Tag: Cryptocurrency

Bitcoin slides below $40,000, lowest level since the end of September

Bitcoin slid below $40,000 on Monday, falling to its lowest level since the end of September as the world’s leading cryptocurrency showed no end to its volatility. Bitcoin dropped to $39,663.18, down from a record high of above $66,000 in October. After taking a tumble Monday, it recovered some ground,[Read More…]

Money lost to cryptocurrency fraud increases by 30% in 2021

Police figures show that the amount of money reported lost to cryptocurrency fraud in 2021 so far is already nearly 30 per cent higher than that for the whole of 2020. According to the figures, some 146.2 million pounds (200.7 million dollars) had been lost to cryptocurrency fraud since the[Read More…]

US church adopts cryptocurrency for offerings, tithes

A United States church has adopted cryptocurrency as payment for offerings and tithes by members. At first, the church, Back Bay Baptist Church, during the surge in COVID-19 cases stopped passing baskets around to collect offerings, according to a report by Baptist Press. The south Mississippi church has however taken things[Read More…]

China’s central bank declares all cryptocurrency-related transactions ‘illegal’

China’s central bank has on Friday declared all cryptocurrency transactions illegal.  With this directive, banks and investors in the country are banned from operating in crypto exchanges.  The new development, which is a continuation of China’s clampdown on cryptocurrency, has been partly responsible for the fluctuations of cryptocurrencies in the[Read More…]

CBN and global instability, vulnerability of cryptocurrencies

When in February, the Central Bank of Nigeria (CBN) directed banks and other financial institutions to cease transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges, several stakeholders raised concern about the directive.  In the memo, dated February 5, the apex bank instructed banks and other financial institutions to identify[Read More…]

Nigerian Senate invites CBN, Godwin Emefiele to brief its committees on the opportunities and threats of cryptocurrency

The Senate has invited the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to brief its committees on the opportunities and threats of cryptocurrency on the nation’s economy. The decision of the Senate to invite the CBN governor is sequel to a motion by a Federal Lawmaker Senator Istifanus[Read More…]

Federal Government prepares to regulate crypto currencies, other digital investments

Nigeria’s Securities and Exchange Commission (SEC) on Monday announced that it would begin to regulate digital currencies and crypto-based companies. A statement by SEC said the general objective of regulation is not to hinder technology or stifle innovation but to create standards that encourage ethical practices that ultimately make for a fair and[Read More…]