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The latest Messages

2023-09-17 12:56:56Less than 0.5% Nigerians have used the country's CBDC e-Naira a year after its launch

Nigeria’s Central Bank Digital Currency (CBDC) e-Naira is failing because of low adoption rates while the government is trying to drive adoption higher, Bloomberg News reported.

The E-Naira was launched in October 2021 and has been live for 14 months as of December but the adoption rate remains low.

Current numbers indicate that only one in 200 people are using the e-Naira, which equates to less than 0.5% of the population. Within the first eight months after its launch, only 700,000 users created an e-Naira wallet.

According to the report, the government is trying to drive adoption by offering a 5% discount on e-Naira payments in Keke Napep, the country’s most widely used transportation system.

Talking about the desired future of the e-Naira, Nigeria’s Central Bank Governor Godwin Emefiele said:

“The destination, as far as I am concerned, is to achieve a 100% cashless economy in Nigeria,”

Meanwhile, the country’s central bank has taken a hands-off approach toward crypto. Nigerian financial institutions are banned from creating and managing crypto-related accounts but trading and owning crypto remains legal in the country.

However, in a recent turn of events, the Nigerian Securities and Exchange Commission said on Dec. 19 that it is set to recognize crypto as an investment class.
23.0K views09:56
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2023-09-15 19:45:22
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29.9K views16:45
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2023-09-15 10:23:23 ​​Chinese Province Fujian Releases New Policy on NFT Trading

A “Reminder Letter” from the “Working Group of Fujian Province to Clean Up and Rectify Various Trading Venues on Preventing NFT Violations” has been extensively disseminated online. The paper cites four warnings on NFT-related transactions on Fujian Province trading platforms, notably “no NFT transactions without authorization” and no covert involvement in NFT operations in contravention of rules.

Fujian Provincial-Local Financial Supervision and Administration acknowledged the document’s legitimacy on June 10. The paper says Fujian trading venues can’t conduct NFT-related activity. Many NFT platforms don’t fit the article’s definition of trading venues.

The person that confirmed the documents said added that they follow ‘7+4’ local financial oversight.

The document noted that several NFT items had surfaced lately. The group claims NFTs are readily linked to criminal activities including fraud, speculation, and money laundering, producing cascading dangers, and therefore, added that from now on Fujian trading venues must get authorization for NFT trades.

According to the letter, criminals might use trading venues’ compliance credentials to engage in illicit operations since they participate in NFT issuance and trading on behalf of co-sponsors, strategic partners, technical support parties, etc. If the trading venue is not officially known, it will be blacklisted, suspended for rectification, or both.

Concerning investor protection, the group said all trading venues should advise clients to build proper trading conceptions, oppose speculation, and prevent trading product prices from being inflated and straying from the law of value. If unlawful acts are detected, they should swiftly report them. Furthermore, the document instructs all trading platforms in Fujian Province to not engage in NFT issuance and trading activity.
15.3K views07:23
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2023-09-11 12:26:42Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes

Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions about the Federal Reserve raising interest rates further. Bank of America and Goldman Sachs, for example, now expect the Fed to raise interest rates three more times this year.

As the U.S. Federal Reserve continues its fight against inflation, several major banks — including Bank of America, Goldman Sachs, UBS, and JPMorgan — have shared their predictions about how much more the Fed will raise interest rates this year.

Goldman Sachs said in a note Thursday that it now expects the U.S. central bank to raise interest three more times this year after data released Thursday pointed to persistent inflation and a resilient labor market. The bank, which previously predicted 25-basis-point rate increases in the Fed’s March and May meetings, now expects another rate hike in June. The firm’s economists, led by Jan Hatzius, head of the Global Investment Research Division and chief economist, detailed:

In light of the stronger growth and firmer inflation news, we are adding a 25bp (basis points) rate hike in June to our Fed forecast, for a peak funds rate of 5.25%-5.5%.

Bank of America Global Research similarly expects to see three more interest rate increases from the Federal Reserve this year. The bank said earlier that it expected the Fed to raise interest rates by 25 basis points each in its March and May meetings. Bank of America now expects another 25-basis-point rate hike in the Fed’s June meeting, which will push the terminal rate up to a 5.25%-5.5% range. The bank explained in a client note this week:

Resurgent inflation and solid employment gains mean the risks to this (only two interest rate hikes) outlook are too one-sided for our liking.
25.0K views09:26
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2023-09-09 10:10:01
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31.8K views07:10
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2023-09-06 13:25:22NFT Artist Jeremy Booth Wrangles with Western-Themed ‘Outlaws’ Collection

Is the NFT art scene big enough for two Western-themed art styles? A recently-launched NFT collection titled "Outlaws" has some collectors saying its creative approach treads a bit too close to the work of artist Jeremy Booth.

A collection of 10,000 profile picture (PFP) NFTs, Outlaws’ public mint took place last Wednesday where collectors could mint the digital collectibles for 0.05 Ethereum each. They have since sold out, and on OpenSea, the cheapest Outlaws NFT currently goes for 0.067 Ethereum, according to the marketplace’s website.

Describing it as a moral grey area, one self-described NFT artist named Sadboi said the Outlaws project left them feeling “conflicted” on Friday. From their perspective, it is an “obvious reproduction of what another artist is doing.”
27.7K views10:25
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2023-09-04 10:58:11 ​​Uzbekistan Licenses 2 Crypto Exchange Service Providers

The regulatory body overseeing the crypto market in Uzbekistan has issued licenses to two companies that will be providing exchange services. The decision to authorize their activities aims to make it easier for Uzbekistanis to purchase and sell digital currencies, the agency said.

Uzbekistan’s National Agency of Perspective Projects (NAPP) has granted licenses to two entities established to offer cryptocurrency exchange. Crypto Trade NET and Crypto Market have been registered as “service providers in the field of crypto assets turnover,” the authority announced.

The NAPP, which is subordinated to the presidency in Tashkent, is the main regulator for the Central Asian nation’s crypto sector. “The Republic of Uzbekistan is one of the few countries in the world that has a well-formed framework for regulating the circulation of crypto assets,” the agency noted.

The regulator is referring to several presidential decrees and resolutions issued to determine its responsibilities and develop the country’s digital economy, including the crypto space. They introduced rules for the licensing of businesses dealing with cryptocurrencies.
28.6K views07:58
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2023-09-01 18:00:06
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27.5K views15:00
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2023-09-01 12:00:05
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29.4K views09:00
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2023-08-28 15:43:02Move-to-Earn Platform Offers $24K Prize for Just Walking Every Day

Sweatcoin, a move-to-earn platform that rewards users with crypto for the steps they take, has launched a new campaign that would reward one lucky individual $24,000 a year for simply walking each day.

The team said in a blog posted Monday that it’s looking for a “chief walking officer” who will receive a monthly paycheck. All this person is required to do is walk an average of 5,000 steps a day, send a selfie to the Sweat Foundation every month and attend media interviews.

The “chief walking officer” title is just a prize draw, not an open position at the Sweat Foundation. Users wanting to enter the contest can do so via the Sweat Wallet app “for a chance to win the easiest paid role on earth, according to the blog.
36.6K views12:43
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