The United States has taken a two-pronged approach to cryptocurrencies. However, the Nigerians will improve the systems in the near future by creating good backup plans when the accounts get hacked. In a statement on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies. This means the cryptocurrencies will be regulated by the … 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. This paper argues that rather than being banned, cryptocurrencies should be allowed and closely regulated to curb illicit activities. The Central Bank of Nigeria recently instructed banks to identify and close accounts of cryptocurrency transacting entities. Globally, technology has created a nexus of opportunities that have enabled economic growth, wealth creation, and poverty reduction. The history of state monopoly currencies is a history of wild price swings and failures. In 2020, over $12 billion worth of bitcoin was traded through bakkt. Research has shown that in 2020 alone, over $400,000,000 (190 billion naira) worth of cryptocurrency was traded by Nigerians; a large amount of this volume was processed by Nigerian exchanges. 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. 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. power.”, Bill Gates also holds the view that “Transforming the underlying economics of financial systems through digital currency will help those in poverty directly, and it will also support a host of other development activities, including health and agriculture,”. United State's $1,400 Stimulus Package May See Bitcoin Hit $220,000 Before Year End. The map below shows countries where cryptocurrency trading is legal in green and illegal in red. Research has shown that in 2020 alone, over $400,000,000 (190 billion naira) worth of cryptocurrency was traded by Nigerians; a large amount of this volume was processed by Nigerian … The Central Bank of Nigeria (CBN) has declared that there was no time the bank banned the activities of Cryptocurrencies in the country. Cryponewsfarm is a cryptocurrency news and education portal that covers bitcoin news today & forecasts for bitcoin price and other altcoins news. 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. Do NOT follow this link or you will be banned from the site. Cryptocurrency market now worth $2tn -Report 78% of transactions performed on mobile devices – NIBSS Mobile money: Nigeria needs telecom, banking alliance, says GSMA Firstly, cryptocurrencies are allowed to be traded within the country; this is guided by a regulatory framework for currencies and exchanges. The cryptocurrency which is known to be a centralized tendency has spread all over the world to be a second alternative to fiat money over the globe.Cryptocurrency as the case may be has given birth to like of bitcoins Etherum Trons and many other digital currencies. The operation of Nigerian exchanges allowed a level of oversight of digital assets traded within the country. The immediate effect of this will be the loss of millions of dollars of revenue to foreign competitors. A Bitcoin transfer of the same amount will not exceed $500. 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 […] Cryptocurrency in Nigeria. 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. Download Vanguard News App. +1 (202) 335-3939. Local Bitcoins. The SEC chose the designation as “securities” for crypto-assets. This is only partially so. The whole truth is that a majority of countries have allowed trading and put legislation in place to ensure investor protection. Binance, Nigeria's cryptocurrency market, has seen sign-ups surge 50 percent so far in 2020. 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. Grayscale, a publicly traded investment management firm, launched cryptocurrency trusts, which enable institutional investors to gain exposure to digital assets. Cryptocurrency 2 weeks ago Zugacoin that Plunges Over 99 Percent in 6 Days Partners Innoson, Buy Innoson Products With Zugacoin Despite the Central Bank of Nigeria’s decision to halt banks’ involvement in cryptocurrency trading and ease potential pitfall similar to the popular unregulated scheme, MMM, Nigeria… 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. 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. 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. 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. Bitcoin News – Nigeria’s Cryptocurrency Scams. 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. 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. 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. We are dedicated to informing you of news related to bitcoin exchanges, bitcoin mining, and price forecasts for various cryptocurrencies. ">noted the importance of Binance in the cryptocurrency industry in Nigeria. As earlier noted, since the ban was placed exchange-traded volume has fallen while peer to peer volume which the regulatory authorities have no control over has risen exponentially. State monopoly currencies, such as the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either. According to the Brave portal, the Brave protocol currently has 15.4 million monthly active users, and 5.3 million daily active users. The long-awaited news just arrived. The decentralised nature of cryptocurrencies makes it almost impossible to stop their usage. The market is scrambling to provide users with a stablecoin. 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. 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. World Nigeria's cryptocurrency crackdown causes confusion. Nigeria Cryptocurrency News Monitoring Service from EIN News; Media Monitoring & Online News Monitoring of Nigeria Cryptocurrency. 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. 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. Nigeria, Africa’s largest economy, has only three dollar-billionaires, according to Forbes 2021 world billionaires list released on Tuesday. Pierre Rochard is a software engineer and co-founder of Satoshi Nakamoto institute, he is also a Bitcoin Marxist. 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. Read all the latest news, breaking stories, top headlines, opinion, pictures and videos about Cryptocurrency from Nigeria and the world on today.ng 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 cryptocurrency scams in Nigeria is threatening to massacre the entire blockchain space. They are fiat currencies created by government decree. Cryptocurrencies offer Nigeria an opportunity to cement its place as a knowledge-based economy and attract the investment needed to stimulate growth. 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. 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. The CBN argued that many other countries have prohibited cryptocurrencies and that at least one notable investor has warned against their use. The global cryptocurrency market is rising and will surpass $1.4 billion by 2027 as predicted by the experts. 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. 1stPeterGist Nigerian cryptocurrency: CBN ban Crypto [Dogecoin, Bitcoin, Ethereum] trading in Nigeria, how Atiku, Davido, odas use 'CowtoCurrency' react 7th February 2021 Top Tori 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. SEC approves cryptocurrency trading in Nigeria. 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. For a $500m transfer bank charges may go up to $5m. Quite amusing on twitter as the world richest man replied a twitter user who said everything in life is not about Bitcoin. This resulted in an influx of capital to cryptocurrencies and service providers domiciled within the united states. Follow us for up to date news on cryptocurrencies. Several countries have used this and similar methods to track down individuals who conduct illegal activities through cryptocurrency. So the question is whether more robust regulation could not at least save the baby from the rejected bath water? One of American billionaire, Robert Kiyosaki the author of the best selling Roch Dad Poor Dad has said that the American dollar will fall very soon. See reactions. By Sodiq Adewale Chocomilo On Mar 20, 2021. "A Friend of Mine Remembered His Wife Bought About 0.5BTC for Them in 2017, And This Happened. Institutional interest in cryptocurrency has never been higher. “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 … 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. Technical Feedback: whatsapp 08023469027 Cryptocurrency News Today. These were not mentioned or addressed in CBN releases on this issue. A blockchain is a digital ledger of transactions that is duplicated across a network of computer systems. 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. Cryptocurrencies in Nigeria are classified as securities, decided the Nigerian Securities and Exchange Commission (SEC) on Monday. Nigeria has set the pace in the acceptance and use of cryptocurrency in Africa. A statement by the US Federal Reserve of St. Louis stated that: “Bitcoin is not the only currency that has no intrinsic value. Set Up FREE Account Submit Release. 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. Nigeria Cryptocurrency News Service from EIN News. Fiat currencies such as the Naira and dollar are believed to have value due to the backing by respective governments and the trust individuals have in these governments. 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. The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist fromtransacting in cryptocurrencies. If the SEC noticed fraudulent transactions being passed through an exchange, it could easily place a ban on the exchange and investigate the source of funds, which would have either been deposited or withdrawn through a bank as part of a particular transaction or set of transactions. Dangote, Adenuga, Rabiu Make Forbes 2021 Billionaires List. Cryptocurrency Ban: Nigerians are free to use bitcoin, says CBN declares. Cryptocurrencies are digital payment systems that rely on blockchain technology to verify transactions. Hon. Cryptocurrencies are a more efficient medium of exchange due to the transparency, speed and lower transaction fees that they provide. The world richest man has replied a man that made a tweet saying everything in life is not about Bitcoin. 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. 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. 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 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. While it is true that the relative anonymity offered by certain cryptocurrencies could be used for unlawful activity, the reality is that illegal transactions occur mainly through privacy coins, which allow senders and receivers to remain anonymous with different levels of privacy, such as hidden wallet addresses and transaction balances. Nigeria is one of the largest cryptocurrency … BAT is the cryptocurrency developed in the Ethereum infrastructure under the Token ERC-20 model, created to be the vehicle currency within this platform. Local Bitcoins is a peer-to-peer platform that brings together buyers and sellers. The Nigerian Securities and Exchange Commission had previously released guidelines for service providers within the cryptocurrency space. For the first time, Bitcoin crosses a new peak of $60,000. Again this presents a largely one-sided argument. National enforcement agencies can easily perform forensic audits of blockchains to reveal the identities of anonymous users committing illegal acts. By Barr. Elon Musk has fiercely advocated for cryptocurrency usage; his company (Tesla) recently bought $1.5 billion worth of bitcoin and has said that the currency will be accepted as a payment method for their products. My grandpa who's never used the internet calls me daily saying PayPal and Amazon called him demanding he owes them money - Layah laments, You worth more than a bitcoin - Reno Omokri react after he was compared to a bitcoin by a random guy, ASUP denies allegation against Rector of Federal Polytechnic Ado-Ekiti, Georgia's house of Rep passed bill that would include cryptocurrency in high school curriculum, Check out the current worth of 10,000 Bitcoin Alex Jones lost, World Richest Man Replied A Man That Said Everything Is Not About Bitcoin, Check Out What He Said, A True Story About Investing In The Long Term. For instance, in South Korea and Japan, the trading of privacy coins has been banned. Layah. 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. 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. The … For instance, Buy coins, an indigenous cryptocurrency exchange had $141,395,605 traded on its platform in 2020 alone. All latest cryptocurrency news in Nigeria today on investorsking.com. 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.   Prominent leaders in the South-South geo-political zone on Saturday hailed the Minister of Transportation, Rt. An official of SEC says cryptocurrency is a market of about two trillion dollars which cannot be ignored. Published By: But the Central Bank Nigeria and the Senate have warned people as … 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. 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. Instead, there is a decentralised network that operates through millions of servers spread around the world. For Nigeria to stop cryptocurrency trading within the country, it would need to shut down every server around the world that processes cryptocurrency. Transactions, investment and transfer of funds through cryptocurrency is on the rise. According to him, the daily volume of naira-crypto transactions on Binance surpassed that on the Nigerian Stock Exchange. (vitag.Init = window.vitag.Init || []).push(function(){viAPItag.display("vi_949932995")}). 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 The Nigerian Senate on Thursday detailed its Committee on Banking, Insurance and Other Financial Institutions to interface with the Central Bank of Nigeria to proffer solutions to the ban on Cryptocurrency. We currently stand at a crossroads regarding technology adoption, and many have suggested that in the present internet age, technology holds the potential to propel Nigeria to sustained growth and development. Indigenous exchanges provide value to the country through tax revenues as well as the added benefit of making Nigeria a stakeholder and avid competitor in the one trillion dollar cryptocurrency market. Questions? 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 CBN argued that cryptocurrencies have no intrinsic value and neither do they create value. On Paxful you … To give context, most banks charge between 1-2.5% for international transfers. NGHeadlines provide you with the latest Cryptocurrency news headlines in Nigeria in real-time. You of news related to Bitcoin exchanges cryptocurrency news today in nigeria Bitcoin crosses a new peak $. 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