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Nigeria’s Presidential Candidate Promises Cryptocurrency Regulation In An Attempt To Get More Votes

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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.

An excerpt from the official document points out to blockchain and cryptocurrency regulation, citing:

“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.

 

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Regulation

Crypto Regulation In Japan: The Measures G20 Wants To Impose

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crypto regulation in japan
in tRegulation is always a hot topic in our latest cryptocurrency news. In the latest updates, we are focusing on the crypto regulation in Japan which is a viral topic because of the serious attitude taken by the country. If recent reports are to be believed, the G20 has established a solid agenda. The international organization's busy calendar of activities will first kick off with a general summit on June 1 in Osaka, Japan. As it looks, Tokyo is determined to convince the international counterparts to commit to cryptocurrency regulations right from the outset. In this manner, the crypto regulation in Japan may impose a couple of regulations. First of the list would be the issue of how new exchanges obtain operating licenses from the regulatory Financial Services Agency (FSA) post the Coincheck hack. According to a popular blockchain/crypto consultant named Akio Kikuchi:
“The government appears to have decided that it does not want a China-style shutdown of the industry, or a partial shutdown, like the one the South Korean government has imposed. But what is really wants to do is ensure all exchanges toe the line. And it really wants to end all forms of unregulated trading.”
The FSA has indeed done this. They imposed a strict set of rules for existing exchanges to abide by (as part of the new crypto regulation efforts) and the application process has become a lot more stringent too. However, this is only the tip of the iceberg called crypto regulation in Japan. It is very likely that world leaders will want to spend their time on matters that they feel are more pressing - such as resolving the United States-China trade rift. As many best cryptocurrency news sites report, the issue of crypto regulations is mainly forced by the former prime minister of Japan, Yoshihiko Noda, who wants the topic of crypto regulation in Japan to be brought into the June 1 summit.
“Reaching an international agreement [on crypto regulation in Japan] on June 1 could block North Korea’s ongoing efforts to escape economic sanctions," Noda stated.
However, the prospect of international regulations is getting bigger and featured in the altcoin news more and more often. As some enthusiasts say, people tend to view regulations as a negative thing - but may start thinking about this differently if they abide by the rules.  
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Regulation

Indian Bitcoin Lobby Pushes The Reserve Bank To Accept Crypto

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Indian Bitcoin Lobby
Indian Bitcoin lobby which derives from the major tech lobby NASSCOM is trying to force the Reserve Bank of India to accept cryptocurrencies like bitcoin in its regulatory sandbox. The goal is to improve the future of cryptocurrencies in the country so in the latest cryptocurrency news today we see what they propose. NASSCOM represents about $154 billion of the IT sector in India. The Lobby group is calling for the central bank to include crypto in their ‘’Draft Enabling Framework for Regulatory Sandbox’’ after they decided to exclude cryptocurrencies, crypto trading and ICO from their document. A spokesperson for the group stated that by including crypto in the framework, the bank could better understand the risks and benefits presented by the crypto technology:
‘’Since cryptocoins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox.’’
The decision to remove cryptocurrencies and crypto trading out of the regulatory sandbox is unclear. The decision was also backed by the Payments Council of India which is also trying to find a more open regulatory structure:
‘’The boundaries can’t be defined right away. The discussion has been on how an open framework can be created instead of a subset of existing laws, because then we wouldn’t be achieving the innovation objective. Ideally, they shouldn’t have such large exclusions.”
As per the coming altcoin news, the founder and CEO of the Crypto exchange WazirX believes that cryptocurrencies such as Bitcoin, if mentioned in the regulatory sandbox, could create jobs for people in the country and can even boost the wealth of India. Many business owners turned to cryptocurrencies but still, the sector can’t figure out what the industry will go through next because of the regulatory uncertainty. For this reason, many of the businesses closed down and moved to more crypto-friendly countries. The goal of the Indian bitcoin lobby is to make the central bank reconsider their stance on crypto in order to provide a better climate for crypto startups. Everyone believes that the economy of the country will also get much better if they only made the regulation preferable for business owners.
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Regulating Cryptocurrencies Is Not A Priority: Russian PM

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Regulating Cryptocurrencies
Regulating cryptocurrencies is currently not a priority for the Russian Government since cryptocurrencies lost their popularity in the country according to the Russian Prime Minister. Dmitry Medvedev’s comments were reported by a local news outlet and reached our altcoin news today. According to the reports, Medvedev believes that cryptocurrencies are not interesting for the Russian population and there is no need for mainstream crypto adoption and crypto regulation:
 “The popularity of cryptocurrencies has decreased so far, which likely makes the regulation issue not that relevant already.”
During the annual international judicial forum on May 15, Medvedev pointed out that the problem was previously discussed at the previous forum in 2018. He then urged the government to legislate some of the crypto terms. While Bitcoin was a hot topic in 2018 and later the hype decreased, the prime minister concluded that the time has passed. He also believes there is still no opportunity for the crypto markets to rally. His stance comes amidst the first major bullish sentiment of crypto markets in 2019. This happened when Bitcoin surged from the average threshold of $4,000 to above $8,000 during the 45 days since April 1 according to the data gathered from CoinMarketCap. The Russian crypto regulation bill ‘’On Digital Financial Assets’’ was initially passed by the Russian Parliament in May 2018 but it was sent right away to the first reading stage as reported in the latest cryptocurrency news, after reports emerged there is a lack of major key concepts such as crypto mining. While the parliament of the country has delayed yet again the consideration of the bill, the president of the country Vladimir Putin ordered the government to adopt crypto regulation for the entire crypto industry by July 2019. Last year, for example, Putin made a similar order and tried to create and enforce the regulation by summer 2018. Russia has minimal progress in regulating cryptocurrencies and crypto related policies. The central bank of the country has refused to get into cryptocurrencies or even recognize them as a mean of payment after the head of bank Elvira Nabiullina had a pretty contradictory stance on ICO fundraising calling it ‘’efficient.’’
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ICO Fraud Lawsuit For DJ Khaled And Mayweather Officially Dropped

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ICO fraud lawsuit
ICO Fraud lawsuit against DJ Khaled And Floyd Mayweather were officially dismissed by the federal court. Both of the celebrities were accused of issuing an ICO that centered on the launch of a crypto debit card and we are about to find out more in the latest cryptocurrency news below. Khaled and Mayweather were compensated after using their social media presence to promote their ICO but the court decided that is not enough to make them ‘’solicitors.’’ The court ruled in favor of the defendants due to lack of evidence. In the Mayweather case, the court did not have enough evidence that indicated the boxer was launching a fraudulent ICO. The ruling pointed out that at least two of the plaintiffs bought the Centra Tech ICO before Mayweather started promoting it:
 “The Plaintiff’s complaint fails to establish that Mayweather “successfully solicited” the Plaintiffs to purchase CTR Tokens. […] [T]here are no allegations that this was a successful solicitation, that Mayweather had any contact with Plaintiffs, or that Plaintiffs even saw the posts. […] Mayweather has no relationship with the Plaintiffs. The complaint does not allege that Plaintiffs follow Mayweather’s twitter account or that they saw his posts or video with Centra Tech. In fact, two of the Plaintiffs, Fung Poo and Lee, made their purchases before Mayweather posted on Twitter about Centra Tech. “
DJ Khaled’s ICO fraud lawsuit dropped for the same reasons. The ruling makes clear that the case could have succeeded if the plaintiffs basically ‘’created the market.’’ More specifically, the case could have been built of both of them were the ones responsible for the sale. Since no crucial evidence was found to build such a case, the claims were deemed impossible. Also, as the altcoin news reported, the ruling admits that both Khaled and Mayweather created fake people with fake credentials in order to make their ICO legitimate. Because of the technical nature of the complaints against him, Steven Sykes the CTO of the company had one count against him dismissed. It is still unknown whether the case will proceed. According to the ruling:
 “The allegations against Sykes are based on his involvement with the website. The Complaint, however, is devoid of any specificity with regard to the content of the website, when the website was launched, the alleged misstatements on the website, who determined the content on the website, and if the Plaintiffs ever even visited the website. Accordingly, the Count III is dismissed as to Defendant Sykes.”
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