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Consortium of Nigerian Banks and Fintechs Cleared to Pilot Stablecoin
7.1.2024
The Nigerian central bank has given its go-ahead for the Africa Stablecoin Consortium (ASC) to pilot its cNGN stablecoin initiative in the financial regulator’s regulatory sandbox. The ASC asserts that the cNGN stablecoin can prove to be vital not only for the country’s payment rails but...
Prohibition of Cash Withdrawals From VASPs Operated Accounts May Contradict Central Bank’s Cashless Policy — Nigerian Lawyer
7.1.2024
Nigerian fintech lawyer Senator Ihenyen said the new central bank guidelines which bar the withdrawal of cash from accounts operated by virtual asset service providers (VASPs) seem “reasonable and understandable.” The lawyer however believes an “outright” prohibition of cash...
Bank of Spain Collaborates with Cecabank, Abanca, and Adhara Blockchain for CBDC Tests
6.1.2024
Source: iStock/Zerbor Spain’s central bank, Banco de España, has revealed its selected collaborators for the testing phase of the central bank digital currency (CBDC) initiative, a year after issuing a call for collaboration. Out of 24 applications received over the past year, Bank of Spain...
Central Bank of Nigeria Approves Africa Stablecoin Consortium to Pilot cNGN Stablecoin in Regulatory Sandbox
5.1.2024
Source: AdobeStock / Faraz The Central Bank of Nigeria (CBN) has granted approval to the Africa Stablecoin Consortium (ASC) to launch the cNGN stablecoin in its regulatory sandbox. The stablecoin is set to be introduced on February 27, 2024, the Africa Stablecoin Consortium, a collaborative effort...
Nigeria’s Central Bank Rolls Out Regulations For Financial Institutions Dealing with VASPs
4.1.2024
Source: AdobeStock The Central Bank of Nigeria (CBN) has issued new regulations to guide banks and other financial institutions that offer domestic accounts for virtual assets service providers (VASPs). In an official circular released on its website on Jan 3, the country’s leading banking...
The Road to Digital Euro: ECB Publishes Crucial Rulebook Draft
4.1.2024
Source: Adobe/Christian The European Central Bank (ECB) has unveiled progress in the development of the digital euro, with the publication of a report detailing the advancements made by the digital euro scheme’s Rulebook Development Group (RDG). The update follows a June 2023 report from...
India’s Digital Rupee Hit 1 Million Daily Transactions in December: Report
4.1.2024
Source: AdobeStock / picsmart India’s digital rupee hit 1 million daily transactions in December, aligning with the Reserve Bank of India’s targeted goal for daily transactions by the end of 2023, Reuters reported. The central bank digital currency (CBDC), known as the e-rupee,...
Nigeria’s Central Bank Fleshes Out New Rule Allowing Crypto Firms’ Access to Bank Accounts
4.1.2024
Nigerian banks are still restricted from holding or trading crypto on their own behalf, despite regulators’ softening stance toward digital assets
Euro at 25: ECB President Christine Lagarde Calls Euro the ‘World’s Second Most Important Currency’
3.1.2024
The president of the European Central Bank Christine Lagarde and fellow European Union leaders recently hailed the euro for its role in giving the bloc “greater sovereignty in a turbulent world.” The EU leaders added, however, that more still needs to be done if the bloc and...
75 US Lawmakers Now Support CBDC Anti-Surveillance Bill
2.1.2024
Congressman Tom Emmer’s CBDC Anti-Surveillance State Act now has 75 cosponsors. “A central bank digital currency is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil and restrict Americans’ transactions,”...
Bitcoin Price Prediction as BTC Keeps Selling Off – Is Negative ETF News on the Way?
31.12.2023
In the ever-dynamic world of cryptocurrency, Bitcoin continues to be a focal point of market activity. As of Sunday, Bitcoin is trading at $42,270, marking a slight increase of 0.52 percent. Amidst this fluctuating landscape, Nigeria’s Yellow Card projects a significant boom in cryptocurrency...
Crypto Ban in Nigeria Stalls eNaira Adoption Despite Global Recognition
29.12.2023
Source: AdobeStock Chinedu Albert, a legal expert specializing in Nigerian tech and innovation, has attributed the challenges facing the adoption of the eNaira, the Central Bank of Nigeria’s digital currency (CBDC), to a previous crypto ban. In an exclusive interview with Cointelegraph...
Nigeria Lifting Ban on Bank Accounts for Crypto Firms Could Lead to Usage 'Surge'
27.12.2023
Pan-African exchange Yellow Card has said it will seek licensing in the country
41% of Central Banks Expect to Have Operational CBDCs by 2028 — Study
26.12.2023
Some 41% of central banks that participated in the Official Monetary and Financial Institutions Forum (OMFIF) study said they expect to have an operational central bank digital currency (CBDC) by 2028. The survey found that the sentiment towards CBDCs is turning positive with 30% of the respondents...
Crypto Expert Chosen by Erdogan for Turkey’s Central Bank Board
24.12.2023
Image Source: Pixabay Turkey President Recep Tayyip Erdoğan has appointed professor Fatma Ozkul, an expert in crypto assets and blockchain technology, to the central bank’s rate-setting committee. According to a recent report from Bloomberg, the nomination of Ozkul was announced in a decree...
Nigerian Central Bank Lifts February 2021 Crypto Prohibition Order
23.12.2023
The Nigerian central bank has reversed its Feb. 5 order which barred banks and financial institutions from extending their services to crypto entities. The central bank said new guidelines align with the Financial Action Task Force’s updated recommendation 15, which calls for the regulation...
Central Bank of Nigeria Lifts Crypto Ban Following New SEC Regulation
23.12.2023
Source: AdobeStock / Faraz The Central Bank of Nigeria (CBN) has reversed its ban on dealing with companies involved in digital tokens. According to a report by BusinessDay, the CBN has now instructed lenders to open accounts for crypto firms, marking a reversal of the ban it imposed in 2021. ...
Ripple Registered With Central Bank of Ireland
23.12.2023
Ripple is now registered as a virtual asset service provider with the Central Bank of Ireland. The company explained that it will “seek to provide services to clients across the European Economic Area once the Markets in Crypto Assets Regulation (MiCA) comes into force at the end of 2024...
People’s Bank of China Stresses on Global Regulation for Crypto and DeFi Markets
22.12.2023
Source: Eagle/Adobe China’s central bank has called on global financial authorities to regulate the digital asset and decentralized finance (DeFi) markets in its recent financial stability report. The People’s Bank of China released a report on Dec 22 highlighting a regulatory pathway for local...
Report: Nigerian Currency Plunges to New Low Versus the US Dollar
22.12.2023
The official exchange rate of the Nigerian currency versus the U.S. dollar recently plunged to a record low of 1,248 naira for every greenback. The governor of the Central Bank of Nigeria has told the country’s legislators that he sees the foreign exchange market stabilizing in 2024. Official...