigeria still blazes the trail in cryptocurrency growth. Largest US brokerage becomes the first big US bank to offer its client access to bitcoin, Bitcoin Marxist says something is wrong with market as his research goes wrong for the first time. According to a letter shared by social media users, the CBN earlier today urged banks to identify and close the bank accounts of people trading in cryptocurrency. It merely astonishes me. Download Vanguard News App. Set Up FREE Account Submit Release. Nigeria’s Securities and Exchange Commission said it will regulate trade in digital currencies to provide protection for investors and to ensure that transactions are transparent. With over 11 % of Nigeria’s Internet subscribers involved in crypto, Nigeria has been ranked 5th in the world by Arcade Research. Over the past few years, global attention has shifted to cryptocurrencies due to their potential to enable fast and cheap transactions while opening up possibilities for innovation in sectors such as telecommunications and finance. Bitcoin is currently the world’s largest cryptocurrency; It enables peer-to-peer transactions between users, which can be settled in a matter of minutes regardless of the physical distance or difference in the banking/financial systems of their users’ countries of domicile. Nigeria News NewsNow brings you the latest news from the world's most trusted sources on Nigeria, as well as from top Nigerian publishers. "A Friend of Mine Remembered His Wife Bought About 0.5BTC for Them in 2017, And This Happened. This resulted in an influx of capital to cryptocurrencies and service providers domiciled within the united states. Reno Omokri has appreciated a fan who compared him with the controversial and popular Cryptocurrency called Bitcoin for impacting him and thousands of his Twitter followers with all sorts of inspirational nuggets. Currently, one of the most considerable barriers to commerce and trade is the movement of money due to the high cost and complicated processes involved when making payments through banks and other traditional financial institutions. Hon. Victim mentality is literally a disease you should avoid at all costs - Layah says, Check Out What Elon Musk Replied A Man That Said Everything Is Not About Bitcoin, Innoson Becomes The First Nigerian Company To Accept Cryptocurrency Payment, Reno Omokri Thanks Fan For Comparing Him With Bitcoin, A fan asked Elon Musk if he thinks coinbase should list dogecoin on its platform, see his reply, Twitter users react as bitcoin surges past $61k for the first time. Follow us for up to date news on cryptocurrencies. CBN’s decision is based on its understandable concerns that: Cryptocurrencies by creating an unregulated person to person financial system that often guarantees anonymity can facilitate criminal activity, that many other countries and at least one well-known investor has made pronouncements warning against the use of cryptocurrency and that cryptocurrencies neither have intrinsic value nor do they create value. By Barr. It is important to note that the majority of cryptocurrencies exist on public blockchains as transparency underpins their utility, this makes them a poor choice for illegal activities. NGHeadlines provide you with the latest Cryptocurrency news headlines in Nigeria in real-time. The whole truth is that a majority of countries have allowed trading and put legislation in place to ensure investor protection. So the question is whether more robust regulation could not at least save the baby from the rejected bath water? Firstly, cryptocurrencies are allowed to be traded within the country; this is guided by a regulatory framework for currencies and exchanges. Bitcoin has gathered so many critics since invention.Bitcoin was invented in 2008 and released in 2009, it has been in existence for 12 years now, but critics still think bitcoin will crash. The world richest man has replied a man that made a tweet saying everything in life is not about Bitcoin. State monopoly currencies, such as the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either. The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the cryptocurrency market. Instead, there is a decentralised network that operates through millions of servers spread around the world. This Christmas season I had intended to engage in a critical investigation of religion given the powerful theological si... By Douglas Anele As I disclosed in our discussion last Sunday, Nigeria’s military government and leaders of the eastern... By Denrele Animasaun Sometimes, I feel discriminated against, but it does not make me angry. Cryptocurrency News Today. According to the Brave portal, the Brave protocol currently has 15.4 million monthly active users, and 5.3 million daily active users. Nigerian cryptocurrency: CBN ban Crypto [Dogecoin, Bitcoin, Ethereum] trading in Nigeria, how Atiku, Davido, odas use 'CowtoCurrency' react 6 February 2021 New Informate 7 February 2021 Grayscale, a publicly traded investment management firm, launched cryptocurrency trusts, which enable institutional investors to gain exposure to digital assets. Recently, privacy coins have been a major focus of regulation in countries around the world. The world’s flagship crypto, Bitcoin, is presently on a strong bullish run in regards to breaching another all-time high of $58,400 before pulling back around $ 57,800 as weekly gains of just 20%. The CBN’s ban threatens Nigeria’s competitive positioning in the global technology industry and sends a negative signal to foreign investors who provide Nigerian technology companies with much needed capital. A statement by the US Federal Reserve of St. Louis stated that: “Bitcoin is not the only currency that has no intrinsic value. Tuedor Akpevwe Jackson Esq LAGOS FEBRUARY 7TH (URHOBOTODAY)-The news of the Central Bank Of Nigeria (CBN) directive on the prohibition of Banks/individuals from buying, selling and using cryptocurrency came as a shock to young Nigerians and the world at large. A cryptocurrency is a type of digital or virtual currency that doesn’t need to exist in a physical form to have value. This is only partially so. (vitag.Init = window.vitag.Init || []).push(function(){viAPItag.display("vi_949932995")}). The long-awaited news just arrived. Cryptocurrencies are a more efficient medium of exchange due to the transparency, speed and lower transaction fees that they provide. To give context, most banks charge between 1-2.5% for international transfers. The decision may also affect the inflow of foreign capital to the Nigerian technology industry due to a perception of unfriendly and inconsistent policies. In any Deutsche Bank recently said that “while only a decade old, digital currencies have already been shown to have the potential to radically change payments, banking, central banking and the balance of economic Pierre Rochard is a software engineer and co-founder of Satoshi Nakamoto institute, he is also a Bitcoin Marxist. Cryponewsfarm is a cryptocurrency news and education portal that covers bitcoin news today & forecasts for bitcoin price and other altcoins news. My pastor friend borrowed N300,000 from his cooperative about 2years ago and he wanted to invest it.I advised him to buy Bitcoin because price was quite low, a unit was about $1,600.He obliged and bought Bitcoin, he got about 0.7BTC. However, this can be done far more efficiently through cryptocurrency due to the potential for globally available, uniform methods of exchange. A directive has been sent out by the Central Bank of Nigeria to shut down cryptocurrency exchange bank accounts with immediate effect, according to multiple online reports. Alex Jones a radio show host and founder of the right wing media group inforwars, recently said he lost a laptop with 10,000 bitcoin stored in it. The Nigeria Securities and Exchange Commission (SEC) has released a proposed cryptocurrency regulation guideline while classifying crypto assets as securities. For instance, in South Korea and Japan, the trading of privacy coins has been banned. Furthermore, cryptocurrency exchanges, like many other custodial services, operate on the basis of trust, which many may have difficulty recovering due to the abrupt nature of the halt in trading services. Bitcoin News – Nigeria’s Cryptocurrency Scams. This is why decentralised cryptocurrencies are a welcome addition to the existing currency system,”, Paper currency replaced trade by barter because it was a more efficient medium of exchange and addressed problems of trust and reciprocity. The Central Bank of Nigeria recently instructed banks to identify and close accounts of cryptocurrency transacting entities. Nigeria’s large youth population coupled with rising internet adoption and smartphone penetration have made it a force to be reckoned with in the technology space. The market is scrambling to provide users with a stablecoin. This resulted in exchanges domiciled within these countries delisting these coins and not permitting further trading. The company currently has over $30 billion of cryptocurrency assets under management, primarily owned by companies and high net-worth high individuals. The CBN argued that cryptocurrencies have no intrinsic value and neither do they create value. The SEC chose the designation as “securities” for crypto-assets. This interest has led to a large influx of capital into the cryptocurrency market, which is now valued at over one trillion United States dollars. The Central Bank of Nigeria (CBN) has declared that there was no time the bank banned the activities of Cryptocurrencies in the country. An official of SEC says cryptocurrency is a market of about two trillion dollars which cannot be ignored. Cryptocurrency in Nigeria. Local Bitcoins is a peer-to-peer platform that brings together buyers and sellers. Cryptocurrency Ban: Nigerians are free to use bitcoin, says CBN declares. 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