Cryptocurrency
EFCC Tweets Out Warning Against Cryptocurrency
Published
4 years agoon

In a tweet from its verified twitter handle, the Economic And Financial Crimes Commission (EFCC) has warned members of the public against transacting in cryptocurrencies. See tweet below;
Be Warned! Virtual Currencies are NOT Legal Tenders. The #EFCC Advises against Crypto Currencies and Any Associated Dealings.
— EFCC Nigeria (@officialEFCC) January 27, 2017
The EFCC did not specify which law will be broken by the usage of Cryptocurrencies and what the potential consequences of its usage are. Some Nigerians on twitter were quick to criticize the tweet chiding the EFCC on the need to embrace rather than reject it. Some also wondered what legislation we have that makes cryptocurrencies illegal. Here are some of the tweets.
https://twitter.com/FinPlanKaluAja/status/824974474441142273
since there is no central account for crypto currency, is any crime committed using it at your own peril?
— Aby (@francess88) January 27, 2017
is it a criminal offence to own/deal crypto currency? If it is, please state it clearly. Thank you
— oye (@LivinPruf) January 27, 2017
personally,i feel CryptoCurr. shldnt b Legalize. An institution dat doesnt want to b held Accountable shldnt be Patronized.
— Pete (@Peterbelieves) January 27, 2017
The CBN also recently put out a statement on cryptocurrencies, warning Nigerians of its risks.
While it did not specifically ban their operations in the country (it actually can’t ban it), it however stated that banks and other financial institutions were not to transact in them. It also asked banks to practice the KYC principle when dealing in transactions involving cryptocurrencies.
The CBN has however set up a committee in conjunction with the Nigerian Deposit Insurance Corporation (NDIC) to look examine all aspects of cryptocurrency operations.
Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]


Cryptocurrency
Bitcoins dash up strongly amid high buying spree
Bitcoin traded at $48,715.70 with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.

Published
14 hours agoon
March 2, 2021
The price of bitcoin and saw strong gains amid high buying pressures particularly from wealthy investors, as the entire market capitalization surged by 5.62% at the time this report was written.
Bitcoin traded at $48,715.70 with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.
This is coming on macros suggesting the daily Bitcoin Spent Output Profit Ratio has seen a full reset and turned negative for the first time in five months – investors were on average moving BTC at a slight loss, indicating profit-taking has abated.
In an exclusive interview with Nairametrics, Louis Schoeman, a Snr. Forex analyst at Forexsuggest, a Luxembourg-based currency analytic firm explained the rationality behind Bitcoin’s recent surge.
READ: About 33% of pension funds, hedge funds now own digital assets such as Bitcoin
“A bitcoin market correction has definitely been made in the last 7 days. According to our analysis, the reason for the price rise again is that hedge funds are starting to invest more aggressively in bitcoin,” Schoeman said.
In addition a leading global bank, Citi had recently suggested the flagship crypto-asset could “become the currency of choice for international trade,” thanks to its “decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”
Crypto experts also argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.
The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.
READ: British hedge fund earns £540 million from selling half of its Bitcoin holdings
Recent reports reveal that MicroStrategy Inc. recently bought more Bitcoin to raise the enterprise-software firm’s holdings to more than $4.3 billion.
It’s critical to note that just 21 million Bitcoins are ever going to be produced in total, and presently, there is about 18.9 million Bitcoin in circulation.
This shows a differential of about 2.1 million Bitcoin that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.
This also means that liquidity is drying up, with a growing demand for Bitcoin increasing, the price would most likely stay north.
Cryptocurrency
$119 billion valued investment bank, Goldman Sachs starts Bitcoin trading
Goldman Sachs Group Inc has begun a crypto trading desk that would be handling bitcoin futures and non-deliverable forwards on behalf of its customers.

Published
16 hours agoon
March 2, 2021
The world’s leading investment bank, Goldman Sachs Group Inc, has begun a crypto trading desk that will be handling bitcoin futures and non-deliverable forwards on behalf of its customers.
In a report credited to Reuters, it was revealed that the elite investment team will be positioned under the U.S. bank’s Global Markets division.
The desk is part of the investment bank’s fast-growing crypto-assets sector, which also includes projects involving central bank digital currencies and blockchain technology.
Goldman Sachs is also exploring the creation of a bitcoin exchange-traded fund and has issued a request for information to explore such a crypto service.
READ: Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot
What you should know: The $119 billion valued investment bank is one of the world’s most elite investment bank, headquartered in New York and known to offer a broad range of financial services across investment trading, banking, securities, and lately consumer banking to a large and diversified client base.
This comes as no surprise, as highly respected business leader, Michael Saylor had earlier revealed that top representatives from about 7,000 companies attended MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.
“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.
“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.
“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.
READ: The odds against Bitcoin- Goldman Sachs
However, a significant number of traditional finance experts are not buying into the flagship crypto’s bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.
At press time, Bitcoin traded at $49,026.27 with a daily trading volume of $54.6 Billion. Bitcoin is up 5.52% for the day.
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