It is a great hedge that provides near-instant liquidity similar to cash”. Breaking News. The letter read; “More also, repeated and recent evidence now suggests that some cryptocurrencies have become more widely used as speculative assets rather than as means of payment, thus explaining the significant volatility and variability in their prices. BREAKING: Nigeria Ban Cryptocurrency, Directed To Fish out Operators. In effect, the use of cryptocurrencies in Nigeria are a direct contravention of existing law. There is much more volatility these days in equities than bitcoin. This is far greater volatility than is found with normal currencies.”. A blockchain expert, Lucky Uwakwe says there are hundreds of Nigerians willing to learn about blockchain, many of them, however, are discouraged by the lack of well-established training facilities. He said China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia have allplaced certain level of restrictions on financial institutions facilitating cryptocurrency transactions. Director, Corporate Communications at CBN explains the position of the banking regulator in a statement titled “Response to Regulatory Directive on Cryptocurrencies” obtained by Technology Times , and reproduced below: Breaking News. According to NITDA, the key regulatory frameworks, policies, strategies, and guidelines providing support for emerging technologies such as blockchain to thrive and foster adoption by the public sector include: ... Sign up for free to get breaking news and information from inside the Nigerian tech industry delivered right into your inbox. ... on dealers of cryptocurrency is that they can no longer make withdrawals of cash in banks when a payment is made using cryptocurrency in Nigeria. The price of Bitcoins has also suffered similar volatilities. BY AGENCY REPORT Nigeria Securities and Exchange Commission (SEC) and the Central Bank of Nigeria, CBN have agreed to work together to regulate cryptocurrency operations in the country. While the government banned banks from processing all crypto-related transactions, traders, who are mainly youths, bypass the restriction. You have entered an incorrect email address! Nwanisobi said even famed investor Warren Buffett has called cryptocurrencies “rat poison squared,” a “mirage,” and a “gambling device.”. How crypto market tackles youth unemployment. In Nigeria,… Read More. News. Your email address will not be published. DailyNigerian.com is a verifiable news distribution platform, from live video streaming to … A combination of unemployment and underemployment rates shows that those aged between 15-24 reported a combined rate of 73.2 percent, showing a serious challenge for the age-group in securing full-time employment. Man Jailed For Cryptocurrency Fraud In Makurdi. Home; News. A survey conducted in the UK of affluent millennials discovered that 20 percent have invested in cryptocurrencies. Latest Breaking News; Cryptocurrency; Acknowledging BTC Sovereignty, Nigeria Becomes Bellwether For Hyperbitcoinization. He highlighted the critical between a Central Bank issued Digital Currency and cryptocurrencies, adding that as the names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued by unknown and unregulated entities. Read, discuss the latest breaking News from Nigeria, and spread word about what you do. South African government took a strong position on cryptocurrency after a $740million bitcoin scam allegedly coordinated by Bitcoin trader, Mirror Trading International, which is now liquidated. In a statement on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies. CoinDesk is an … In fact, the price of ether, one of the largest cryptocurrencies in the world, fell from US$320 to US$0.10 in June 2017. These policies could have pushed up their volume of P2P trading in Q1, 2021. Meanwhile Ghana and Kenya took a different route and rather preferred to tweak their regulations towards benefitting from where South Africa slipped. The Securities and Exchange Commission (SEC) of Nigeria has reported that discussions with the Central Bank of Nigeria (CBN) about cryptocurrency legislation are pending. Ghana and South Africa complete the top 4 with $27.4 million and $25.8 million respectively. 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. Nwanisobi noted that the CBN’s position on cryptocurrencies is not an outlier as many countries, central banks, international financial institutions, and distinguished investors and economists have also warned against its use. 0 203. he loves watching Movies, Music love and loves sightseeing. But while most young Nigerians may have lost faith in the ability of the economy to rescue them from widening poverty, a growing number are turning to blockchain and the evolving cryptocurrency ecosystem to build wealth. ETH Price Analysis: Return Rally Gains Traction To Propel; ... News Nigeria and Ghana Named Among Leading Cryptocurrency Market Globally ... Cryptocurrencies open up future for a new beginning for Africa. “The reverse would be true if the conglomerate does not innovate to improve the quality of its goods/services. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. He recalled that all banks in the country had earlier been forbidden, through CBN’s circular dated January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies. In effect, the use of cryptocurrencies in Nigeria are a direct contravention of existing law. Young people account for a staggering 42.5 percent of Nigeria’s unemployment rate as of the fourth quarter of 2020. According to a statement, Mr Owasanoye stated that “Virtual and cryptocurrencies pose serious legal and law enforcement risks for Nigeria.” The statement said: “The current National Identification Number registration and linking with SIM cards is a pointer to the fact that insurgents, terrorists, kidnappers, bandits, and drug merchants have used the anonymity of unregistered SIM cards to commit their … It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion. Speaking at a CBN Bankers’ Forum on Friday, VP Osinbajo stated that sooner than later blockchain technology generally, and cryptocurrencies in particular will challenge traditional banking, including reserve banking, in ways that cannot be imagined. TheNewsGuru.com (TNG) reports the Vice President’s comment is coming after the Central Bank of Nigeria (CBN) placed a ban on cryptocurrencies in the country. 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. Kenya also followed suit with $38.4 million, although that was $61 million less than Nigeria’s. However, Nigeria’s case is described as unique because of the huge youth population involved in crypto trading. Read Breaking Nigeria News on Livenews.ng - Top Nigerian online newspapers - Punch Live News Nigeria, Top news headlines from Nigeria, Africa, World. Now, the country’s monthly P2P volume is currently valued at $33.1 million, as against the $25.8 million per month it posted in 2020. By Editor Last updated Feb 5, 2021. Although Africa may not be the first location to note while… Emefiele explained the rationale behind the CBN’s directive to commercial banks to stop accounts meant for cryptocurrency. While the total unemployment rate surged to an unprecedented 33.3 percent from 27.1 percent in the second quarter, the highest rate of unemployment was recorded among those between the ages of 15 to 24 years with 53.4 percent followed by those aged between 25 to 34 with 37.0 percent. US … While Ghana’s Central Bank launched a regulatory framework that not strictly controls but also gives blockchain-based companies including cryptocurrency startups priority, the Central Bank of Kenya is reported to have proposed switching to Bitcoin as a reserve currency. 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 Central Bank of Nigeria (CBN) has responded to the public concern raised by its regulatory directive on cryptocurrency trading in the country. “Second, the very name and nature of “cryptocurrencies” suggests that its patrons and users value anonymity, obscurity, and concealment. “Mr. Peter Okoye and a human rights activist clash on Twitter over the reopening of the Lekki tollgate, Nigeria to Niger rail: Amaechi avoids question on $1.9bn loan repayment. Investors only buy in the hope that its use and acceptability will rise, thereby pushing up its demand and price.But since new versions of cryptocurrencies come on stream with new mathematical models, an infinite supply may someday crash the price to zero. ... Daily Nigerian Breaking News. Share. In contrast, , cryptocurrencies do not have fundamentals and would never have fundamentals. Cryptocurrency in Nigeria The statement said this was evident from the variety of participants, products, channels, cutting-edge technology in the payments system. Nigeria — the world's second-largest Bitcoin market after the United States — has banned the trading of cryptocurrencies. 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. 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. When one buys a stock, say of a conglomerate in the Nigeria Stock Exchange, its price reflects the activity and production of that conglomerate and the value people place on their goods and/or services. CBN said the system was validated by the astronomical growth of volume/value of transactions and the fact that Nigeria is an investment destination of choice for international financial technology companies because of CBN’s policies that have created an enabling investment environment in the payments system. Nigeria's hostility to cryptocurrencies is not new as the country put out a warning in 2017 regarding the risks associated with transacting in crypto. “Indeed, many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of the widespread use of cryptocurrencies for illegal activities. Breaking News. This represents a 28 percent increase. A survey by Binance found that the51 percent of crypto users see it as a regular source of income. In 2020, Nigeria’s Bitcoin trading volume was $309.6 million followed by South Africa’s $98.4 million and Kenya’s $92.4 million. The Central Bank of Nigeria ordered banks and financial institutions to identify and close accounts of cryptocurrency entities with “immediate effect” on Friday, February 5. Bitcoin ... You would be amazed by the level of acceptance of crypto-currency in Africa. 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 ban mandated all commercial banks in Nigeria to close accounts belonging to cryptocurrency exchanges and other companies transacting in cryptocurrencies, and cautioned of “strong regulatory penalties” on any entity that did not comply. “This limited supply has created a perverse incentive that encourages users to stockpile them in the hope that their prices rise. “And that is the reason we have banned all banks to desist from operating accounts for cryptocurrency dealers in Nigeria. CBN said in China, cryptocurrencies are completely banned and all exchanges closed as well. Respectable figures display the rustic is easily forward of fellow African international locations. Lamido Yuguda, the Director-General of SEC stated this at the 2021 first post-Capital Market Committee (CMC) virtual news conference. The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from transacting in Cryptocurrencies. The effect of that scam brought about stiff regulations which eventually drove away some investors and made the South African crypto market lose appeal. In the first quarter of this year, Q1,2021 Nigeria shocked the world whenbetween January and March it posted a peer-to-peer, P2P Bitcoin trading value worth $99.1 million. Economic and Financial Crimes Commission, EFCC, Makurdi Zonal Office on Tuesday, March, 9, secured the conviction of Victor Chinemerem Ogaraku, for cryptocurrency fraud. The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele told the Senate that the ban placed on cryptocurrency transactions was a step to protect Nigerians involved in banking. Cryptocurrency in Nigeria When the Central Bank of Nigeria (CBN) issued a circular in early February warning banks and financial institutions that “facilitating payments for cryptocurrency exchanges is prohibited” and that they needed to identify and close accounts associated with them, it set the country’s crypto community alight. The Central Bank of Nigeria (CBN) has directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems. DESPITE ban, Nigeria still blazes the trail in cryptocurrency growth. 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Save my name, email, and website in this browser for the next time I comment. Nigeria News NewsNow brings you the latest news from the world's most trusted sources on Nigeria, as well as from top Nigerian publishers. By: Ilobun Donald The Nigerian Senate on Thursday summoned the Central Bank of Nigeria, CBN, Governor, Godwin Emefiele over ban on use of cryptocurrency in the country. Job postings in blockchain categories rose 4,086 percent in the share of job postings per million from the previous three years. In effect, the use of cryptocurrencies in Nigeria are a direct contravention of existing law. Stay up to date with the latest and breaking news about Bitcoin, cryptocurrency and learn about popular blockchain trends in Nigeria, Africa and around the world. “Given that unlike Fiat money, which is accompanied by full faith and comfort of a country or Central Bank, cryptocurrencies do not have any intrinsic value and do not generate returns by themselves. Nigeria orders banks to shut down accounts trading in cryptocurrencies. According to data from Austin-based job search site, there was a 90 percent increase in blockchain, bitcoin, and cryptocurrency job postings between February 2018 and 2019. The report by the National Bureau of Statistics (NBS) is the closest indication that the unemployment problem in the country has reached a crisis stage and would require every help it needs to address the problem. … Conveying fresh, factual and reliable news from our Abuja headquarters. The apex bank said to the contrary, the Nigerian payment system has evolved significantly over the last decade, leapfrogging many of its counterparts in emerging, frontier and advanced economies propelled by reforms driven by the CBN. Breaking News Business Breaking: CBN lists reasons it banned cryptocurrency in Nigeria. A Passionate Media professional who has a penchant for creative writing. CBN listed the justifications for CBN’s recent policy reminder. A number of the displays of expenses and reviews was once dialogue of a contemporary reminder from the Central Financial institution of … Required fields are marked *. DailyNigerian.com is among Nigeria’s leaders in online news and information delivery. The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist fromtransacting in cryptocurrencies. Crisis in Orlu Imo State: Soldiers killing civilians in Orlu, IPOB alleges, How Lagos, Nigeria, Became An International Music Hotspot, Boko Haram recaptures Borno LGA, scores feared dead, Victor Uwaifo: How I Almost Died Of Electrocution On Stage, Why We Go Naked In My Family – Charly Boy. The country has become a reference point in the emerging markets of Middle East and Africa when trading on crytocurrency is discussed. Ignorance and Greed Sustain Cryptocurrency Scams in Nigeria Nigeria isn’t just Africa’s largest cryptocurrency marketplace however could also be a number one adopter of virtual currencies globally. They have also been recent reports that cryptocurrencies have been used to finance terror plots, further damaging its image as a legitimate means of exchange. Read and discuss the latest breaking political, entertainment and business News from Nigeria, and spread word about what you do on Naijanewstalk.com. As of late, the Senate of Nigeria —which has an identical legislative powers to the U.S. Senate — shared notes from its day-to-day lawsuits. In fact, the role of cryptocurrencies in the purchase of hard and illegal drugs on the darknet website called “Silk Road” is well known. Osita Nwanisobi, Ag. The Central Bank of Nigeria (CBN) has explained reasons behind banning of cryptocurrency which has generated controversies and condemnation across the nation. However, while Nigeria’s ban on cryptocurrency is not affecting both the P2P and general volume of trading, that of South Africa is having a negative impact considering that both Kenya and Ghana have eclipsed South Africa in the Q1 2021 trading report, according to UsefulTulips.org . DESPITE ban, Nigeria still blazes the trail in cryptocurrency growth. News Business. The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist fromtransacting in cryptocurrencies. For prompt updates, you can subscribe to our Android and iOS notifications on this site, follow us on Telegram: https://t.me/joinnnt, on Twitter at https://twitter.com/naijanewstalk1, and on Facebook at https://web.facebook.com/groups/naijanewstalk. The securities regulator also stated that, as a result of a CBN directive released on February 7, 2021, the crypto guidelines issued in September 2020 are still in effect. In other words, the price of that stock reflects market fundamentals. Breaking News; Nigeria Politics; Biafra Trends; Trending Gossip; World News; Health; Home. The legislators resolved to mandate the Committee on Banking, Insurance and other Financial Institution ICT and Cybercrimes, and Capital Market to invite the CBN Governor for briefing on … BREAKING: Nigeria Ban Cryptocurrency, Directed To Fish out Operators. Experts say the growth of the crypto market in the last four years have benefited mostly young people, showing why it should continue, despite ban. This price may rise as the conglomerate produces better goods/services and probably gains greater market share. Because the total number of Bitcoins that would ever be issued is fixed (only 21 million will ever be created), new issuances are predetermined at a gradually decelerating pace. Other young Nigerian entrepreneurs like Silas Okwoche, co-founder of NerveMobile (which suffered a deathly blow when the Naira fell again the Chinese Yuan by over 15 percent) and Temo who deals in hardware ventures from China have opted for cryptocurrency because the inconsistency of the Naira has continued to weaken businesses. Only a few who can afford it, apply to schools abroad to study. Cryptocurrencies offer cost-effective access to global financial systems and a link to affordable e-commerce. Cryptocurrency in Nigeria: Despite ban, Nigeria leads bitcoin P2P trading across... Nse Ikpe Etim Responds To Follower Who Asked Her “Why Did... Man makes move to breakup with generous girlfriend who is lazy... Cryptocurrency in Nigeria: Nigeria may revisit ban as new investors, use... Binance Coin (BNB): Why It’s So Interesting to the Cryptocurrency World. “It is not surprising he would take that position because, Bitcoin, the best-known cryptocurrency, hit a record high of $42,000 per unit on January 8, 2021, and sank as low as $28,800 about two weeks later. Translate. According to a crypto trader and founder SwiftCorp, Victor Asemota youths stick to crypto mainly because “Bitcoin, for instance, is not correlated with capital market fluctuations. Save my name, email, and website in this browser for the next time I comment. Uwakwe who is currently studying Blockchain online with an institution abroad says that investors are willing to come and set up training in Nigeria but the regulatory environment does not yet support such investments. For these young Nigerians, the cryptocurrency market is more than trading bitcoin and other altcoins, as it has begun to create jobs, inspire entrepreneurs to create startups, and spawn hundreds of tokens with unique functions and development. To make Advert inquiries or place an order, please contact us at [email protected] or 08073063036 and we’ll reply to you with our Ad rates and other necessary information. The story is similar in Nigeria, a market that is currently the largest in peer-to-peer trading in Africa. By January 2021, several cryptocurrency companies in Nigeria announced their transaction volumes for 2020, the result was startling. In Africa, cryptocurrency is for satisfying personal financial needs and … Cryptocurrency trading in Nigeria: Government Enabling Landscape. Nwanisobi said first, in light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria. The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal. There are more than 20 cryptocurrency exchanges in Nigeria employing hundreds of young Nigerians and some of the exchanges are founded and run 100 percent by young Nigerians.This is also as there are blockchain projects in the country that have many Nigerians working on them. https://web.facebook.com/groups/naijanewstalk. Any Access Bank account holders in Nigeria have already announced that their accounts have been locked. During an online forum hosted by the Davos-based World Economic Forum few weeks ago, Andrew Bailey, the Governor of the Bank of England, highlighted the extreme price volatility of cryptocurrencies as one of the biggest flaws and explained that this flaw makes it impossible for them to be used as a lasting means of payment. The country has become a reference point in the emerging markets of Middle East and Africa when trading on crytocurrency is discussed. I have been able to feed my family and conveniently pay my other bills”. This is according to a circular released to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) on Friday. Unfortunately, with a conglomeration of desperate, disparate, and unregulated actors comes unprecedented price volatility that have threatened many sophisticated financial systems. CBN stressed that its actions are not in any way, shape or form inimical to the development of FinTech or a technology-driven payment system. Buffett believes it is a “gambling device” given that they are mostly valuable because the person buying it does so, not as a means of payment; but in the hope they can sell it for even more than what they paid at some point. Another crypto trader on Binance, Murphy Edafe said: “I like the volatile nature of cryptocurrency and with the help of cryptocurrency trading, I’ve been able to earn money at home, even much more than the salary I earn as a teacher. Out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency. 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. He advocated a forward-looking regulatory approach as seen in countries like the US which made youths benefit from new jobs in the blockchain. Nigerian apex financial institution, Central Bank, is set to do away with activities … Baba Suwe bounces back | The Nation News Nigeria, Singer Jaywon Reacts As Troll Calls Him Unpatriotic For Leaving Nigeria On Vacation, Why Shell, Chevron, other oil majors are leaving Nigeria, Why Twitter Settled In Ghana, Not Nigeria – Basketmouth, Maltina tour round Nigeria with message of hope, happiness, Super Nigeria Possible, Says ADC — GCFRNG, Your email address will not be published. ’ s case is described as unique because of the huge youth involved. The effect of that stock reflects market fundamentals and discuss the latest breaking from... Found with normal currencies. ” to schools abroad to study direct contravention of existing law cryptocurrency. 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