Cryptocurrency trading platform Luno on Tuesday Central Bank of Nigeria’s (CBN) cryptocurrency trading will expose Nigerians to fraud and exploitation. Social media users took to Twitter to slam the government’s new move snd shared that this will have a great impact on the financial economy of the country. His electric car making company Tesla announced that it had…, Last Modified: March 12, 2021 at 10:10 am, Islamic perspective on cryptocurrency, by scholars. As issues continue to surround the recent order by the Central Bank of Nigeria to banks not to provide financial services to cryptocurrency businesses, ADAKU ONYENUCHEYA in … Attempts and statements about the creation of a national cryptocurrency (CBDC) are made by representatives of different countries. Home; Altcoin News . 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The Central Bank of Nigeria (CBN) has directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems. WITHIN NIGERIA is an online news media that focuses on authoritative stories, investigations and major headlines that springs from National issues, Politics, Metro and Entertainment. In a new directive, the Central Bank of Nigeria (CBN) has instructed Deposit Money Banks (DMB) and other financial institutions to close accounts used in trading cryptocurrency. The Nigerian cryptocurrency ban has caused a lot of concerns and outcries. The Senate invited Emefiele to brief its committees on the opportunities and threats of cryptocurrency on the nation’s economy. Nigeria’s vice president Yemi Osinbajo Friday called for the regulation of cryptocurrencies in the country, as against the prohibition of digital currencies. Crypto Regulations Underway According to an official release on Monday (September 14, 2020), the Nigeria SEC announced that the commission is looking at a three-pronged approach towards regulating the crypto … Accept Latest Nigeria News | Top Stories from Ripples Nigeria. Get the latest news and analysis of issues from Nigeria, Africa and around the world, direct into your inbox, daily. Cryptocurrency experts tend to use several platforms in order to make money. "Put another way, distinguished…. But the Nigerian government’s decision to ban…, We all have investments in various markets, but do we take time to research those markets before we put our money there? Jack Skipp is…, "Cryptocurrency is generally regarded as an electronic or digital currency that is issued by largely unknown, unregulated elements, using computer codes that are basically meant to encrypt or hide information about both the transactions and the operators and in a sense, it is money that is created out of thin air. Nigerians across social media have reacted to the ban of cryptocurrency trading in the country. Senator Istifanus Gyang during plenary on last Thursday raised a motion on the CBN’s directive to stop financial institutions from transactions in cryptocurrencies. Nigeria accounts for one of the countries with the highest unemployment…, A blockchain is a digital ledger of transactions that is duplicated across a network of computer systems. The decision by the apex capital market regulatory agency to regulate cryptocurrency in the country was applauded by many, who have yearned for this for a … The purpose of this article is to provide you with a piece of accurate knowledge about the reasons cryptocurrency ban in Nigeria. The Binance founder, Changpeng Zhao, the largest cryptocurrency … Nigerian companies borrowed N1.11tn in 2020. What will be the result of the top-5 national cryptocurrencies roll-out in the world? Advertisements. Other lawmakers called for caution, stating that while cryptocurrency has its negative sides and it has become the fastest-growing form of financial transactions all over the world. The Federal High Court sitting in Makurdi, Benue state, has sentenced a 20-year-old man Victor Chinemerem Ogaraku, for cryptocurrency fraud. Before this latest policy, Nigeria was already driving the cryptocurrency revolution on the African continent. All ; … CBN’s director of banking supervision Bello Hassan in a circular said cryptocurrencies are “issued by unknown and unregulated entities”. PDP’s 2023 bid … By Adejayan Gbenga Gsong On Feb 23, 2021 Governor of the Central Bank of Nigeria (CNB) Godwin Emefiele on Tuesday appeared before the Senate to defend the ban on cryptocurrency trading in the country. In practical terms, every Nigerian that is a bit enlightened about cryptocurrency appraise themselves “Crypto influencer “. More people are venturing into the Bitcoin trading world despite the volatile nature of this cryptocurrency. This website uses cookies to improve your experience. Nigeria — the world's second-largest Bitcoin market after the United States — has banned the trading of cryptocurrencies. Do we keep up with trends in the market during the period of our investment? The Nigeria Securities and Exchange Commission (SEC) has released a proposed cryptocurrency regulation guideline while classifying crypto assets as securities. It has also ruffled many feathers within and outside the cryptospace. Still, others have speculated that the CBN directive could be an attempt to pre-empt the repeat of protests similar to the one that was spearheaded by the Endsars movement. “ For the avoidance of doubt, dealers and investors in any kind of cryptocurrency in Nigeria are not protected by law. These are the kinds of masses who are enthusiastic about knowing more on forums such as Bitcoin Talk, Quora, etc. Latest News. 32% Nigerians now use cryptocurrencies; Survey divides crypto experts . This list comes in no … “Please, note that breaches of this directive will attract severe regulatory sanctions. Cryptocurrencies are digital payment systems that rely on blockchain technology to verify transactions, The price of Bitcoin on Tuesday rose above $50,000 for the first time in history. He further said that people in Nigeria would get an escape from the serious inflation going on. The Senate invited Emefiele to brief its committees on the opportunities and threats of cryptocurrency on the nation’s economy. Hassan said cryptocurrencies are “increasingly being used to conduct” many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.”, Consequently, CBN directed banks and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”. Osinbajo opposes cryptocurrency ban - Latest Breaking News in Nigeria Today Headlines | All Nigerian Newspapers WITHIN NIGERIA - NEWS Latest news in Nigeria, major news headline across Africa and World Save my name, email, and website in this browser for the next time I comment. The 20-year-old was prosecuted by the Economic and Financial Crimes Commission Makurdi Zonal Office on a one-count charge that borders on obtaining by false pretence before Justice Mobolaji Olajuwon of the court. But the list below contains the profiles of persons that are wholly involved in pushing cryptocurrency to a befitting place in Nigeria. 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Virtual currencies are traded in exchange platforms that are unregulated, all over the world. Thursday, March 4, 2021; Home; Press Release; Altcoin News; Bitcoin News; Blockchain News; Ethereum News; Tech News; Litecoin News; Latest News; E-Cryptonews - Exclusive Cryptocurrency and Blockchain News Portal. We Acknowledge Osinbajo’s Take On Cryptocurrency – CBN Saturday, February 27, 2021 Motunrayo 0 Latest News in Nigeria The Central Bank of Nigeria has acknowledged Vice-President Yemi Osinbajo’s counsel on the regulation of digital currencies, … The rising unemployment in Nigeria has pushed many career seekers into the country's crypto industry, just as job opportunities in the cryptocurrency market have continued to grow on a yearly basis as more investors pour into the market, bringing funds and new companies along. They argued that technology has changed the way business is conducted in Nigeria and the country cannot run away from cryptocurrency. On the global stage, it has the second largest Bitcoin trading volume. Poly where graduates groan over withheld…, 2021 World Rating: UI, LASU, UNILAG ranked three best Nigerian varsities, Again, Kwara shuts schools over hijab controversy, Plateau varsity academic staff union suspends strike, 30 Interesting Facts about Nigeria’s LEADERS, All you need to know about Candido Da Rocha, Nigeria’s first millionaire who sends…, JUNE 12: Twelve facts you need to know about the new ‘Democracy Day’, Types of government practiced in Nigeria, from monarchy to democracy, PHOTO: 82-year-old Alaafin of Oyo marries young eastern…, Gunmen attack Nigerian WBF boxing champion, Ridwan shortly…, Gunmen abduct popular Ikorodu business mogul, 4 others,…, Why Imo ladies are not getting married early- Hon. This was contained in a press statement signed by Bello Hassan, Director of Banking Supervision, and Musa Jimoh, Director of Payments System Management Department. IMF backs CBN ban on cryptocurrency in Nigeria. According to Luz, since many Nigerians are now switching to crypto-based remittance channels, the CBN is now fighting back with this latest directive. © 2021 - WITHIN NIGERIA MEDIA LTD. All Rights Reserved. The crypto expert, David Osage said that the cryptocurrency adoption has witnessed an uptick and will definitely have a positive effect on the Nigerian economy if properly adopted. 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March 7, 2021. Research is a necessary aspect of any investment, argues Jack Skipp, an entrepreneur, and businessman. Flawlessview News | Latest Nigeria Breaking News and headline - Latest flawless Nigeria Breaking News and headline. 9News Nigeria is Nigeria's favourite news source, covering Latest breaking news, Politics, Marriage and Relationships, Nollywood, Entertaiment, Sports "Why We Banned Cryptocurrency In Nigeria" - CBN Reveals – 9News Nigeria Technology Times has confirmed that the Federal Government has backed Blockchain technology under plans to allow cryptocurrency trading in Nigeria and promote transactions in virtual currencies like Bitcoin.. Some are trying to stimulate the poorest economies, such as the disastrous story with Venezuela's national cryptocurrency ElPetro. It will help ease the process of business in Nigeria. EndSARS: Anonymous […] Governor of the Central Bank of Nigeria (CNB) Godwin Emefiele on Tuesday appeared before the Senate to defend the ban on cryptocurrency trading in the country. Strong economies such as China have other motives, like to overthrow the US dollar from its pedestal of the…. Bitcoin - Top 10 Nick Marinoff -. Latest News. I mean, how are the people of Nigeria supposed to trust the ruling class when the man he succeeded as head of the Economic and Financial Crimes Commission has himself been accused of pocketing the agency’s funds? Bitcoin is the most prominent cryptocurrency. By Dipo Olowookere A few days ago, the Securities and Exchange Commission (SEC) introduced some rules to guide the use of cryptocurrency in Nigeria. The IMF made its reservation known in the 2020 Article IV IMF Staff Report for Nigeria. For instance, Buycoins, an indigenous cryptocurrency exchange, had … Read More, Latest news in Nigeria, major news headline across Africa and World. Latest Nigeria News | Top Stories from Ripples Nigeria. Five Nigerian bitcoin, cryptocurrency startups to be affected by CBN ban . Your email address will not be published. Nigerians have continued to the Central Bank of Nigeria (CBN) over its directive to banks to stop the provision of financial services to cryptocurrency businesses... Nigeria’s latest anti-corruption chief, Abdulrasheed Bawa has his work cut out. The CBN further noted that the use of cryptocurrencies in Nigeria contravenes existing laws. The central bank of Nigeria has imposed a ban on cryptocurrency in Nigeria, the bank sent a letter to all deposit money banks over non-bank financial institutions and other financial institutions. To conclude buying cryptocurrency in Nigeria can be simple and easy especially if you select the right platform. The buzz around bitcoin grew when the second richest man in the world Elon Musk in a series of tweet endorsed dogecoin a cryptocurrency company. This is according to a circular released to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) on Friday. This letter is with immediate effect”. We'll assume you're ok with this, but you can opt-out if you wish. CBN, however, opposes the lawmakers’ view. Michael Ikpoki, ex-MTN Nigeria CEO, named Unilever Nigeria Director 08/02/2021 Technology Times Staff The Central Bank of Nigeria (CBN) has responded to the public concern raised by its regulatory directive on cryptocurrency trading in the country. Kennedy…, Bandits fake repentance to collect money to purchase weapons…, Four suspected illegal petroleum dealers handed over to EFCC…, How government, police abandoned kidnapped businessman after…, EFCC smashes Abuja cybercrime syndicate, arrest 13 suspected…, BRT bus crushes ‘okada’ rider to death in Lagos, Police arrest 11 suspected ritual killers with bag…, Barber rapes 8-year-old girl inside her mother’s shop….
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