Inadequate Education Affects Virtual Currency Market In Nigeria
CoinTelegraph spoke with Adelola Sokoya, the founder of Swift eCurrency, a virtual currency exchange based in Lagos, Nigeria, about various aspects of the virtual currency market in Nigeria. The virtual currency market in Nigeria is still evolving. It is relatively well-organised, not regulated by the government, and has a huge potential for the whole of Africa. Awareness takes root. Lola started by describing Swift eCurrency as a company that simply buys and sells virtual currencies, including perfect money, Bitcoin, Neteller, PayPal, and Stp. He says that this is the major activity of....
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Travel much? Bitcoinist discovered that using Bitcoin instead of local currency gives you more Big Macs for your bits, particularly in places like Venezuela and Nigeria. Attn: Travelers & Digital Nomads. It’s common knowledge that buying Bitcoin might make a great investment. It can also save you money when you use it to buy products at Amazon via Purse.io. Less well known is that using Bitcoin can slash your travel costs as well particularly in places like Venezuela and Nigeria. Both these countries have capital controls on their economies and black markets for hard currency,....
The Central Bank of Nigeria has issued a notice to financial institutions in the country, including banks, warning them of virtual currency transactions while effectively barring them from holding any reserves of virtual currencies. Contrary to some chatter making rounds that Nigeria has banned bitcoin, the Central Bank of Nigeria (CBN) has issued a circular among banks to urge vigilance with virtual currency transactions. Penned by Kevin Amugo, the bank’s Director of Financial Policy and Regulation, the regulatory authority sees risks inherent with virtual currency transactions, such as....
The quest of promoting "freedom of money" has brought one Bitcoin enthusiast to the verge of joining politics. D Alex Millar, a former high school teacher and an experienced software engineer, has decided to run for Canada's upcoming federal elections as an independent candidate for Vancouver East. In his article-cum-manifesto published on straight.com, the aspiring politician discussed the issues related to the current monetary system; and how a decentralized digital currency like Bitcoin could circumvent them all. "The way money is created affects jobs and the economy," Miller stated.....
In a national survey conducted by the Massachusetts Division of Banks in collaboration with the Conference of State Bank Supervisors (CSBS) in May of this year, it was found that many consumers are aware of virtual currencies like bitcoin, but express concern about using or interacting with them. The survey, which polled 1,000 consumers, came to the following points:51% of those polled have heard of virtual currency, with awareness varied by race, gender, income, and education level. Respondents with higher incomes or higher education levels were 60-80% more likely to know about virtual....
Nigeria is likely to have its own central bank digital currency (CBDC) by the end of the year, an official with the Central Bank of Nigeria (CBN) has said. In his remarks following the bankers’ committee meeting, Rakiya Mohammed, who is the director of information technology at CBN, also revealed that this “digital currency would be accessible to all Nigerians.” Stakeholder Involvement However, according to a report which quotes the IT director, the CBN’s digital currency will be unlike privately issued cryptocurrencies such as bitcoin, which a Nigerian senator has....