Blockchain
Uncertainty threatens blockchain adoption
Nigeria’s journey toward blockchain adoption is encountering significant hurdles, primarily due to ongoing regulatory uncertainties. Despite the country’s proactive steps, such as the introduction of a national blockchain adoption strategy in May 2023 and the establishment of the National Blockchain Policy Steering Committee in May 2024, these efforts are at risk of stalling without clearer regulatory frameworks.
Current State of Blockchain Regulation in Nigeria
Obinna Iwuno, President of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has expressed concerns that Nigeria’s regulatory environment is still evolving, leading to uncertainty that hampers the adoption of blockchain technology. Although the Central Bank of Nigeria has lifted restrictions on banks’ dealings with cryptocurrencies—permitting virtual asset service providers (VASPs) to operate accounts with banks—banks themselves are still prohibited from holding or trading cryptocurrencies. This partial lift creates a confusing landscape for both financial institutions and blockchain enterprises.
Moreover, while the Securities and Exchange Commission (SEC) is working on regulatory measures for crypto assets, the absence of issued licenses has led to further uncertainty within the industry. The delay in establishing a comprehensive and cohesive framework for blockchain and cryptocurrency operations in Nigeria has raised concerns among stakeholders.
International Comparisons and Suggested Strategies
SiBAN’s president highlights how other countries have successfully navigated similar challenges by implementing clear and supportive regulatory frameworks. For instance:
– Estonia has achieved regulatory clarity through well-defined legal structures and government policies.
– Singapore has fostered a progressive regulatory environment for blockchain technology and cryptocurrency, spearheaded by the Monetary Authority of Singapore.
– Switzerland provides a clear classification system for cryptocurrencies and tokens, distinguishing between payment tokens, utility tokens, and asset tokens.
These examples suggest that Nigeria could benefit from adopting similar strategies, particularly in the classification of digital assets, which could provide the clarity needed for broader adoption.
Recommendations for Nigeria’s Blockchain Policy
Chimezie Chuta, Chairman of the National Blockchain Policy Implementation Steering Committee, has proposed that Nigeria should consider adopting consortium or federated blockchains. This approach involves governance by a group of organizations rather than a single entity, which could offer several advantages:
– Controlled Access: Easier management of who can participate in the blockchain network.
– Scalability and Efficiency: Enhanced ability to scale operations while maintaining high efficiency.
– Support for Smart Contracts: Better integration and enforcement of smart contracts.
– Regulatory Compliance: Improved alignment with regulatory requirements.
These suggestions aim to foster collaboration among stakeholders, improve scalability, and ensure regulatory compliance, which could accelerate blockchain adoption in Nigeria.
Nigeria’s ambition to become a leader in blockchain technology is evident through its various initiatives. However, to achieve its goals, the country must address the regulatory uncertainties that currently stifle innovation and adoption. By looking to international examples and considering the adoption of consortium blockchains, Nigeria can create a more favorable environment for blockchain technology to thrive, thereby enhancing its position in the global digital economy.
Source: punchng.com
The post Uncertainty threatens blockchain adoption appeared first on HIPTHER Alerts.
Codego enables effortless fund transfers across 33 countries with SEPA or SEPA Instant, providing a secure and seamless gateway to international payments.
Codego, a licensed EMI/Virtual Asset Operator and banking innovator, has announced the launch of its groundbreaking Cryptogateway solution for merchants. This new platform sets a global standard in digital payment technology, offering unparalleled functionality for both in-person and remote transactions.
The Future of Payments Is Here
Codego’s Cryptogateway enables merchants to accept cryptocurrency payments seamlessly from customers while receiving funds instantly in their IBAN accounts. Accepting payments in Bitcoin, Litecoin, Dogecoin, Ethereum, USDT, and USDC from customers, while allowing merchants to receive settlements in 35 fiat currencies directly into their preferred IBAN accounts, with zero transaction fees, the solution delivers instant, borderless, and cost-effective payment processing.
Merchants can create multiple Terminal IDs at no cost, making it easy to manage different business locations or divisions. This flexibility, combined with cutting-edge technology, ensures a user-friendly experience for businesses of all sizes.
Why Codego’s Cryptogateway Is the Ultimate Solution
The solution is ideal for industries such as gambling and forex, enabling customers to deposit in cryptocurrencies and ensuring instant settlement of funds directly to merchants’ IBAN accounts.
– Zero Fees: Merchants pay no commissions on transactions, maximizing their revenue.
– Instant Settlement: Payments are processed and funds are available instantly, reducing cash flow delays.
– Global Reach: Supports 35 cryptocurrencies, enabling businesses to cater to a wider audience.
– Easy Integration: Multi-terminal setups at no cost ensure seamless adoption.
– Licensed and Secure: Codego operates under EMI/Virtual Asset and banking licenses in multiple jurisdictions, ensuring full regulatory compliance.
“Codego’s Cryptogateway is not just another payment solution; it’s a revolution in how businesses interact with digital assets. We’re empowering merchants to embrace the future of payments without complexity or excessive costs,” saidSimone Binotto Torre, Chief Operating Officer, Codego.
A Trusted Global Partner in Financial Innovation
Codego is renowned for its pioneering role in the financial technology landscape. With banking licenses across multiple countries and a reputation for providing White Label IBAN bank accounts to emerging neobanks, Codego continues to drive innovation. The company operates 11 branches globally, spanning Europe, the Middle East, the United States, and now Oceania. Its expansion reflects a commitment to bringing cutting-edge solutions to every corner of the globe.
Redefining Merchant Solutions
This Cryptogateway launch is part of Codego’s ongoing mission to revolutionize financial services through innovation. From supporting neobanks with White Label solutions to creating customer-centric payment platforms, Codego’s expertise ensures merchants stay ahead in an ever-evolving market.
The post Codego Revolutionizes Merchant Payments with New Cryptogateway Solution appeared first on News, Events, Advertising Options.
Blockchain
Dizzaract Studio Founder Predicts AI Supercycle by 2025; VanECK estimates one million New AI Agents by end of the year
Ilman Shazhaev, founder of Dizzaract Game Studio, predicts that by the end of 2025, Web3 gaming will enter an AI-driven supercycle, where in-game economies will reflect real-world market dynamics powered by AI.Ilman suggests that AI agents will play a key role in this transition, enabling more personalized gaming experiences.
Since October 2024, AI agents have swarmed social media platform X, pumping nearly a dozen more coins past $100-million market capitalizations, largely on Solana. According to Santiment — crypto analytics platform, the launch of AI agent $NOTAI has been one of most talked AI narratives on X this week.
In addition to it, a recent VanECK report also highlights that by the end of 2025, over 1M new AI agents will be deployed, while the total AI agents’ market cap is about $9.72B according to Coingecko data. Additionally, former messari research Kel Eleje analyst also speculates that total market cap for AI agents and technology could rally as high as $250 billion.
Earlier this week, Dizzaract made headlines with its studio launch in the Middle East, where it now employs 160 people. The studio has introduced patented AI frameworks designed to transform traditional gameplay into adaptive, interactive experiences. Dizzaract holds registered patents for an ‘Adaptive Machine Learning Framework for Gaming Assistance’ and a ‘Personalized AI Learning and Training Framework for Gaming Systems.’
On this note, I would like to share comment from Ilman Shazhaev, Founder of Dizzaract Game Studio “I firmly believe that in 2025, gaming will enter what I call the “AI Supercycle.” We’ll see a surge of games that no longer rely on pre-written scripts but instead respond dynamically to players’ actions, decisions, and even emotions in real time. AI is transforming games into adaptive, living worlds that blur the line between gameplay and real life.AI agents will play a central role in this transformation, going beyond automation to offer highly personalized experiences. They’ll analyze player behavior, adjust strategies, and even act as in-game coaches, tailoring challenges and decisions in real time.
In Web3 games, AI agents can manage in-game economies, providing real-time insights and keeping systems dynamic and responsive. By 2025, digital ownership will no longer be optional — it will be a core expectation. Players will own their in-game assets and identities, transferring achievements seamlessly across games while participating in economies that mirror real-world markets. By 2025, digital ownership will no longer be optional — it will be a core expectation. Players will own their in-game assets and identities, transferring achievements seamlessly across games while participating in economies that mirror real-world markets. AI-driven Web3 games will dominate the market by combining immersive gameplay with decentralized economies. In-game economies, powered by AI, will be as dynamic and complex as real-world markets. These games will transcend entertainment, becoming cultural movements where players act as evangelists, with AI-powered avatars serving as extensions of their digital identities.”
The post Dizzaract Studio Founder Predicts AI Supercycle by 2025; VanECK estimates one million New AI Agents by end of the year appeared first on News, Events, Advertising Options.
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