Blockchain
Nigeria’s central bank forced to deny claims of crypto account freeze
The circular issued by the Central Bank of Nigeria (CBN) also specifies that regulated financial institutions involved in cryptocurrency transactions or facilitating payments for crypto exchanges are prohibited from doing so.
Recently, the CBN refuted a report claiming it mandated all banks and financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges. It allegedly required these accounts to be placed under a “Post No Debit” (PND) instruction for six months.
A “Post No Debit” instruction restricts certain transactions on a customer’s account, preventing them from making debit transactions, such as withdrawals or payments, while it’s in place.
Initially, there was confusion when the central bank denied the report but later deleted the denial. Eventually, the bank confirmed that the allegations were false.
Furthermore, the bank stated its intention to apprehend individuals engaged in illegal buying and selling of Tether on the listed platforms, especially those using peer-to-peer (P2P) methods. This directive contradicts an earlier ban lifted in December 2023, allowing banks to facilitate transactions for crypto exchanges.
The CBN had previously imposed a comprehensive ban on banks engaging with digital currencies, which was lifted nearly two years later. According to a statement by the CBN, this decision was made due to the increasing global demand and adoption of crypto, which rendered the stringent restrictions imposed in 2021 unjustifiable.
However, concerns arose over the devaluation of the naira and the subsequent inflation rate of 29.9%, leading the government to focus on platforms offering cryptocurrency services. It took action against websites associated with crypto trading, which were known for setting informal valuations for the naira.
Binance faced scrutiny when the CBN raised concerns about “suspicious financial transactions” occurring through Binance Nigeria in 2023. CBN head Olayemi Cardoso stated that $26 billion had passed through Nigeria via Binance in 2023 from unidentified sources and users.
Binance is currently facing challenges in Nigeria, with its executive Tigran Gambaryan, based in the United States, detained in the country. He faces five charges related to money laundering after a meeting with Nigerian officials regarding Binance’s regulatory compliance.
Another executive, Nadeem Anjarwalla, who attended the meeting on Binance’s regulatory issues, escaped custody and was tracked down in Kenya, where he faces extradition.
Source: cointelegraph.com
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Blockchain
Digital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
Digital Payment Gateway Market
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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