Survey: Nigeria Has the Highest Awareness of Encryption in the World
On September 4th, ConsenSys, the Ethereum infrastructure development company, published a survey report on its official website stating that Nigeria has the highest level of cryptocurrency awareness in the world. In a public opinion poll, 99% of respondents indicated that they were aware of cryptocurrency, and 70% of respondents had a clear understanding of the basic concepts of blockchain technology.
Nigeria to issue verifiable blockchain certificates to NYSC
Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA) of Nigeria, revealed that blockchain technology will be used for the generation and verification of certificates for the National Youth Service Corps (NYSC) in Nigeria. The NYSC is a Nigerian program that requires university graduates under the age of 30 to participate in a one-year national service program that involves community development projects and cross-cultural integration.
Nigeria's SEC Issues Second Warning Against Binance Impersonator as Real Binance Struggles with Global Regulations
Nigeria's Securities and Exchange Commission has issued a warning about a scam company called Binance Nigeria Limited, which is operating without regulatory oversight. The SEC has warned that anyone dealing with the company is doing so at their own risk. This is the second warning the Nigerian regulator has issued about the company, which was ordered to stop soliciting Nigerian investors in June. Meanwhile, the real Binance has faced regulatory challenges in Europe and the US, and has withdrawn from several countries.
Nigerian Blockchain Association President Criticizes Premature Implementation of Finance Act's Cryptocurrency Tax
Obinna Iwunna, the president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has expressed concerns about the implementation of the Finance Act, 2023, which introduced a 10% tax on gains from the disposal of digital assets, including cryptocurrencies. Iwunna criticized the premature introduction of the law and highlighted the ongoing issue with the Central Bank of Nigeria (CBN) instructing commercial banks not to facilitate financial transactions involving cryptocurrencies. He emphasized the need for clarity and enabling infrastructure before imposing taxes and called for a collective definition of cryptocurrency to develop appropriate policies, regulations, and taxation measures. Iwunna also stressed the importance of ensuring that taxation does not impede the growth of the cryptocurrency industry.
Experts Warn Lack of Clarity on Cryptocurrency in Nigeria Could Hinder Tax Collection
June 26 (Cointime) - Experts have cautioned that the lack of clarity surrounding the status of cryptocurrency in Nigeria may hinder the collection of newly-introduced taxes. The 2023 Finance Act has implemented a 10% capital gains tax on profits earned from the sale of digital assets from May 1, 2023. However, since cryptocurrency transactions cannot be monitored like bank transactions, tax authorities will have to rely on traders to self-report their profits.
Nigeria's Free Float of Naira Currency Could Impact Crypto Traders
June 15 (Cointime) - Nigeria has recently allowed banks and forex market actors to trade the nation's currency, the naira, freely. This move could have implications for crypto traders, as fluctuations in the value of the naira against other currencies, including cryptocurrencies, may impact the profitability of crypto trades. Increased volatility could result in wider bid-ask spreads, making it more expensive to buy or sell cryptocurrencies using the naira. To mitigate any possible negative effects of this new policy on the crypto market and the economy at large, the Nigerian government could introduce cryptocurrency policies to foster a more liquid and efficient trading environment.
Binance Nigeria Ordered to Stop Soliciting Customers Despite Country's Blockchain Technology Push
Nigeria's Securities and Exchange Commission (SEC) has declared Binance's operations in the country illegal and ordered the exchange to stop soliciting Nigerian investors.
Nigeria SEC Declares Binance's Operations in the Country "Illegal"
The Securities and Exchange Commission of Nigeria has declared Binance's operations in the country to be "illegal" and ordered the exchange to cease its activities. The agency warned Nigerians against investing in crypto assets and related financial products due to the high risks involved.
Central Bank of Nigeria Cites Inflationary Risks as Reason for Ban on Crypto Transactions
Nigeria has a complicated relationship with cryptocurrency, with citizens embracing it while the government remains opposed. The central bank has banned crypto transactions using bank accounts, citing concerns about inflationary risks and threats to financial stability. Despite this ban, almost half of the country's population, made up of young people, are currently using cryptocurrencies. The country was one of the first to launch its own Central Bank Digital Currency, but adoption has been slow as citizens prefer Bitcoin, Ethereum, and USDT. An amendment to the Investments and Securities Act 2007 bill proposed in December 2022 aims to recognize Bitcoin and cryptocurrency usage in the country.
WhiteBIT Launches Officially in Nigeria, Expanding Its Global Presence in Cryptocurrency Exchange
European cryptocurrency exchange, WhiteBIT, has launched in Nigeria, aiming to revolutionize the country's crypto landscape and foster growth in the global cryptocurrency community.
