Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) – DIGIT INFO

Experts Say Nigeria’s Blockchain Adoption Strategy Likely to Add Clarity and Legitimacy to Ecosystem

DIGIT — Tue, 09 May 2023 11:30:13 +0000

The recent approval of a blockchain adoption strategy by the Nigerian government has been described as a milestone that will “add clarity, trust and confidence in the [blockchain] ecosystem.” The unveiling of the adoption strategy document has also been hailed as a step that will lend “some form of legitimacy” to a technology that many […]

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FTX Collapse: African Crypto Industry Leaders’ Perspective and Advice to Regulators

DIGIT — Wed, 16 Nov 2022 10:00:18 +0000

The collapse of FTX and subsequent calls for tougher regulation by the likes of U.S. Senator Elizabeth Warren have increased the likelihood of regulators adopting even stricter crypto laws. In Africa, crypto industry participants warn of the unintended consequences arising from rushed and over-restrictive regulations. The Game-Changing Role of Crypto in Africa As the crypto […]

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Zugacoin Controversy: Supposed Poverty Eradicating Cryptocurrency Criticized as Just Another Complex Nigerian Ponzi Scheme

DIGIT — Sat, 27 Aug 2022 10:30:06 +0000

After reports that merchants and holders of “Zugacoin” cryptocurrency are unable to make withdrawals, the founder of the Nigerian crypto, Sam Zuga responded by accusing unnamed “ignorant people” of working to tarnish the project. One Nigerian expert has advised prospective zugacoin investors to prioritize learning finer details about the project before investing. A Financial System […]

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Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs

DIGIT — Mon, 06 Jun 2022 08:49:43 +0000

The Nigerian blockchain and crypto advocacy group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) recently announced the introduction of a code of conduct for Nigerian virtual assets service providers. The code of conduct, which was initiated by the office of the President of Nigeria, applies to all Nigerian VASPs. Making the Nigerian Blockchain […]

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Nigerian Agencies Told to Stop ‘Demonizing’ Crypto Industry Players

DIGIT — Wed, 20 Apr 2022 07:30:07 +0000

Nigerian public and law enforcement agencies have been urged to “stop the demonization” of the blockchain and cryptocurrency industry. According to an association that advocates for the risk-based regulation of the crypto industry, financial institutions should not use a Nigerian central bank directive as basis for denying service to industry players. Risk-Based Regulation of Crypto […]

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Nigerian Blockchain Advocacy Group Says ‘Crypto Is Legit’ — Calls for Regulation of Industry

DIGIT — Mon, 07 Feb 2022 13:00:01 +0000

The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has said crypto is legit and must be regulated. The group adds that any such regulation should on one hand encourage innovation, but discourage bad actors on the other. Equal Access to Banking and Financial Services The Nigerian blockchain advocacy group, […]

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Nigerian Lawmakers Urged to Consider Regulating Crypto Industry After Proposal to Jail Ponzi Operators

DIGIT — Thu, 27 Jan 2022 05:00:03 +0000

The leader of the Nigerian blockchain association, Senator Ihenyen, has implored the country’s lawmakers — currently pushing for the securities law to be revamped — to consider crafting laws that regulate the crypto industry. Proposed Law Does Not Expressly Mention Cryptocurrencies As Nigerian lawmakers debate a bill that proposes a ten-year jail term for operators […]

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Nigerian Central Bank Intensifying Fight Against Cryptocurrency Traders

DIGIT — Wed, 10 Nov 2021 13:20:45 +0000

Just a few days after launching the e-naira digital currency, the Central Bank of Nigeria (CBN) is now reportedly ramping up the pressure against cryptocurrency traders. Bank Employees Warned In a memo to its staff seen by Bitcoin.com News, one of Nigeria’s leading banks, FCMB, warns its employees against aiding cryptocurrency traders. The bank reveals […]

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Leader of Nigerian Crypto Stakeholders’ Body Welcomes the E-Naira — Says It ‘Comes With No Magic Wand’

DIGIT — Sun, 01 Aug 2021 09:30:30 +0000

Nigeria’s proposed digital currency, the e-naira, is likely to be a welcome boost to ongoing efforts to reduce the number of Nigerians that are financially excluded, a leader of a stakeholders’ body has said. However, according to Senator Ihenyen, the president of Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the success of such a […]

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