It seems like using ‘cryptocurrency’ in your mission can help you in many ways. After all, this was beneficial for many brands who made most of the crypto initiative and grew their value proving that they are digital-friendly. In the latest cryptocurrency news, we are focusing on the same subject – cryptocurrency regulation – which was mentioned by a candidate who is competing for Nigeria’s general elections which will take place in February 2019.
Atiku Abubakar is the name of the presidential candidate of the People’s Democratic Party (PDP) which is the country’s largest opposition party – who included the creation of a “comprehensive blockchain and digital currency policy” in his official policy document.
The move comes as a surprise as the country’s regulatory establishment led by the Central Bank of Nigeria has held a very cautious but non-hostile line towards cryptocurrencies. Atiku, who was a vice president in Nigeria between 1999 and 2007, is now running a modernistic approach and trying to disrupt the status quo present in the country – all while slumbering the economy of the country into life.
“In harnessing the potentials of the new economy, we shall promote the Production of a comprehensive policy on block chain technology and crypto-currencies by the relevant government agencies. The terms of this mandate will ensure that these areas are regulated and managed in a way that provides job opportunities as well as income for the government and people of Nigeria. Regulation will provide clarity for informed decision making, in this $278 billion industry that consists of 1,800 currency types.”
Atiku is also seeking to present his vision of large-scale job creation as necessary for the national security, all while positioning himself as a leader who is well-suited for the 21st century (in contrast to the current 78-year old Muhammadu Buhari who has been criticized for handling the economy poorly in many occasions.
As Atiku said during the launch of his policy:
“My mission is to ensure that Nigeria’s economy is responsive to the challenges of the 21st century knowledge economy by keeping with the amazingly dynamic technological pace.”
This is the first time cryptocurrency regulation is a subject of serious political discussion on the African continent – which is why it is worthy of commenting. With a GDP exceeding $450 billion and a market of over 177 million people, this initiative could place Nigeria as a pioneer in the global cryptocurrency market.
Russian State Duma To Review Crypto Regulation: Preparing For Oil-Backed Crypto
“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
Thailand Legislative Assembly Permits Issuing Of Tokenized Securities
Texas Regulator Reaches Agreement With Four Crypto Companies It Previously Accused
“The orders cited a total of 60 individuals and entities. None of the individuals or firms were registered to sell securities in Texas.”
US Regulators Decision On BTC ETF Will Set The Mood For The Crypto Market: KRX
“The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of Bitcoin ETFs within the market — which is why we are observing the progress and response of the US SEC’s decision on Bitcoin ETFs.”He added that the KRX is considering the provision of a solid Bitcoin index as well which will be required for the launch of such ETFs. South Korea’s blockchain market has seen the launch of blockchain ETFs by investment banks because of the incredibly lower level of scrutiny they get from the national watchdog. A professor at Korea University’s Graduate School of Information Security Lee Kyang-ho argued that the health of the blockchain sector in the country could eventually create a path for crypto ETF integration by saying:
“With the government expanding its investment in research and development of blockchain technology, the projects are expected to minimize or eliminate the risk of integrating ETF transactions in the cryptocurrency market.”
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