News
Chainalysis’ upcoming Global Crypto Adoption Index indicates that the broader Asia region is driving grassroots cryptocurrency adoption.
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Nigeria News
Nigeria is seventh most populous country, and most populous in Africa. Nigeria also has the largest economy in Africa, with more than $500 billion of nominal gross domestic product. The Word Bank considers Nigeria to be an emerging market and is widely seen as a perspective economy. Still, it ranks 152nd in the Human Development Index and has a large variety of problems regarding the lack of education, organized crime and human rights. Bitcoin is legal in Nigeria, but the Nigerian SEC, or Securities and Exchange Commission, warned citizens about cryptocurrency investments being risky and sometimes even fraudulent. However, the Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria have plans to adopt cryptocurrency technology and have several sub-committees working on implementing blockchain into governmental insurance and financial services.
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According to Christopher Eniayemo, the decision to print new naira notes could have occurred via DeFi, involving Nigerians and aiding readiness for the change.
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GT Igwe Chrisent said Africa must erase poverty and help people into the middle class to drive faster blockchain technology adoption.
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Adedeji Owonibi stated that the Central Bank of Nigeria should have created a blockchain regulation strategy in 2021 instead of cutting ties between cryptocurrency exchange firms and local banks.
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Bello Usman Abdullahi, the chief operating officer of the blockchain education platform Bitkova Academy, said the language barrier is one of the current major challenges.
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A survey featuring respondents from all seven continents suggests that Nigeria has the most crypto-aware population globally.
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Patricia clarified that it will operate similarly to an IOU (I owe you) document, serving as a means for the exchange to acknowledge its debt to its users.
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The action will impact how the government formulates inventive technological solutions for critical national challenges.
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This development follows the company’s previous disclosure of a security breach resulting in fund losses in May 2023.
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This initiative aims to house all NYSC certificates on the blockchain, providing individuals with the means to easily verify and authenticate them.
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Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market.
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The agency insists that the platform doesn’t have a license to work in the country and that its operation is illegal.
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The central bank reportedly emphasized that the addition of NFC technology will play a crucial role in boosting the adoption rates for the CBDC.
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The company said it would shut its exchange services as part of the shareholders’ decision to restructure the business to focus on Cashlink.
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93% of central banks are already conducting research on central bank digital currencies.
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