Nigeria’s Federal Ministry of Finance is reportedly in talks with the country’s securities regulator to develop a new framework for blockchain and cryptocurrencies — a move that could accelerate adoption in Africa’s largest economy. Business Day, a Nigerian market intelligence publication, reported Tuesday that the Ministry of Finance is working with the Abuja-based Securities and Exchange Commission, or SEC, to “provide a regulatory environment for blockchain” and digital assets. The publication cites Ministry adviser Amstrong Takang speaking at an industry event in Lagos on Tuesday. Digital assets are recognized as commodities and governed by appropriate securities law in Nigeria following …

As technological innovations continue to spread across Africa, the continent could provide some unique use cases for blockchain technology. African has been continually driving innovation in a number of spaces, with mobile payments a prime example of the potential for technology to drastically improve the lives of everyday Africans. While many countries in Africa are still considered to be developing economies, some of its most prominent states have been at the forefront of technological innovation. The use of blockchain technology is becoming part of the equation as it permeates different industries and institutions. Michelle Chivunga, CEO and founder of digital …

The director-general for Nigeria’s National Information Technology Development Agency, or NITDA, has said that the country could potentially expect a revenue stream between $6 billion to 10 billion from blockchain technology in the next ten years. According to a Nov. 5 announcement from the NITDA, Director-General Kashifu Inuwa spoke at a stakeholders meeting in the Nigerian capital of Abuja to review the agency’s National Blockchain Adoption Strategy Framework. A draft of the strategy was first released in October and stated that blockchain and decentralized ledger technology (DLT) would “facilitate the development of the Nigerian digital economy.” “We want Nigeria to …

Sub-Saharan Africa has no doubt suffered many regulatory setbacks in adopting cryptocurrencies. With most countries in the region struggling not to buckle under economic uncertainties and pressures looming over them even as the ripple effects of COVID-19 set in, it would appear that many Africans, especially millennials, aren’t waiting for the government anymore. The main issue inhibiting regulation seems to be a combination of resistance and indecision both from regulators, which has majorly been a result of little or no understanding of cryptocurrencies. Speaking to Cointelegraph on the attitude of regulatory bodies in Africa toward cryptocurrencies, Andrew Nevin, partner and …

2020 has seen an acceleration in African crypto adoption, with the continent emerging as the second-largest region for peer-to-peer (P2P) trading, and two African nations ranking in the top eight of the Chainalysis crypto adoption index. However, the booming growth has caught the attention of Africa’s financial regulators, sparking concerns that a rush to introduce heavy-handed oversight could quell innovation in the local crypto industry. Nigeria has led the continent’s growth in 2020, posting weekly P2P volumes of between $5 million to $10 million, followed by Kenya and South Africa with between $1 million and $2 million a week each. …

A company that provides Bitcoin payments says it aims to usher Africa into a new digital age and deliver a compelling alternative to fiat currencies. Patricia, a financial solutions business based in Lagos, Nigeria began as a straightforward e-commerce startup. Now, the platform has gone global, and the company estimates that more than 300,000 people use its services to meet their everyday needs. The company also has offices in Ghana, the United Kingdom and the United States. The team behind Patricia uses the power of cryptocurrencies and blockchain technology to create alternative solutions to existing financial infrastructure, enabling consumers to …

The Securities and Exchange Commission of Nigeria has officially defined digital assets under its regulatory umbrella. In a Sept. 14 statement, the Nigerian Securities and Exchange Commission, or SEC, defined tokens and coins in the country’s financial markets. The commission stated that these digital assets, which provide “alternative investment opportunities”, would be classified into four different categories for regulatory oversight. “Virtual crypto assets are securities, unless proven otherwise,” said the SEC. “The burden of proving that the crypto assets proposed to be offered are not securities and therefore not under the jurisdiction of the SEC, is placed on the issuer …

Africans are increasingly turning to cryptocurrencies as a means of exchange over local fiat currencies, according to a new report from blockchain analytics firm Chainalysis. Data from the firm shows that many locals individuals and businesses are using cryptocurrencies to avoid high fees, regulatory complications, and currency instability. The number of monthly transfers to and from Africa has passed the 600,000 mark. The total number of transfers under $10,000 jumped by 55% in the year to June to reach $316 million. Nigeria, which is the continent’s largest economy, South Africa, and Kenya lead the region in cryptocurrency transfers. Abolaji Odunjo, …

Nigeria, the biggest source of Bitcoin (BTC) trading volume in Africa, is apparently one of the fastest-growing crypto markets in the world, according to a new report. According to a new study by major crypto wallet Blockchain.com, Nigeria has seen the largest influx of activity on its wallet app since April 2020. Nigeria shows biggest interest in Bitcoin globally Published on Aug. 5, the report says that Nigeria has been the best performing country on its platform over the past three months. The report notes a 60% increase in usage of Blockchain.com’s web wallet in the region since April. In …

Half a dozen emerging markets have established new records for weekly peer-to-peer (P2P) Bitcoin (BTC) trading, including India, Ghana, the Philippines, Argentina, Mexico and Egypt, according to data published by Useful Tulips. India comprised the strongest market to post a new record for trade activity, with $3.4 million worth of BTC trading hands over the past seven days. India’s P2P markets began gaining significant momentum from the second quarter onwards, with Indian volume beating out its December 2017 all-time high of $2.95 million last month before consistently rallying above $3 million this month. African P2P markets continue to show strength …

The two Nigerians jetsetters who filled their Instagram accounts with pictures of their ostentatious wealth were extradited from Dubai to the United States. According to the FBI, they were able to convert millions of dollars into Bitcoin (BTC) via the Gemini exchange. Transaction summary for Bitcoin address 16AtGJbaxL2kmzx4mW5ocpT2ysTWxmacWn. Source: Crystal Blockchain The two are Olalekan Jacob Ponle, also known as “Mr. Woodbery,” and “Mark Kain,” and Ramon Olorunwa Abbas, who used the aliases “Ray Hushpuppi” and “Hush”. The FBI complaint focused on the former’s activities and how he used Bitcoin to transfer the stolen funds. Business email compromise — 1,500 …

The office of Foreign Assets Control of the U.S. Department of the Treasury announced on June 16 the addition of six Nigerian individuals to the sanctions list for cybercrimes. According to the official announcement, Nnamdi Orson Benson, Abiola Ayorinde Kayode, Alex Afolabi Ogushakin, Felix Osilama Okpoh, Micheal Olorunyomi, and Richard Izuchukwu Uzuh are the individuals that joined to the “OFAC’s Special Designated Nationals” list. Special cybercrime-related issues authority given to the U.S. Treasury The announcement does not name the allegations against the new specially designated nationals. However, the “CYBER2” classification derives from the Obama administration, which issued an executive order …