Crypto Lending: Using Cryptocurrency as Security for Fiat Loans and the Status of Cryptocurrency in Nigeria

Due to the fast-growing adoption of cryptocurrencies amongst households in the U.S., the U.S. Department of the Treasury is launching an education campaign to raise awareness about the risks of investing in cryptocurrencies. The initiative is targeted at investors who have limited access to mainstream financial services. The Treasury's Financial Literacy Education Commission will be in charge of this initiative, ensuring...

5 Lessons Nigeria and other crypto-unfriendly countries should learn from the Israeli Securities Authority (ISA)’s approach toward crypto regulation

In February 2022, the Israeli Securities Authority (ISA) unveiled its plans to regulate the crypto industry in Israel. As was observed in an earlier report on the ISA’s plans to regulate crypto, Israel as a nation has always taken the lead globally, in technology and innovation. In the blockchain and crypto space, although Israel is not among the first countries in...

The Infallibility of the Central Bank of Nigeria and How the Crypto Industry Pays for It

Introduction If the Supreme Court of Nigeria is not infallible, how much more the Central Bank of Nigeria (CBN)? Over the last one year, CBN has been obsessed with cryptocurrencies. Obviously troubled by the increasing adoption of cryptocurrencies in Nigeria and the rate of cryptocurrency transactions completed with the use of bank accounts, CBN issued its 5 February 2021 circular. Crypto...

(Deja Vu – 26:04:2018) “We need to regulate blockchain technology and Internet of Things” – Honorable Solomon Adaelu, National Assembly member

It is against the background above that we bring Nigerians' attention to the 7th order of the day at the House of Representatives on 25 April 2021. The order is a motion on the need to regulate blockchain applications and the Internet of Things technology. Honorable Solomon Adaelu, who serves as the Federal Representative representing Obingwa/Ugwunagbo/Osisioma constituency in the 9th National...