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Cryptocurrency

Update: Senate summons CBN Governor over Crypto ban

Senate mandated Committees to invite the Governor of the CBN, for briefing on the ban of Crypto transactions.

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Senate president warns about dangers of youth unemployment, National Assembly to ensure youth empowerment schemes are realized - Lawan

The Senate has mandated its Committees on Banking, Insurance and other Financial Institution, ICT and Cybercrimes and Capital Market to invite the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele for briefing on the ban of Crypto transactions placed by the apex bank.

This was disclosed by the Senate via its Twitter handle after Thursday’s plenary session.

According to the National Assembly, the Committees are expected to drill Emefiele on the opportunities and threats of Cryptocurrency on the Nigerian economy and give feedback in two weeks.

READ: Why Nigerian Crypto community is angry with CBN 

It tweeted, ” Senate resolves to mandate the Committees on Banking, Insurance and other Financial Institutions, ICT and Cybercrimes, and Capital Market to invite the CBN Governor for briefing on…

“…the opportunities and threats of the Crypto currency on the nation’s economy and security and to report back findings within two weeks.

READ: CBN issues modalities for payout of diaspora remittances in dollars

What you should know

On February 5, 2021, the Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets, according to Nairametrics.

In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

READ: CBN to prevent exporters with unrepatriated export proceeds from banking services

In addition, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.

The Apex bank further warned the Nigerian Financial Stakeholders that any breach of this directive will attract serious regulatory sanctions.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

2 Comments

2 Comments

  1. Chukukere,Leonard.Ahamefule

    February 12, 2021 at 3:59 am

    Why now, when we have important issues like strengthening the Nails as it plummets drastically toward a valley of uncertainty.
    Other countries are moving, but we’re on a retrogressive downward plunge.
    There are driverless cars now, although not yet in Africa&some banks don’t have anyone in them anymore just robots who have taken over operations from Human beings

  2. Adebayo

    February 13, 2021 at 9:53 pm

    Do not delve into what you don’t understand. How can you block the operation of a decentralised network/currency that operates on its own without human interference. For your information it is impossible to block a wallet address of bitcoin. This issue is coming up because you cannot loot bitcoin and this become a concern for you. Please discuss meaningful issues that can drive the economy and help you citizens. You can’t provide jobs and you are trying to stop people from making money through alternative investment like forex and cryptocurrency trading, what a shame!

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Cryptocurrency

Football-based Crypto, is world best performing Crypto in 7 days

Chiliz traded at $0.105397 with a daily trading volume of about $589 million.

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A pretty unknown crypto asset, based on arguably the most popular sport has outperformed all major Crypto assets tracked by Nairametrics Week to Week.

At press time, the sport-based Crypto traded at $0.105397 with a daily trading volume of about $589 million. Chiliz is up 97% for the week.

Chiliz is currently ranked the 91st most valuable crypto asset, a market value of $573,581,586 It has a circulating supply of 5,442,094,892 CHZ coins and a maximum supply of 8,888,888,888 CHZ coins

The fast-rising crypto can be traded on the following crypto exchange trading that includes OKEx, HBTC, Binance, Huobi Global, and Xtheta Global.

READ: Red Sunday: Crypto market drops $70 billion in value as Bitcoin, Ethereum, Litcoin tumble

Chiliz, powering Socios.com, aims to give sports and esports fans the ability to crowd-manage their favorite teams, games, leagues, and events.

Football clubs are now using blockchain, to facilitate better experiences for their fans.

Football is by far the most popular game worldwide. The last football World Cup tournament held in Russia 2018, had over 3.5 billion individuals watching the matches. This shows that about half of the world’s population is keen on football.

READ: Big whale makes biggest Bitcoin transfer worth $5.6 billion for just $18

Nairametrics believes such partnerships with these football clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration with the industry’s global brands.

Socios.com Fan Token partners include Juventus, AS Roma, Galatasaray, FC Barcelona, Atlético de Madrid, Paris Saint-Germain, CA Independiente, Apollon Limassol and esports organizations Team Heretics and OG.

Dozens of more clubs are set to launch Fan Tokens before the end of the year, with many leading IPs from sports and entertainment also primed to join the Socios.com roster in the near future.

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Cryptocurrency

Unknown entity moves $642 million worth of Bitcoin

The flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion.

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Crypto millionaire carts away with $224 million worth of Bitcoin, Whales transfer Bitcoins at an alarming rate, BTC whale moves 10,250 BTC valued at $95,000,000

Wealthy investors have been moving large stacks of Bitcoin at record levels, as the flagship crypto looks set to break above $50,000 price levels once again.

This is triggered by the relatively strong bullish momentum in the BTC market.

A large entity transferred 13,070 BTC ($642M) in block 673,321 wallet.

 

Top crypto strategist, Van de Poppe, recently spoke on key price levels that could weigh on the direction of the flagship crypto asset in the near term.

“I’m assuming that once we hold this $49,000 zone that we’ve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range-bound construction I’m not assuming that we will.”

This is coming on the back of institutional investors increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.

Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.

Such data suggest that the Bitcoin market is transferring Bitcoin wealth from the impatient to the patient.

Data from Glassnode recently revealed that there was a 2% plunge in the number of flagship cryptos held on crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.

At press time, the flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion. Bitcoin is up 0.89% for the day.

Though it’s often hard to anticipate market movements, such entities have historically shown that they often determine Bitcoin’s trend.

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