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Has the Crypto ban in Nigeria Boosted the Naira?

By: Damian Okonkwo　　Before the ban placed on the banks from facilitating Cryptocurrency transactions in Nigeria by the CBN On February 5, 2021, the Nigerian fiat currency naira was exchanging at N381 against the dollar. A year and 2 months later, the official rate is now N416 and currently N560 on the streets of Lagos black market services and other black market dealers across the country.　　Naira has consistently lost value in the exchange market and judging from the moment the ban on cryptocurrency was effected naira has lost over 12% value so far.　　In other words, the naira has not made any minute improvement since the ban was placed suggesting it has not favored the naira in any means or rather not the best way forward.　　In hindsight, it seems pertinent to raise the question for fellow economic experts and policymakers to consider to what extent has the recent policy saved the fiat currency from depreciating every day. Could a general adoption of cryptocurrency for Nigeria just like El-Salvador, India, Ukraine, and Russia have been the best option for Nigeria today？　　Many believe that it is time for the CBN to reconsider the ban on Crypto transactions involving the banks as a way of

2022-04-05Deep Dive

Is Apple about to send Bitcoin to the moon? A rundown of the rumor

Rumors of Apple utilizing Bitcoin in some capacity are running red hot. Fanning the hearsay, YouTuber Crypto Rover summed up sentiment by saying the knock-on effects will see Bitcoin moon.　　There have been numerous reports of an Apple-crypto tie-up in the past. Perhaps the most prominent example of this was talk of Bitcoin being added as a treasury reserve asset just over a year ago.　　However, despite the attention, all such rumors have fizzled into nothing. Will this time be any different？Strike CEO drops a hint of an Apple Bitcoin connection　　Strike CEO Jack Mallers hints that things could be different this time. Late last month, Mallers posted an uncaptioned tweet featuring a video from the Apple “think different” advertising campaign that ran from 1997 to 2002.　　The commercial featured black and white footage of well-known historical figures, including Albert Einstein, Mahatma Gandhi, Thomas Edison, and Muhammad Ali. The accompanying voice-over talks about misfits, rebels, and troublemakers, who are often seen as crazy, being the very people who drive change.　　A few days before this, Mallers also posted a tweet about the upcoming Bitcoin 2022 conference in Miami between April 6 and 9.　　Four pictures accompanied the tweet. The first is an infographic showing a QR

2022-04-05Deep Dive

Is the Russian-Ukranian conflict a long-term threat to cryptocurrency?

While the armed war between Ukraine and Russia may appear to be confined to a military level, it is likely to have far-reaching consequences for much of the world.　　Economic analysts expect it to trigger a dramatic rise in inflation partly because Russia is the worlds biggest exporter of natural gas and second-largest seller of oil.　　In addition, hundreds of thousands, if not millions, of people will be displaced from Ukraine, posing a new refugee issue for the world (and specifically Europe).　　Furthermore, there‘s cryptocurrency. While many people aren’t focusing on the cryptocurrency market and industry at the moment, theres no doubt that the protracted fight will affect Bitcoin.　　There is no doubt that it has already had some effects, particularly since Bitcoin dropped by more than 10% in a single day in response to the initial rumors of a Russian invasion on February 24.　　Russias potential escape from sanctions by using crypto may result in increased regulation of the business in the West, but the conflict may benefit the market.　　This is mainly because it illustrates how cryptocurrencies, including Bitcoin, can boost great causes and empower individuals when other avenues are unavailable.Those in need can benefit from cryptocurrency in real-world situations　　Since the initial assault, the

2022-04-05Deep Dive

UK Aims To Let Consumers ‘Use Stablecoin Services With Confidence’

The United Kingdoms finance ministry intends to prioritize regulating stablecoins that are used as means of payment.　　In a report released Monday, the ministry said it will be releasing further regulatory guidelines this year in order to protect consumers while fostering innovation around digital assets.　　“This response document confirms the governments intention to take the necessary legislative steps to bring activities that issue or facilitate the use of stablecoins used as a means of payment into the UK regulatory perimeter, primarily by amending existing electronic money and payments legislation,” the report read.　　Stablecoins are expected to become a “widespread means of payment” in the near future, the ministry predicts.　　The report, which investors and industry leaders have been anticipating since late March, highlights the ministrys desire to be at the forefront of stablecoin regulation.　　US lawmakers have been debating how to approach the growing stablecoin industry in recent months as well, most notably floating the proposal that stablecoin issuers would have to be a registered and insured bank.　　The UK is also considering implementing a regulatory framework around stablecoins that mirrors the existing guidelines around banks. Stablecoin reserves in particular are a main concern for the ministry, which suggests in the report that “stablecoins would be

2022-04-05Deep Dive

Bitcoin of America Adds Shiba Inu to Its Crypto ATMs

Popular cryptocurrency ATM operator Bitcoin of America has added meme cryptocurrency Shiba Inu (SHIB) to the list of available cryptocurrencies, according to a Monday press release. 　　The kiosks allow buying and selling Bitcoin as well as several altcoins, including Dogecoin. 　　As reported, Bitcoin of America enabled support for Dogecoin, the worlds largest meme cryptocurrency, last month, which led to a substantial increase in the price of the joke coin.　　At press time, Shiba Inu is still down 3% over the past 24 hours despite the recent addition. The Dogecoin rival has failed to spike higher on the news. The SHIB token is currently down 70.01% from its record high, currently trading at $0.00002587 on the Binance exchange.　　Cryptocurrency ATMs are similar to ordinary teller machines. They typically charge double-digit fees, which is significantly higher than popular cryptocurrency exchanges. 　　A year ago, Bitcoin of America introduced its universal kiosk, which combines the features of a crypto ATM and a traditional ATM. Universal kiosks let customers buy crypto right after dispensing cash with their debit card.　　Bitcoin of America operates 1,841 ATMs that are located all over the U.S, according to data provided by Coin ATM Radar. Bitcoin of America maintains a federal registration as

2022-04-05Deep Dive

The Year Of Crypto? Almost 50% Of Investors Got Started In 2021

2021 was no doubt one of the most bullish years for crypto. Not only did the prices of cryptocurrencies surge tremendously during this time but there were many new entrants into the market both on an individual level and an institutional level. All of this contributed to getting the market to hit its highest market cap ever at above $3 trillion. However, looking at the growth in 2021, shows that crypto adoption was much higher than believed.How Many Investors Got In？　　The crypto market may not be the most popular form of investing in the finance world currently but one cannot deny that it is quickly catching up to its peers despite being very young. In this vein, it has seen more investors enter the space, mostly driven by the returns recorded by cryptocurrencies in 2021. A survey has shown that almost half of all investors who have purchased digital assets began doing so just last year alone.　　This survey that was carried out by Gemini showed that almost 50% of all crypto holders had performed their first purchase in 2021. The survey which consisted of 30,000 respondents from 20 different countries is one of the largest performed. 　　Countries like Brazil and

2022-04-05Deep Dive

Australia continues regulation drive with new policy targeting crypto and financial influencers

The Australian Securities and Investments Commission (ASIC) has issued new warnings to financial influencers.　　This was contained in its Information Sheet, highlighting what influencers and companies hiring them should be aware of. While theres no specific mention of cryptocurrency, these rules will most likely apply to the crypto industry.　　ASIC issues warning to financial influencers　　The rule appears to target the promotion of unlicensed financial services, something that crypto services fall under. In a warning directed at financial influencers who are unsure of whether the brand violates the law, ASIC states,　　“Think about your content carefully and whether you are providing unlicensed financial services.”　　The new information sheet says that influencers may need a license to give financial advice. The penalties for breaking the rules appear severe as companies could get up to 5 million dollars in fines while individuals could get as much as five years imprisonment.　　The rules come amidst new efforts by regulators to protect consumers in the country. In recent weeks, several Australians have fallen victim to targeted crypto scams.　　Regulators have also doubled down on their effort to prevent and recently filed legal actions against Meta for not preventing the promotion of crypto scams on its platforms.　　Influencers have a hold over youths　　Influencers

2022-04-05Deep Dive

Australian Convenience Store Chain to Start Accepting Cryptocurrencies

On The Run (OTR), a major convenience store chain, will soon enable support for payments in Bitcoin and other cryptocurrencies at all of its locations in South Australia, according to a report by The Australian. 　　Customers will soon be able to pay for fuel at 170 service stations located in the state, which include both rural and metropolitan locations. OTR has also opened several locations in Victoria, but it is not clear whether or not crypto payments will be available there. 　　Other brands that operate alongside OTR outlets, such as Subway and Oporto, will also be able to enable the novel payment method, thus allowing customers to purchase food and drinks with a slew of cryptocurrencies. 　　The move is expected to further accelerate cryptocurrency adoption in Australia.　　According to a recent survey published by Finder, roughly 18% of Australians own cryptocurrencies. The country has the third-highest rate of adoption in the world.　　As reported the Australian government is also currently working on a robust cryptocurrency regulatory framework as part of its effort to overhaul the countrys payments system.

2022-04-04Deep Dive

Washing crypto is a problem as exploiter gets away with $15 million

Inverse Finance is the latest victim of a DeFi exploit resulting in the loss of over $15 million, Peckshield revealed this weekend. The blockchain security firm released a tweet simply stating, “Hi, @InverseFinance, you may want to take a look,” linked to a transaction on Etherscan.Washing crypto through Tornado Cash　　Over the past few hours, the exploiter sent hundreds of Ethereum transactions to Tornado Cash. Tornado Cash is a standard tool among hackers and exploiters to attempt to obfuscate their transaction history. They describe their service as a tool that “improves transaction privacy by breaking the on-chain link between source and destination addresses. It uses a smart contract that accepts ETH deposits that a different address can withdraw.”　　Users generate a random key and deposit ETH along with the note. The user then provides proof of the key to the note from another wallet to withdraw the ETH, thus breaking the transaction chain that “only the user possessing the Note can link deposit and withdrawal.”　　The exploit involved a TWAP oracle which requires manipulating the price of a governance token of a DeFi project with low liquidity. TWAP stands for Time Weighted Average Price and “is constructed by reading the cumulative price from

2022-04-04Deep Dive

Bitcoin mining network difficulty reaches new all-time high

The past week has been one of multiple milestones for Bitcoin. Soon after SBI Crypto mined the 19 millionth Bitcoin, the mining difficulty of the flagship digital asset reached a new all-time high of 28.587 trillion.　　The jump in mining difficulty happened on March 31 at block 729,792. This is the first time the mining difficulty will go up since February.　　The mining difficulty describes how difficult it can get for miners to find a block reward. The essence of the mining difficulty is to ensure that the network stays consistent. The period between each block reward is usually around 10 minutes, and the difficulty adjustment algorithm (DAA) adjusts every two weeks.　　Usually, the mining difficulty increases as the hash rate increases. The hash rate, which is the network computing power, increases as mining participants join the network.　　With a higher hash rate, the DAA adjusts mining difficulty to match the rate and make it more difficult for miners to find a block.　　The latest increase in mining difficulty saw it rise by 4.31%, the first time in 4 weeks. Though the hash rate level has dropped from its previous ATH of 248.11 exahash/second reached on February 13. The 90-day average hash rate as of

2022-04-04Deep Dive
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