DEEPSEEK
Nigeria's Foreign Investment and Crypto Adoption Dilemma
Foreign direct investment (FDI) in Nigeria fell by 33% in 2021 due to a shortage of dollars, which has also discouraged foreign crypto investment. Despite the exponential growth of crypto adoption in Nigeria, with active adult traders and high usage rates, the country has a problem attracting foreign investors.
Nigerian Crypto Community Affected by Paxful Shutdown
The closure of Paxful, a peer-to-peer cryptocurrency marketplace, has left the Nigerian crypto community searching for alternatives. Nigeria, ranked eighth in crypto adoption, was significantly impacted by Paxful's pioneering use of peer-to-peer technology. Members of the community expressed concern over the future of crypto marketplaces and the fate of their funds.
Nigerian Crypto Investors Face Account Freezing
Nigerian crypto investors using P2P services are concerned about the Central Bank of Nigeria (CBN) flagging their bank accounts due to their connection to the Flutterwave hack. The situation has discouraged P2P users from using OTC markets, causing businesses to crumble and possible legal repercussions.
eNaira Adoption Grows Amid Nigeria's Cash Shortages
Nigeria's eNaira, a central bank digital currency (CBDC), is being adopted at an increasing rate as the country faces severe cash shortages due to demonetization. The value of eNaira transactions has increased by 63%, and the total number of CBDC wallets has grown more than 12 times compared to October 2022.
MetaMask Enables Direct Bank Transfers for Crypto Purchases in Nigeria
MetaMask, a major crypto wallet, has partnered with MoonPay to enable direct bank transfers for crypto purchases in Nigeria, allowing users to access crypto faster and cheaper without using credit or debit cards. Nigeria is a major market for MetaMask, despite current issues with crypto on-ramps in the country.
Nigerian President-elect's Manifesto Includes Blockchain and Crypto Regulations
Nigerian President-elect Bola Tinubu has released a manifesto proposing the implementation of blockchain technology and cryptocurrencies in Nigeria's banking and finance sector. The manifesto suggests reforming existing Nigerian Security Exchange Commission regulations to create a more business-friendly framework for regulating digital assets. The proposed regulations would require digital asset companies to register with the SEC and comply with SEC regulations. The release of the manifesto coincides with the increasing adoption of cryptocurrencies in Nigeria, with the government hoping that the proposed SEC regulation reforms will attract more investors in the digital and economic sectors and stimulate economic growth.
CBN is continuing to develop its eNaira
R3, the CBN's possible technology partner, will help design a new system to give the CBN complete authority over the CBDC.
Nigeria Passes Bitcoin And Cryptocurrency Law
The Nigerian government will soon legalize Bitcoin and other cryptocurrencies. Punch Newspapers of Nigeria announced the news on December 18 after interviewing House of Representatives Committee on Capital Markets Chairman Babangida Ibrahim. If passed, the local Securities and Exchange Commission might consider cryptocurrencies and other digital monies as investment capital.
Nigeria Tops in Global Crypto Ownership, With Nearly Half of the Population Being Crypto Users or Owners
With cryptocurrencies being one of the technological innovations taking the world by storm, Nigeria takes the lead in terms of crypto ownership, a survey suggests.
Nigeria’s eNaira Records 200,000 Transactions Worth Over $10 Million Since October
Based on eNaira’s success, Nigeria government is taking efforts to boost the functional capacity of the Central Bank Digital Currency (CBDC).
