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Here Is Why Economists Believe Raising US Inflation Targets Would Benefit Crypto Prices
A month after Russia’s invasion of Ukraine, fuel prices in America soared, causing the highest rise in inflation rates since 1981. With the US energy prices at about 32% and consumer prices surging to 8.5%, economic growth became highly uncertain. In a bid to salvage the economic situation and reduce inflation rates, the federal reserve…
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INFOGRAPHICS: Countries Moving To Launch Cryptocurrency
Having gained the interest of the majority – population and investors– countries are beginning to make provisions for the establishment of their digital currencies where their citizens can trade on a ‘regulated’ platform. The growth of cryptocurrency has been hindered in several countries after claims that the platforms can not be regulated or negates certain…
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CBN, SEC To Regulate Cryptocurrency Trading In Nigeria
The Securities and Exchange Commission (SEC) has announced a collaboration with the Central Bank of Nigeria to work on regulating cryptocurrency trading in Nigeria. The Director-General, SEC, Lamido Yuguda, revealed this at the 2021 first post-Capital Market Committee (CMC) virtual news conference. He said that the commission had suspended the implementation of crypto assets guidelines due…
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Nigeria’s Bitcoin Crackdown Sets Off Global Crypto Debates
The recent directive by the Central Bank of Nigeria to shut down crypto trading in the country has driven conversations by governments around the world on how to regulate Bitcoin and other cryptocurrencies without stifling innovation. Nigeria’s directive which was met with backlash had prohibited banks and financial institutions from facilitating payments for cryptocurrency exchanges…
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Bitcoin Made the Naira Useless – Senator Sani Musa
Following CBN’s ban of crypto trading in Nigeria, Nigerian senators have reacted with a majority arguing against the ban. However, Senator Sani Musa of the Niger East Senatorial District argued for the ban insisting that Bitcoin was responsible for the naira’s decline rather than mounting foreign debt, decades of poor economic policies, and corruption. According…
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Could Crypto Trading Be Nigeria’s Economic Messiah?
Data sources from Google Trends shows that Lagos, Nigeria ranks as the number one city based on the volume of online searches for Bitcoin (BTC). While this data might alarm you if you still think crypto trading is scam, this data most definitely shows a high level of interest among the city’s approximately 21 million people. What…
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CBN Bans Crypto Trading In Nigeria
The Central Bank of Nigeria, CBN, has instructed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), Non-Bank Financial Institutions (NBFIs) and local financial institutions to stop transactions in crypto or facilitate payments for crypto exchanges. The directive was given in a letter addressed to all DMBs, OFIs and NBFIs dated February 5, 2020. The circular…