Tag: Nigerian

Nigerian Minister Calls For Fair Bitcoin Regulation

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[ad_1] A Nigerian minister is calling for friendly Bitcoin regulation that would promote innovation and allow citizens to plug into the network’s opportunities rather than suppress usage of the possibilities enabled by the technology, reported Bloomberg. “Clem Agba, minister of state for budget and national planning, said uncertainty in regulating cryptocurrencies risks denying government and citizens the chance to maximize opportunities from the technology,” per the report. In February, the Central Bank of Nigeria (CBN) issued a reminder that it had banned financial institutions from facilitating bitcoin-related transactions back in…

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IMF Says Nigerian CBDC Drawing Global Interest, Warns of Associated Risks – Fintech Bitcoin News

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[ad_1] The International Monetary Fund (IMF) has acknowledged that the recently launched Nigerian central bank digital currency (CBDC) is attracting interest from many institutions globally, including central banks. Still, the fund warns that the CBDC carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability. CBDC Attracting Interest In its latest country focus report authored by economist Jack Ree, the IMF explains why Nigeria’s new CBDC has drawn substantial interest from the outside world and from central banks in particular. In the report, the author…

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Nearly 500,000 Nigerian CBDC Wallets Downloaded Since Launch – Fintech Bitcoin News

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[ad_1] Nearly half a million e-naira wallets have been downloaded a few weeks after the central bank digital currency (CBDC) was officially launched by Nigerian President Muhammadu Buhari, the central bank has said. E-Naira’s Initial Trade Volumes In addition to the 488,000 wallets that have been downloaded, Osita Nwanisobi, who is the Central Bank of Nigeria (CBN)’s spokesman, is quoted confirming that a total of 78,000 merchants from 160 countries have now enrolled to become a part of the e-naira ecosystem. Despite the CBDC’s seemingly early success, a report by…

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Nigerian Experts Question Selection of Bitt Inc as Central Bank’s Fintech Partner – Fintech Bitcoin News

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[ad_1] Nigerian fintech entrepreneurs have slammed the Central Bank of Nigeria (CBN)’s decision to select Bitt Inc as its fintech partner. They insist that the choice of Bitt Inc, a Barbados based firm, undermines central bank claims that it is “fighting for the naira in the forex market.” Bitt Inc’s Market Capitalization In fact, as the report by Itedgenews explains, some players in the country’s fintech industry are now lobbying for the CBN to rescind this decision. They cite the small number of people employed by Bitt Inc (three) as…

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Nigerian NFT Artists Thrive Despite Bubble Fears and Ongoing Central Bank Anti-Crypto Restrictions – Altcoins Bitcoin News

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[ad_1] Nigerian artists are now increasing their net worth by leveraging the art world’s lucrative pivot to non-fungible tokens (NFT). According to reports, this move to NFTs is happening despite the Nigerian central bank’s renewed anti-crypto stance. NFT Bubble Concerns As a recent CNN report explains, growing interest in NFTs from Nigerian artists comes alongside warnings of a potential downturn in sales. For instance, Bitcoin.com News has already reported that NFTs sales plummeted by 90% since the market’s record sales on May 3. The same report also revealed that the…

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Nigerian Regulator Issues ‘Extreme Caution’ Crypto Investments Warning – Regulation Bitcoin News

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[ad_1] Nigeria’s Economic and Financial Crimes Commission (EFCC) has become the latest body to warn of risks associated with cryptocurrency investments. In a public warning, the law enforcement agency argues that investing in cryptos “is a high-risk activity as the terrain is largely unregulated and prone to fraud.” Proliferation of Scams According to a report that quotes Wilson Uwujaren, the EFCC spokesperson, the law enforcement agency is alarmed by “the rate at which Nigerians sent them petitions on fraudulent investments.” Meanwhile, the spokesperson also bemoans the fact crypto scams continue…

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