A cross-section of Nigerian senators have reacted to the recent Bitcoin ban enacted by the country’s central bank. As previously reported by Cointelegraph, the Central Bank of Nigeria issued a circular banning banks from servicing crypto exchanges. Reacting to the news during the Thursday plenary session, Senator Sani Musa of the Niger East Senatorial District remarked:…
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Nigeria’s central bank has prohibited commercial banks from providing account services to crypto exchanges. The Central Bank of Nigeria has placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country. The prohibition was contained in a circular issued by the CBN on Friday. According to the central bank’s…
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The Central Bank of Nigeria’s “Naira defense” policy is pushing more Nigerians toward Bitcoin and crypto adoption. Peer-to-peer Bitcoin (BTC) volume in Nigeria continues to rise as Africa’s largest economy remains a bastion for crypto adoption. According to Quartz Africa, data from the Bitcoin P2P marketplace Paxful show the country ranks second only to the…
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Stablecoins and continentwide regulations are key to breaking down barriers to Africa’s economic growth. As global interest in stablecoins explodes, a number of key players are pushing especially hard for more adoption in Sub-Saharan Africa. On Thursday, the Center for Strategic and International Studies’ Africa Program published new analysis advocating more options for crypto users…
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Everyone from the Wall Street Journal to the Queen of England has an eye for Bitcoin in this week’s Bad Crypto podcast. It’s been another bumper week for Bitcoin, another reason for hodlers to feel grateful. The dollar value remains over $17,000 having reached a three-year high when it topped $19,000 for only the second…
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The cryptocurrency exchange has given up on Binance Uganda, but the regional play remains strong Following the announcement of a disappointing closure of a Ugandan subsidiary in October, Binance — the world’s largest cryptocurrency exchange — released a blog post yesterday indicating that another initiative, Binance P2P, is making strong inroads across the world’s second-most…
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As access to crypto spreads across Africa, blockchain could be crucial in improving cross-border payments and settlement systems. As technological innovations continue to spread across Africa, the continent could provide some unique use cases for blockchain technology. African has been continually driving innovation in a number of spaces, with mobile payments a prime example of…
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“We want Nigeria to be strategically placed to capture value from this economic potential of blockchain,” stated the NITDA director-general. The director-general for Nigeria’s National Information Technology Development Agency, or NITDA, has said that the country could potentially expect a revenue stream between $6 billion to 10 billion from blockchain technology in the next ten…
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Despite facing hot-and-cold rules, growing crypto usage in sub-Saharan Africa is forcing regulators to reconsider the industry. Sub-Saharan Africa has no doubt suffered many regulatory setbacks in adopting cryptocurrencies. With most countries in the region struggling not to buckle under economic uncertainties and pressures looming over them even as the ripple effects of COVID-19 set…
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‘Virtual crypto assets are securities, unless proven otherwise,’ the Nigerian SEC said. The Securities and Exchange Commission of Nigeria has officially defined digital assets under its regulatory umbrella. In a Sept. 14 statement, the Nigerian Securities and Exchange Commission, or SEC, defined tokens and coins in the country’s financial markets. The commission stated that these…
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