As more countries move to adopt cryptocurrencies into their financial systems, a report has emerged that Nigeria’s cautious step to properly regulate the adoption will surge further during the current year. The report by congee. com said 2023 may be an even bigger year for Bitcoin and the blockchain for Africa. According to the report: “One of the key developments will be on the regulatory front. In the past year, regulators have stepped up their game, with the likes of Nigeria, Kenya and South Africa all passing landmark laws to govern the sector.
“This momentum will only surge in 2023. While the trailblazers will likely take the lead, other countries are showing an interest in policing the industry, and the likes of Ghana, Uganda, Zambia, Egypt, and Tanzania are likely to pass laws for the sector.” It noted that on the CBDC front, African nations made major leaps in 2022.
“Nigeria is the only African country with a CBDC, and in 2022, it engaged in several initiatives to spur eNaira adoption, including slashing merchant service charges, availing USSD codes, and more. “Adoption is still low, with the eNaira only hitting $10 million in transaction value in August.”
The report further said that while Nigeria is Africa’s biggest Bitcoin market, digital assets didn’t have any legal protection. It added that the Central Bank of Nigeria had cracked down on the sector, including by denying its banking services, adding that the new bill, for the first time, gave legal assurance to the sector and made it easier for companies to work with other sectors. “African countries continued to rank highly for adoption, with Nigeria, Morocco, and Kenya leading the pack. “The region also saw a surge in central bank digital currency (CBDC) activities at national and regional levels. The Central African Republic made history by becoming the first country to recognise BTC as a legal tender, but its deep dive into digital currencies didn’t end well,” the report noted.
Lagos Baptist Conference of the Nigeria Baptist Convention wants members to be adept in what makes them Baptists. This, the conference intends to achieve through its annual LifeWay International Conference which is billed Friday March 11 through Sunday March 13. President, Lagos West Baptist Conference, Dr. Samuel Olugbenga Oladiran, who made this known, […]
The Federal Government will continue with the implementation of the Strategic Revenue Growth Initiatives (SRGI) to shore up its revenue in order to reduce financing pressures, and expand the fiscal space. This was contained in the nation’s Debt Sustainability Analysis (DSA) for 2021 sourced last night in the official website of Debt Management Office. DSA […]
Barely one year and four months of disruptions of many of its outlets in the country amid the #End- SARS protests, the new owners of Shoprite in Nigeria, Retail Supermarket Nigeria Limited (RSNL), has revealed plans to reopen the Circle Mall store located in Jakande Lekki area of Ajah, Lagos, to the public. The […]
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Succour has finally located over 50 children in Benue State that had been forced out of school due to the intractable violence between farmers and herders and were wallowing in penury in Internally Displaced Persons (IDPs) camps. Paulinarh Bolatito Ogunleye, an indigene of Ekiti State posted to do her National Youth Service in Benue State, […]
Anambra used to be one of the states with the best network of roads in the South East. But today, these roads have become shadows of themselves as users face horrific experiences. Our correspondent, OKEY MADUFORO, took a look at the challenges before Governor Charles Soludo in salvaging roads in the state. Umunze community in […]
…says 2019 elections were terribly rigged say Buhari must take blame for oil theft as Minister of Petroleum says people in power steal Nigeria’s money The Christmas season is usually a period of merriments, celebrations and exchange of gifts, but Archbishop Emeritus of the Catholic Archdiocese of Abuja, Cardinal John Onaiyekan, says there is more […]
…leading to the hunter becoming the hunted I was tortured, dehumanised, and paraded naked in public -Victim Ebubeagu, a security outfit, was set up by the South-East Governors’ Forum to combat insecurity and protect residents of the region from marauding herders who were carrying out deadly attacks and kidnapping people at random. But, it soon […]
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