Connect with us

News

SARB Plans to Introduce New Crypto Regulations & More

Published

on


In this week’s news roundup, you’ll read about Nigerian stock exchange’s plans to utilise blockchain technology for settlements, a new forensics lab launching in Kenya to help fast-track crypto-related cybercrimes, and more.

Nigerian Stock Exchange Plans to Adopt Blockchain for Settlements by 2023

Nigerian Exchange Limited, the biggest stock exchange in Nigeria, is planning to roll out a blockchain-enabled trading platform by 2023 that will increase trade by facilitating trade settlements and attracting young crypto-savvy Nigerians to stocks.

The news follows the introduction of regulations by the Nigerian Securities and Exchange Commission to guide trade in digital assets in the country, as well as the growing interest by businesses and policymakers to adopt blockchain across the continent including in Kenya and South Africa. Moreover, the move also follows the firm’s first electronic share offering that was issued by MTN Group in the country and ended up being oversubscribed 1.2 times with the majority of the investors being below 40 years.

The company will be partnering with a tech company and is set on receiving approvals from Nigerian watchdogs next year in order to proceed. South Africa, on the other hand, is having ongoing conversations with key players in the fintech industry to incorporate the technology into its financial markets.

P2P Bitcoin Trades Rose to $185 Million on Paxful in Nigeria Despite Crypto Ban

Paxful

Nigeria traded roughly $185 million worth of Bitcoin on Paxful, a leading peer-to-peer (P2P) crypto platform, in Q1 of 2022 despite the crypto ban imposed on banks by the Nigerian central bank.

According to the P2P crypto exchange, the trade volumes indicate a 5.71% increase in comparison to $175.3 million Bitcoin’s that were traded in the same period last year. Furthermore, the daily trades carried out by Nigerians on the platform averaged up to 16,000 in 2021 making the country the leading source of trades on Paxful.

25.87% (roughly $185 million) of the total $715 million BTC trades carried out on the P2P platform in the first quarter of 2022 were made by Nigerians. The increased P2P trades witnessed in the West African nation is despite the government actions banning digital asset trading with financial institutions.

Since the ban was effected, the CBN has so far fined five top Nigerian banks, including Access Bank, Fidelity Bank, and GT Bank a total of $3.4 million as a result of contraventions and infractions of its guidelines.

Kenya Launches New Forensics Lab to Help Investigate Increased Crypto Fraud

The Kenyan National Police Service has launched a Forensics Lab that is expected to help fast-track cyber-crime investigations, including crypto-related crimes, among others.

The East African nation has become a hotspot for cybercrime, especially ones relating to virtual currencies. Just recently, a top newspaper in the country reported a cryptocurrency scam that saw Kenyans lose $8.5 million in a Ponzi scheme known as Bitstream Circle.

The scheme lured investors by saying that they would get mentors who would alert them about the best times to trade as well as earn daily profits from their investment.

Kenyans Lose $8.5 Million to the Bitstream Crypto Ponzi Scheme

Bitstream Circle, the latest cryptocurrency Ponzi scheme that was designed by Kenyan and Chinese fraudsters, has left investors in Kenya counting their losses after the fraudsters made away with $8.5 million.

Bitcoin Scam

According to Nation.Africa, the company first appeared on the internet on December 7, 2021, promising investors daily profits of between five to 10 percent on the amount invested. It gained over 10,000 followers on its Telegram page which required followers interested in joining the ‘Bt Elite Team’ to pay a deposit of $20. The firm promised to assign a mentor to each investor who would guide them on how to convert their shillings into crypto coins that they could then trade, earn a profit from, and withdraw.

Everything went well until March 13, 2022, when users started noticing delays when making withdrawals which the company said was due to system upgrades. The upgrade lasted for five hours but on March 14, 2022, where the administrators began posting messages that confirmed the company was a Ponzi scheme.

You are a bunch of brainless races, see you on our next plan,” an administrator of the page posted to the 10,914 investors.“Bye, haha. I am living a luxurious life with your dollars. If you have invited friends, wait to be killed by your recommenders. Idiots. There will be a time to meet.”

The company has since disappeared from the internet and its Telegram page, mobile application, and website are no longer accessible.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook



Source link

We only source and collect valueable knowledge and information and do display it for public good (under the freedom of information act)

All image + text copyrights belong to their respectful owner, we do NOT claim any rights over those.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

US Treasury Sanctions Hit Russian Arms Dealer’s Crypto Wallets

Published

on

By



The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed full blocking sanctions on 22 individuals and entities across several countries, including Russia and Cyprus, as part of its sanctions evasion network that supports Russia’s military-industrial complex.

The sanctions were imposed under Executive Order 14024 and are part of the U.S.’s strategy to target sanctions evasion globally, close key channels, and limit Russia’s access to revenue for its war in Ukraine.

US Treasury Goes After Russian Arms Dealer’s Cryptos

The U.S. Treasury’s sanctions were imposed by the Russian Elites, Proxies, and Oligarchs (REPO) Task Force, a multilateral effort to identify, freeze, and seize assets of sanctioned Russians worldwide. This task force leverages information from international REPO partners and key data from Treasury’s Financial Crimes Enforcement Network (FinCEN) to share information, track Russian assets, and sever Russian proxies from the international financial system.

The REPO Task Force aims to maximize the impact of multilateral sanctions while preventing opportunities for Russia to evade or circumvent U.S. and partner sanctions.

The primary target of the sanctions is a Russian sanctions evasion network led by Russia and Cyprus-based arms dealer Igor Zimenkov and his son Jonatan Zimenkov. The Zimenkov network has been involved in projects related to Russia’s defense capabilities, including supplying a Russian company with high-tech devices after Russia’s full-scale invasion of Ukraine. They have also supported sanctioned state-owned Russian defense entities, Rosoboroneksport OAO and State Corporation Rostec, which are critical components of Russia’s military-industrial complex.

Igor and Jonatan Zimenkov have worked closely together to enable Russian defense sales to third-party governments and have engaged directly with Rosoboroneksport’s potential clients to facilitate sales of Russian defense material. Igor Zimenkov has also supported the Belarusian military-industrial complex by enabling the sales efforts of State Owned Foreign Trade Unitary Enterprise Belspetsvneshtechnika in Latin America.

Today, Igor Zimenkov was designated for operating in the defense and related materiel sector of the Russian Federation economy, while Jonatan Zimenkov was designated for having materially assisted, sponsored, or provided financial, material, or technological support for Igor Zimenkov, Rosoboroneksport, and other sanctioned entities.

The Zimenkov network used front companies to funnel money and maintain a lawful appearance. Singapore-based Zimenkov network shell company Asia Trading & Construction PTE Limited and its director, Serena Bee Lin Ng, have sold helicopters to clients in Africa on behalf of the Zimenkov network. Additionally, Cyprus-based Zimenkov network shell company Lobster Management Limited and its director, Mikhail Petrov, have facilitated sanctions evasion by providing support to sanctioned entities.

The Treasury’s OFAC continues to work with its international partners to coordinate information sharing and enforcement and to travel the world in pursuit of sanctions evasion. The sanctions imposed today are a clear signal to Russia and its military-industrial complex that the U.S. and its partners are committed to tightening sanctions enforcement and preventing the evasion of international sanctions.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



Source link

We only source and collect valueable knowledge and information and do display it for public good (under the freedom of information act)

All image + text copyrights belong to their respectful owner, we do NOT claim any rights over those.

Continue Reading

News

Digital Wallet Growth Will Enable More Closed-Loop Transactions

Published

on

By


Crypto and fintech investment firm Ark Invest has made bold predictions about digital wallets, estimating that more than half the world will soon be using at least one.

In its Jan. 31 ‘Big Ideas 2023’ research report, Ark Invest revealed that digital wallet global population penetration is currently 40%. This equates to around 3.2 billion users, the firm added.

However, the research suggests that the number of online wallet users will increase at an annual rate of 8%. The firm predicted that this will result in a global population penetration of 65% by 2030:

“Having onboarded billions of consumers and millions of merchants, digital wallets could transform the economics associated with traditional payment transactions, saving them nearly $50 billion in costs.”

It also noted that digital wallets were gaining market share in online and offline transactions. Cash is definitely in decline, accelerated by government initiatives to go digital, as recently seen in Nigeria.


Payment method trends - Ark Invest
Payment method trends – Ark Invest

Digital Wallet Growth to Continue

Ark reported that digital wallets were scaling faster than accounts at traditional financial institutions. Furthermore, U.S. digital wallet adoption rebounded in 2022, surpassing previous highs following a COVID-induced dip.

The firm estimates that U.S. digital wallet users will increase by 7% annually during the next eight years. This will be a growth of around 160 million in 2022 to more than 260 million by the end of the decade.

Digital wallet user growth - Ark Invest
Digital wallet user growth – Ark Invest

Furthermore, online wallets are enabling “closed-loop” ecosystems. This is where consumers and merchants can transact directly, cutting out the middleman. 

“Digital wallets are onboarding millions of merchants to platforms that enable direct consumer-merchant transactions that disintermediate traditional financial institutions,” it noted.

In this closed-loop environment, wallet providers capture more value per transaction, enabling savings to be shared with merchants and consumers.

Open and Closed Lopp transactions - Ark Invest
Open and Closed Lopp transactions – Ark Invest

Additionally, Ark noted that closed-loop transactions could boost the margin structure of wallet providers.

It used Block Inc. (formerly Square) as an example, stating that it paid around 60% of customer transaction fees to third parties in 2022. The fees were paid for interchange, assessment, processing, and bank settlement fees. Block’s net take rate could more than double if customers transacted directly with merchants.

Block Inc. fee structure - Ark Invest
Block Inc. fee structure – Ark Invest

Closed Loop Transactions Could Top 50%

Finally, Ark predicted that these closed-loop transactions could account for over 50% of digital payments by 2030.

It used China as an example where wallets and merchants are largely internal or domestic only.

Closed loop cost savings - Ark Invest
Closed loop cost savings – Ark Invest

In conclusion, digital wallet growth is set to continue. Cutting out the intermediary which they facilitate is beneficial to both the consumer and merchant.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



Source link

We only source and collect valueable knowledge and information and do display it for public good (under the freedom of information act)

All image + text copyrights belong to their respectful owner, we do NOT claim any rights over those.

Continue Reading

News

Strike Launches Lightning Remittances in the Philippines

Published

on

By


Bitcoin fintech giant Strike rolled out its Lightning Network money transfer service Send Globally in the Philippines, a $35 billion remittance market.

Send Globally launched in the Southeast Asian country on Jan. 31, 2023, enabling businesses and tourists to receive international money transfers in the Philippine peso. The country receives $35 billion in remittances globally.

How Strike’s Send Globally Service Works

“Remittances are a broken system and Strike delivers an incredibly empowering experience for people to send money around the world in nearly an instant,” Strike CEO Jack Mallers said.

According to a press release, Strike’s remittance service converts a sender’s fiat into Bitcoin and sends the Bitcoin to a Strike partner in the destination country using the Lightning Network, which in the case of the Philippines, is Pouch.ph. Pouch.ph then converts the Bitcoin to the recipient’s fiat currency and credits their bank or mobile money account, with Strike shielding both parties from the tax implications of handling Bitcoin directly.

Bitcoin’s Lightning Network is a layer-two solution on the Bitcoin blockchain that allows micropayments between nodes over a payment channel. Unlike traditional payment networks, Lightning’s low fees enable almost zero-cost remittances.

Recently, Mallers announced a trial to bring Bitcoin Lightning Network payments to retailers through a partnership with Fiserv’s point-of-sale solution Clover Commerce. The trial allows any application with Lightning capability to pay Bitcoin for goods and services at Clover merchants.

Philippine Smartphone and Internet Adoption Auger Well for Strike

Send Globally rolled out to Strike users in Ghana, Nigeria, and Kenya on Dec. 6, 2022, where it has reportedly gained rapid traction.

However, mainstream adoption in the Philippines will depend heavily on network effects, driven by smartphone and internet penetration.

According to Statista, the number of smartphone users will increase from 85 million in 2022 to 87 million by 2023. Additionally, forecasts suggest smartphone users will increase to 91.5 million in 2025, representing roughly 83% of the island nation’s population.

Smartphone Adoption in the Philippines
Smartphone Adoption in the Philippines | Source: Statista

Additionally, Statista predicts that about three-quarters of the population will have internet access by the end of 2023. Growing internet access increases the chance of Strike’s success, since it helped drive adoption of crypto game Axie Infinity.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



Source link

We only source and collect valueable knowledge and information and do display it for public good (under the freedom of information act)

All image + text copyrights belong to their respectful owner, we do NOT claim any rights over those.

Continue Reading

Trending

Copyright © 2022 Cryptonewsafrica.com