Tag Archives: Nigeria

According to research conducted by KuCoin, the growing number of Nigerians investing in crypto is propelled by the lack of proper fiat-based opportunities. The study revealed that over 30 million of Nigeria’s population had traded digital assets in the past six months. The Reasons Behind the Adoption KuCoin’s latest “Into the Cryptoverse Report” found out that 33.4 million Nigerians, or 35% of those aged 18 to 60, have owned or traded cryptocurrencies in the last six months....

The sanctions are a part of CBN’s efforts to discourage cryptocurrency usage and to firmly establish commercial restrictions on cryptocurrency trading. The Central Bank of Nigeria (CBN) has penalized three commercial banks in the country for failing to follow a directive from the regulation that prohibits consumers from transacting in cryptocurrencies. CBN’s Sanctions According to the latest Bloomberg report, the financial institutions were fined for breaching a...

Mehr als 30 nigerianische Banken haben sich bereits auf der von der Zentralbank verwalteten digitalen Währungsplattform registriert. Mit eNaira will die Regierung auch Kryptowährungen wie Bitcoin Konkurrenz machen. Als erstes Land auf dem afrikanischen Kontinent führt Nigeria mit dem eNaira eine vollständig digitale Währung ein. Das Land ist damit Vorreiter im Bereich digitaler Währungen, die im Gegensatz zu Krypowährungen den Charakter einer...

While the talks of central bank digital currencies have been on the table for a few years now, few countries actually took the steps to issue one. Nigeria, in turn, following extensive research and development, is finally ready to unveil the eNaira. ‘Same Naira, More Possibilities’ In a press release syndicated through mass media but issued on the official website of Nigeria’s Central Bank, the Director of Corporate Communications, Osita Nwanisobi, revealed that the eNaira...

According to a recent poll, most cryptocurrency investors from Kenya, Nigeria, and South Africa have entered the digital asset market with long-term goals such as securing their families’ wellbeing. Crypto to Fund Children’s Education The London-based company – Luno – conducted a survey with nearly 7,000 participants from Nigeria, Kenya, South Africa, the UK, Australia, Indonesia, and Malaysia to determine the reasons that drove them into getting involved with digital...

African cryptocurrency exchange Yellow Card has garnered more than $15 million in Series A funding, making this the largest funding round for a digital currency trading platform situated on the continent. Yellow Card Gets a Lot of New Funds The money was raised with the help of Valar Ventures, Third Prime, and Castle Island Ventures. Companies like Square, Coinbase Ventures and Blockchain.com Ventures also contributed funds to the growing business. The company has its...

Eight months after Nigeria’s central bank banned banks from serving crypto entities and investors, the country’s Securities and Exchange Commission (SEC Nigeria) has established a fintech unit that will help formulate regulations for the digital asset industry. SEC Sets up Fintech Unit for Crypto Research The financial watchdog announced that the new division will research crypto investments and products in order to come up with regulatory guidelines that will help protect...

Moses Awa is a business owner in Nigeria. As a textile importer, Awa said that his government banning access to foreign exchanges caused him to panic. He had worked very long and hard as an importer of Chinese shoes, but the government’s prevention of capital could have stopped his business in its tracks altogether. Nigeria Has Become a Major Bitcoin Haven He says: It was a serious crisis, and I had to act fast. To get things back up to speed, Awa turned to his brother,...

After four years of research, the Central Bank of Nigeria (CBN) will finally roll out a pilot program for its own digital currency on October 1st, 2021. The CBDC project, named “GIANT,” will run on the modular blockchain framework Hyperledger Fabric. Nigeria Does Not Want to Fall Behind During a recent webinar, the Central Bank of Nigeria revealed that it had set a clear date for launching a pilot for its CBDC – October 1st. The information technology director of the CBN –...

The Central Bank of Nigeria apparently has no problem at all if the country becomes a so-called Bitcoin Nation and recently clarified that rumors of a general crypto ban were nothing more than a misunderstanding.According to a report published by the local newspaper Today Ng, the central Bank did nothing but to draw a line between crypto related banking activities and the use of cryptocurrencies by the population.In other words, in Nigeria traders have total freedom to transact with crypto as...