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Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

With a population of over 200 million, Nigeria is widely regarded as one the biggest crypto markets in the world. Some in the crypto world believe Nigeria is one of the few countries better placed to see a greater acceptance of digital currencies. However, despite this optimism, the Nigerian crypto industry continues to be plagued by constant hurdles that then complicate mass adoption efforts. Some of the problems faced include an uncertain regulatory environment as well as the proliferation of bitcoin-related scams which often taint the image of cryptocurrencies. However, according to Tony Emeka, the founder and CEO of Cryptotvplus…

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Microsoft President Says the World Is Best Served When Currencies Are Issued and Backed by Governments

Microsoft President Brad Smith says that “The world is best served when currencies are issued, backed by and regulated by governments.” He further emphasized that he is not a fan of encouraging the private sector to issue digital currencies. Microsoft’s President Says Currency Issuance Should Be Left to Governments Brad Smith, President of Microsoft Corp., talked about digital currencies on Wednesday at an online conference hosted by the Bank for International Settlements (BIS). He was asked, “can tech firms be trusted to issue money?” and whether it is something Microsoft would do. The executive replied, “It is not a place…

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Microsoft president says fintechs should leave currency to central banks

Microsoft president Brad Smith is not keen on the idea of technology companies issuing private stablecoins. For Brad Smith, president of the Microsoft Corporation, fintech firms have no business issuing private digital currencies. According to Bloomberg, Smith gave these remarks while speaking at an online conference organized by the Bank for International Settlements. As part of his address, Smith argued that money supply should exclusively be under the aegis of governments and central banks. Smith said that it is important that only entities that protect the common good should be left to control currency operations, adding, “I am not a…

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Institutional Investors Will Increase Their Crypto Holdings Dramatically: New Survey

A new survey suggests that institutional investors will be increasing their crypto holdings dramatically in the next five years. This revelation states that the investors are not jolted from investing in the rising asset class despite the ongoing coronavirus pandemic. Numerous factors may help cryptocurrencies The latest survey was conducted by crypto-insurance firm Evertas investigated investing patterns of a group of institutional investors with a collective $78 billion assets. The group includes funds, exchanges, traditional financial institutions, custodians, family offices, and ultra-high net worth individuals. Ninety percent of the survey participants believe that institutional investors will be increasing their cryptocurrency…

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Report: Market Valuation of 14 Banking Giants Shed $635 Billion This Year

The world’s largest banks lost a considerable amount of market valuation amid the Covid-19 pandemic, according to a new report that estimates financial incumbents lost $635 billion. Between December 2019 and August 2020, the market caps of 14 major banking institutions lost upwards of 30-50% during the time period. A newly published report written by Buyshares and the researcher Justinas Baltrusaitis, shows that during the first half of 2020, the world’s banks lost a considerable amount of market capitalization. Buyshares data shows that 14 select “major global banks” lost a combined total of $635.33 billion in market capitalization this year.…

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Europe’s Biggest Economies Call for Crypto Curbs

Germany, Italy, France, the Netherlands, and Spain recently called on the European Commission to draw up strict new regulations for asset-backed digital currencies like stablecoins. The countries have asked the Commission to work on protecting consumers and protect the sovereignty of states in managing the monetary policy. Finance ministers release make a joint statement The finance ministers of five European Union member states recently said in a joint statement on Friday that stablecoins must be prohibited from the 27-member bloc until it addresses the regulatory, legal, and oversight challenges that come with such currencies. Stablecoins are a type of digital…

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Mastercard Will Help Central Banks To Test Their CBDCs

Mastercard will help central banks to test their digital currencies by launching a digital currency testing kit as we are reading in today’s cryptocurrency news. The international payments provider Mastercard will help Central Banks to launch a virtual testing environment to help the central banks across the world to test their Central Bank Digital currencies as we can read from their announcement:  “Today, Mastercard announced a proprietary virtual testing environment for central banks to evaluate CBDC use cases. The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.” According to the…

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Dash Nigeria Takes Digital Currency Education Campaign to Regulators and Key Institutions

With sophisticated fraud schemes seemingly overwhelming the African crypto market, there is a growing need for players in the space to help fight this scourge. Some are responding through increased educational campaigns, which they hope will not only turn the tide against scammers but will also attract masses to cryptocurrencies. News.Bitcoin.com has reported in the past how one Nigerian fintech entity chose a popular reality television show to market bitcoin. Using the popular television show may have helped to bring the crypto into the limelight. However, more still needs to be done if ordinary people are to become fully knowledgeable…

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Central Banks’ Board Members to Discuss Ways of Better Using Blockchain in CBDC Rollout

As part of the OMFIF Digital Monetary Institute debate on how blockchain and distributed ledger technology (DLT) benefit central banks’ plans of rolling out digital currencies, a virtual discussion will be held on August 19, bringing together board members and specialists of several central banks according to a notification on Aug 18. Virtual Discussion on waysRead MoreRead More. The post by Dalmas Ngetich appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Former China Central Bank Exec Pushes for Digital Currencies

Former Bank of China vice president says digital currencies can be a substitute for cash on circulation. The former vice president of China’s central bank pushed for central bank digital currencies positioning it as a substitute for cash in circulation.Wang Yongli, former vice president of Bank of China and a director of the Haixia Blockchain Research Institute, said digital currencies can certainly be a substitute for cash but it shouldn’t be confined to just that, according to the Global Times.Wang said digital currencies can reshape monetary structures. These can include setting up “basic accounts” for all social entities on a…

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Japan Puts Issuance of Its Digital Currency on “Top Priority”

The so-called Digital Yen – Japan’s upcoming digital currency – is now the “top priority” of the country as it battles the economic implications of the ongoing coronavirus pandemic and seeks to revitalize growth. Digital Currencies a Major Focus Takeshi Kimura, departmental director-general of the Bank of Japan (BoJ), told local news outlet The AsahiRead MoreRead More. The post by Shaurya Malwa appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Chainalysis Launches New Data-Driven Portal

Blockchain intelligence platform Chainalysis recently launched a new data-driven portal offering comprehensive tracking of digital currencies worldwide. The new tool will be available under the ‘Market Intel’ brand name. Working with data Chainalysis will be depending on its various data repositories to cater to the needs of regulators and asset managers. It will be publishing live data as well as insights on the use of digital currencies as well as “the health and growth of the cryptocurrency markets.” The team of programmers and data scientists at the firm will be leveraging a broad range of quantitative data sources which includes…

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Visa Moving to Integrate With Digital Currency Platforms

Visa says it is working to integrate digital currencies with its existing global network of 61 million merchants. The global payments technology giant is working with two licensed and regulated digital currency platforms, Coinbase and Fold. In a blog post, Visa says the emergence of fiat-backed digital currencies or stablecoins promises a new payment innovation that combines the benefits of digital currencies with the “stability” of existing currencies like the US dollar. Explaining the company’s focus on delivering value to people, businesses and economies regardless of currency channel, Visa says: We’re reshaping how money moves across the globe, and that…

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Bank of Thailand Enters Third Phase of CBDC Development; Now “Using CBDC with Big Businesses”

The Bank of Thailand (BOT) announced Wednesday that is has entered third-phase development of its central bank digital currency (CBDC). BOT is planning to expand the use of the CBDC among large businesses. The report by The Nation of Thailand quotes Vachira Arromdee, BOT assistant governor saying the central bank is already using the CBDC for financial transactions with a number of big businesses. Thailand’s cement and building material provider, Siam Cement Group (SCG), and fintech firm Digital Ventures Company Limited were selected by BOT to pilot test the payment prototype system. In June, BOT announced plans to develop a…

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What To Do With My Crypto Assets? Episode 001-Dividend

The benefits of cryptocurrency are no longer kept hidden by a secret society. The image that cryptocurrency used to portray where people chose to disbelieve the idea it carries are all buried underground. Just like humans that get smarter in a learning environment, the value and system that cryptocurrency carries now are upgraded. This goes to show that cryptocurrency is here to stay. But, what is so great about cryptocurrency? Apart from its function to act as a medium of exchange, what else can it do? It is indeed a prime time for cryptocurrency as it is immersing well with…

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