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Business News

This stock exchange may be the first to start trading bitcoin soon

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$1 million worth of Bitcoin giveaway on Twitter

A Russian based stock exchange MTCEX is concluding plans for a platform to trade cryptocurrencies. Trading on the exchange will however be limited to qualified investors. Qualified investors are those with either personal assets of 6 million roubles (roughly $100,000) as an individual or 200 million roubles (roughly $3.4 million) as an investment firm. Instruments that will be traded include derivatives and Exchange Traded Funds (ETFs) based on them.

Cryptocurrencies are gradually gaining mainstream acceptance and adoption in the larger financial community.The New York Stock Exchange had in May 2015 introduced a bitcoin price index.

Why Russia was the first to make this move

While many countriess have viewed cryptocurrencies with suspicion, the Russian Government has had a more welcoming attitude. Many prominent players in the crypto world are from Russia, due to the emphasis placed on STEM education.  Vitalik Butherin co-founder of Ethereum has met often with Russian President Vladimir Putin, who has given approval for their adoption. A draft law is currently in the works, and will be approved soon.

The Russian Government also believes that by embracing cryptocurrencies it can minimize corruption and illegal transactions that occur using them. The country is currently working on a draft law that will regulate the sector.

Implications of the move

Trade in cryptocurrencies will increase massively, as Russian investors who had been operating informally will be encouraged to trade in the open. Companies in Russia, could also decide to raise capital through Initial Coin Offers. Exchanges in other emerging markets could follow Russia’s example. Even though the entry requirements are steep, the move will increase transactions on the exchange.

The Moscow Stock Exchange was established on the 19th of December 2011 from the merger of the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System (RTS). The exchange currently trades equities, bonds, derivatives, foreign exchange market, money market and precious metals.

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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]

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Business

How Mining Ministry generates revenue – Minister

Apart from royalties, the Ministry generates revenue mainly through different Value Added Tax (VAT) collected from mining sites across the nation.

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Masters Energy constitutes new board as Ucheh Ogah bows out

The Minister of State for Mines and Steel Development, Mr Uchechukwu Ogah, disclosed that apart from royalties, the Ministry generates revenue mainly through different Value Added Tax (VAT) collected from mining sites across the nation.

He disclosed this on Tuesday in Abuja during a meeting with delegates of Management and Senior Executive Course 43 participating at the National Institute for Policy and Strategic Studies (NIPSS).

What the Minister said

“People do associate the source of the ministry’s revenue to royalties but this did not only contribute to our revenue. We generate funds from Value Added Tax (VAT) collected from quarries and cement companies. Their VAT constitutes part of our revenue because they are part of mining.

The VAT from limestone is little but all these tax also made up of the revenue, so there are a lot of improvements in revenue generation by the ministry,” he said.

The Minister also added that the Ministry is currently taking the lead on a  presidential directive to diversify the nation’s economy due to dwindling crude oil revenue.

“We have not only rejigged our vision and mandate but developed and adopted new reform initiatives and innovative strategies for ensuring optimal performance of the sector,” he added.

What you should know 

  • Recall that Nairametrics reported that the Minister of State, Mines and Steel Development disclosed last month that the FG had started the development of mineral resources in all 6 geopolitical regions, citing the development of lead/zinc processing cluster in Ebonyi; and other mineral resources development in the region.
  • The Minister of Mines and Steel Development, Olamilekan Adegbite, disclosed that the FG is working towards auctioning its bitumen block in the third quarter of this year.

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Business News

FG to support MSME contribution to economy to boost development – Minister

The Minister said that the FG has schemes aimed at improving the post-pandemic climate for SMEs in Nigeria.

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FG releases new details on MSMEs support scheme, budgets N200 billion for loans, FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

The Federal Government declared that it is working with stakeholders to improve MSME participation in the economy through improving the business climate which will create jobs.

This was disclosed by Amb. Mariam Katagum, Minister of State for Industry, Trade and Investment, at the 7th EMPRETEC Global Summit,  on Tuesday, themed “The Role of Entrepreneurship, MSME and EMPRETEC in post-COVID-19 Resurgence.”

The Minister stated that the MSME sector of the economy is the growth engine of any economy which contributes to its development, job creation and export, amongst others.

“An MSMEs survey indicates that Nigeria’s SMEs contribute nearly 50 percent of the country’s GDP and account for over 80 percent of employment. No doubt, the sector is pivotal to Nigeria’s growth, including reducing poverty and unemployment levels.

It has, therefore, become more apparent that supporting entrepreneurs and small businesses by creating opportunities for MSMEs to thrive is essential for increasing productivity, creating jobs, and boosting our economy.

This is why the Government is working with stakeholders across all sectors, to create the enabling environment for entrepreneurs and MSMEs to ensure that they grow now and into the future,” she stated.

On economic sustainability

The Minister said that the FG has schemes aimed at improving the post-pandemic climate for SMEs in Nigeria. She also disclosed that the FG launched the National Policy on Micro, Small and Medium Enterprises (MSMEs), a framework for the resolution of the challenges faced by the sector.

The programmes launched by the FG includes the Survival Fund and Guaranteed Off-take Schemes, operated by a Steering Committee in the Ministry of Industry, Trade and Investment.

“The Government of Nigeria had, prior to the outbreak of COVID-19, initiated the MSMEs Clinics scheme as a strategy, aimed at providing support for the MSMEs in the country.

At the clinics, operators in the MSMEs space are engaged by regulators and business advisory experts, on issues ranging from entrepreneurship, skill development, finance, quality & standards, and on how to facilitate and grow their businesses and enterprises,” she added.

British airways

What you should know 

Nigeria’s unemployment rate as of the end of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020, indicating that about 23,187,389 (23.2 million) Nigerians remain unemployed.

A combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1%. This means that 33.3% of the labour force in Nigeria or 23,187,389 persons either did nothing or worked for less than 20 hours a week, making them unemployed by our definition in Nigeria.

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