Thursday, December 9

Tag: Cryptocurrency

N250m crypto fraud: Police ordered to arrest, detain Businesswoman
Law & Order

N250m crypto fraud: Police ordered to arrest, detain Businesswoman

A Federal High Court sitting in Abuja has granted the request of the Inspector General of Police, IGP, Alkali Baba Usman to arrest and detain a Lagos businesswoman, Mrs. Min Ling, for 90 days. The presiding judge, Justice Inyang Eden Ekwo ordered that the woman, who was accused of duping two London-based businessmen to the tune of N250 million, be kept in police custody upon her arrest pending completion of an investigation into the complaints of fraud brought against her. It was however learnt that the 90 days detention order is to commence counting from the day of the suspect’s arrest in any part of Nigeria or abroad. The arrest and detention request was granted by Ekwo while delivering the ruling in an ex-parte application filed by the Inspector General of Police. In an aff...
Digital Currency:  Nigerian coin transition is coming out soon— CBN
Business

Digital Currency: Nigerian coin transition is coming out soon— CBN

The Central Bank of Nigeria (CBN) has said that as the bank continues to face questions over its ban on cryptocurrency transactions in the country. The governor of the CBN, Godwin Emefiele, said this while addressing journalists after a two-day meeting of the Monetary Policy Committee in Abuja. He said the idea of a digital currency would soon become a reality in the country, and that the central bank has already set up its committee, which is working on the concept.
Cristiano Ronaldo becomes first player to receive payment in cryptocurrency
News

Cristiano Ronaldo becomes first player to receive payment in cryptocurrency

The five-time Ballon D’Or winner, Cristiano Ronaldo, became the first footballer to be paid with cryptocurrency when his Italian Serie A side, Juventus gave him 770 Fan Tokens JUV. The Portuguese superstar received the token for his record-breaking goal milestone. Ronaldo surpassed Brazilian legend Pele to become the second-highest goalscorer in history and the highest for an active player after he scored a brace in the 4-1 demolition of Udinese in last week’s game in the Italian topflight. The 35-year-old currently has 761 career goals after he added a hattrick in last Sunday’s 3-1 victory over Cagliari. Juventus is one of the European clubs with official Fan tokens, an initiative meant to deepen the participation of fans in the club’s operation. The Old Lady partnered...
Osinbajo kicks against CBN ban on Cryptocurrency, demands for recheck
News

Osinbajo kicks against CBN ban on Cryptocurrency, demands for recheck

Vice-President Yemi Osinbajo on Friday faulted the decision of the Central Bank of Nigeria to prohibit deposit money banks, non-banking institutions and other financial institutions from facilitating trading and dealings in cryptocurrency. Osinbajo said the monetary authorities should rethink their stand on the issue. According to a statement by his Senior Special Assistant on Media and Publicity, Laolu Akande, the Vice-President stated this in his keynote address delivered virtually at an economic summit organised by the CBN, the Banker’s Committee, and the Vanguard Newspaper with the theme ‘Bankers’ Initiative for Economic Growth.’ Akande’s statement was titled ‘VP calls for cryptocurrency regulation: We must act with knowledge, not fear – Osinbajo.’ The CBN had earlier ...
Cryptocurrency: Senate summons CBN gov, DG SEC
News

Cryptocurrency: Senate summons CBN gov, DG SEC

The Senate on Thursday, summoned the Governor of Central Bank of Nigeria, Godwin Emefiele, and Director General of the Security and Exchange Commission, Lamido Yuguda, over the decision of the CBN to ban the use of cryptocurrency in the country. The decision was taken following a motion by Senator Istifanus Gyang and Tokunbo Abiru, titled, “CBN decision to stop financial institutions from transacting in cryptocurrencies and matters arising therefrom.” The Senate asked its committees on Banking, Insurance, and other financial institutions, Capital Market, and that of ICT and cybercrime to summon Emefiele and Yuguda. The CBN governor and DG SEC are expected to brief the panels on the opportunities and threats of the cryptocurrency on the nation’s economy. The Senate Presiden...
Six main reasons why we banned Cryptocurrency, by CBN
News

Six main reasons why we banned Cryptocurrency, by CBN

The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from transacting in Cryptocurrencies. In a statement on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies. He recalled that all banks in the country had earlier been forbidden, through CBN’s circular dated January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies. Nwanisobi noted that the CBN’s position on cryptocurrencies is not an outlier as many countries, central banks, international financial institutions, and distinguished investors and economists have also warned against its use. He said China, Canad...