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Business News

U.S regulator invites Banking and Crypto industry leaders for partnership

The OCC in America announced that it was working with banks and crypto firms on improving the technological cooperation in the financial system.  

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Cryptocurrencies, Meet the cryptocurrency catching the world’s attention, Theta Fuel gains 630% in 5 days., U.S regulator invites Banking and Crypto industry leaders for partnership, 3 Crypto Exchanges Control About 14.3%, Circulating BTC Supply. 

The Office of the Comptroller of the Currency (OCC) in America, on June 4, announced that it was working with banks and crypto firms on improving the technological cooperation in the financial system.

The Advanced Notice of Proposed Rulemaking asks banks and industry leaders to respond to several questions notably:

“What activities related to cryptocurrencies or crypto assets are financial services companies or bank customers engaged in and what are the barriers or obstacles to further adoption of crypto-related activities in the banking industry?”

READ ALSO: 3 emerging cryptocurrencies to keep tabs on

Why this is happening: Regulators around the world have been increasingly looking at the fundamentals and benefits of adopting cryptos. Many have interpreted Brooks’ (a former lawyer at Coinbase) hiring as the Comptroller of the Currency as evidence of greater interest in perfecting crypto capabilities into the American government’s arsenal.

Speaking to Cointelegraph, Acting Comptroller of the Currency, Brian Brooks, said that yesterday’s announcement would help to bridge the gap between finance and crypto. He said:

“Ways the cryptocurrency regime needs banking services, ways that they need to manage across the bank rails, etc. So we have affirmatively come out and said, give us information about what crypto needs from banking and banking needs from crypto because we want to really do something in that space.”

(READ MORE: OmiseGO, a small digital coin up, 150% in less than 30 days, as Bitcoin fails to break $10,000)

He also added that figuring out the role of banks as custodians and where stable coins fit in were critical goals going into his term:

The OCC, quickly under my watch, will get a position together as to what do we think about national banks as appropriate custodians for cryptocurrency. We do not have a view on that and I do not want to presume that but it is certainly an interest of mine from my past life that we need to come to ground on that. 

“And then there’s the question of what do we think about stable coins? Are stable coins equivalent to currency or are the cash equivalents? Can they be held by banks in an awesome format or if they are held outside of a bank? Is that covered by banking regulations?”

 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Energy

Agip shut oil facility in Bayelsa due to oil spillage, environmental pollution reported

Agip on Wednesday confirmed an oil leak, resulting in a shutdown.

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The Nigerian Agip Oil Company (NAOC) has confirmed the shutdown of its Idu oilfields at Egbebiri settlement within Biseni in Yenagoa Local Government Area in Bayelsa, due to an oil spillage.

A Joint Investigative Visit (JIV) report on the incident said that the leakage at the facility could be traced to equipment failure due to a rupture at the wellhead.

According to a report from the News Agency of Nigeria (NAN), Eni, the parent company of NAOC, in a response statement, said the facility was shut down to prevent further damage to the environment.

What Eni is saying

An Eni Spokesperson on behalf of the Italian Energy firm, in a statement said, “As soon as the incident was reported, we activated our oil spill response, shut in the well and notified government regulatory agencies.

“The Joint Investigation Visit (JIV) was carried out on 09/05/2021, with participation of community representatives and the government regulatory agencies.

“The event occurred within the Company’s well head location which is paved and walled round. There is no significant third party impact,” Eni stated.

Environmental Rights Group reports environmental degradation

An environmental rights group, Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), however, said that the incident which discharged crude and associated gas had severely polluted the environment.

The Non-Governmental Organisation said that a visit to the spill site showed pictorial evidence of the crude spreading beyond NAOC’s right of way as nearby vegetation were affected as a result of the crude impact.

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The Head of Field Operations at ERA/FoEN, Mr Alagoa Morris, in a field report on the spill said the Idu fields was notorious for frequent spills caused by equipment failure.

He said, “The people of Egbebiri in Biseni kingdom have experienced several oil spills over the years. And all the oil spill incidents documented by the Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN) in this community environment have occurred as a result of equipment failure and on Wellheads.

“ERA/FoEN has had cause to visit the environment of Idu Well 5 and 11 located within the same place in the past and it has always been Idu Well 11 spewing crude oil into the environment.

“Available records from ERA/FoEN indicate that there have been previous oil spills from this particular Idu Well 11 operated by Agip. Before concluding this Field Report, ERA/FoEN confirmed that Joint Investigation Visit (JIV) was carried out on Sunday, 9th May 2021.

“This is why the official Spill Reference No 2021/LAR/028/058 is indicated in this report; sourced from the JIV report. Cause of spill was attributed to equipment failure,” ERA/FoEN stated.

The report quoted a resident of the community simply identified as Georgie as saying that the spill incident of May 7 spilled oil from around 10 p.m till about 8 a.m the next day before the leak was stopped adding that the level of damage was enormous.

What you should know

It can be recalled that in a similar circumstance, Shell Petroleum Development Company reported an oil pipeline spillage at its Okordia-Rumekpe 14-inch crude truck line, discharging about 213 barrels of crude oil into the Ikarama community in Bayelsa State and polluting about 1.34 hectares of land.

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This new leakage is the latest in a series of oil spillages by the multinational oil exploration and production companies, which has put them in conflict with the host communities.

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Energy

Nigeria records system collapse during holidays

Nigeria’s national electricity grid collapsed on Wednesday morning.

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Abuja, Ikeja Discos top list in collection efficiency in Q1 2020- NERC, Estates in Lekki increase electricity tariff to N105/kWh, Eko Electric, Ikeja and 5 others to face NERC sanction for non-compliance, CBN reveals framework for financing National Mass Metering Programme (NMMP), Nigeria ranks eight African country with well-developed electricity regulatory frameworks, as Uganda tops.

The Nigerian grid has experienced a partial collapse, dealing a blow for stay at home Nigerians during the holidays.

This was confirmed in a statement by the Eko Electricity Distribution Company (EKEDC), as seen by Nairametrics.

What EKEDC is saying about the grid collapse:

“Dear customer, there is a partial system collapse on the National Grid. Our TCN partners are working to restore supply immediately. Please bear with us.”

According to latest reports, partial restoration of power is already occurring across the country.

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