Nigeria’s Foreign Currency Crisis Boon for Bitcoin: Country Tops Wallet Downloads Ahead of the US

Nigeria’s Foreign Currency Crisis Boon for Bitcoin: Country Tops Wallet Downloads Ahead of the US

Nigeria’s weakening naira currency, as well as the shortage of U.S. dollars, are forcing businesses to switch to bitcoin as the means of settling payments for Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. A currency exchange website appeared Friday to have been blocked in Venezuela as the online platform prepared to launch a U.S.-backed plan to provide assistance to underpaid health workers battling the coronavirus in the South American country. The European Commission, the legislative body of the European Union, is in the final stages of a proposal for the region’s first cryptocurrency and digital finance framework, according to a report by financial news outlet IFC Review. Successful passage of the law and its subsequent adoption would provide for an optimal legal environment for crypto … The crucial support levels of $11,400 and $11,600 were being tested soon after the last breakdown Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies.

Nigeria’s weakening naira currency, as well as the shortage of U.S. dollars, are forcing businesses to switch to bitcoin as the means of settling payments for international transactions. Nigerian businesses need the American currency to buy new supplies, as well as to order essential equipment from abroad. However, formal sources of foreign currency like banks are failing to meet this demand.

According to a report by the Nigerian publication, Businessday, even Bureau De Change (BDCs), the popular alternative sources of foreign currency in Nigeria, are unable to meet the high demand for dollars.

An anonymous source tells the publication that “in recent times, a few BDCs have tried to take an education in bitcoin operation.” The education efforts are now paying off as “many of them (businesspeople) are coming to ask us how it works, and the ones that already know are switching to BTC for international trade.”

Cryptocurrencies have gained prominence in Nigeria given their use as a medium for settling cross border payments and for remittances. The global pandemic and the associated restrictions on movement appear to have spurred on a new wave of demand for bitcoin. More Nigerians are exploring cryptocurrencies as shown by the number cryptocurrency wallets downloaded.

For instance, data from Local.Bitcoin.com shows that Nigeria overtook the United States as the country with the most downloads of the Bitcoin.com Wallet in the past week.

Out of the 18,613 wallets downloaded between 16 and 10 August, 3,473 were from Nigeria which shows the country is well ahead of the 2,802 from the United States. India is a distant third with a total of 1,420 downloads during the same period.

Data from Usefultulips also shows that Nigeria is one of the countries with high peer to peer bitcoin traded volumes in the world.

The publication also highlights the report by Blockchain.com which shows the country leading the African continent in terms of peer-to-peer traded bitcoin volumes. According to this report, Nigeria recorded trades valued at $34.4 million in the second quarter of 2020.

Meanwhile, the publication quotes Yele Badamosi, CEO of Bundle who says “there are certainly a lot more use-cases for bitcoin in Nigeria. However, Badamosi believes “most people see it as a speculative asset”

The CEO adds “that (speculation) will probably be the biggest and one of the primary use-cases. We then have remittances and a medium of exchange between other currencies (as use cases).” The publication also says the cryptocurrency exchanges that it spoke to “have seen a spike in remittances.”

The Nigerian newspaper also quotes Tomiwa Lasebikan, co-founder and head of Products at Buycoins who is attributing growth in the use of bitcoin “to the naira depreciation which has seen more people willing to hold and trade in bitcoin.”

Rume Ophi, a Partner at Vorem Nigeria is more emphatic in his opinion. He says:

They are using it to buy stuff abroad, especially the people doing business in China because it is lucrative there even though the Chinese government is clamping down on transactions using cryptocurrencies. All you need to do is have a VPN, you are on the internet, you can do your transaction. Bitcoin is not censored so it is difficult for them to control. The number of people spending bitcoin now in Nigeria is increasing like wildfire. I get all sorts of questions these days like ‘How can I start?’ ‘How can I trade?’

Still, some experts say the increased use of bitcoin is also exposing old challenges like poor education and ignorance. A report by Luno, a cryptocurrency exchange, shows that “while more Nigerians were aware of cryptocurrencies, many are not adequately educated.”

Efforts to educate Nigerians about cryptocurrencies and bitcoin are ongoing and just recently, a local cryptocurrency exchange used the local reality television show, Big Brother Naija to showcase bitcoin and its use cases.

Housemates in the reality show were made to participate in a bitcoin quiz. All contestants received $500 in bitcoin.

What do you think about Nigeria’s growing bitcoin use? Share your thoughts in the comments section below.

Bitcoin, bitcoin traded volumes, Bitcoin Wallet, Bureau De Change, Cross Border Payment, Cryptocurrency, Cryptocurrency Exchange, international trade, nigeria cryptocurrency, Nigerian NAira, peer to peer trading, remittances

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: bitcoinslate.com

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Cryptocurrencies archive news by date

Cryptocurrencies archive news by date

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  • Source: coinprofitnews.com


    Online Exchange Blocked in Venezuela Ahead of Health Bonuses

    Online Exchange Blocked in Venezuela Ahead of Health Bonuses

    U.S.|Online Exchange Blocked in Venezuela Ahead of Health Bonuses

    MIAMI — A currency exchange website appeared Friday to have been blocked in Venezuela as the online platform prepared to launch a U.S.-backed plan to provide assistance to underpaid health workers battling the coronavirus in the South American country.

    Opposition leader Juan Guaidó had announced Thursday that starting Monday he would begin registering the 62,000 “Health Heroes” who are to soon receive $100 monthly bonuses in digital wallets provided by Mexico City-based Airtm.

    But Airtm’s co-founder, Josh Kliot, said that in anticipation of the launch some of the company’s 500,000 users in Venezuela reported they were unable to access the website. He blamed the socialist government of Venezuelan President Nicolás Maduro for the outages.

    “You know you’re dealing with a totalitarian power when a government blocks access to a basic need like internet,” said Kliot, who is based in Seattle. “All we want to do is help those who most need it by making money free and accessible.”

    Venezuela’s Communications Ministry did not respond to an email request for comment.

    Press and internet freedom groups say websites critical of Maduro’s government are frequently targeted in Venezuela. Kliot said many of Airtm’s users easily get around the controls using so-called Virtual Private Networks that mask a user’s location. In the coming days, he said, his company will help Guaidó’s team educate health workers on how to use the free software.

    Maduro is “stupid if he thinks he can block a website,” Guaidó said in an online address Thursday night. “We Venezuelans are going to learn how to use VPNs, which are necessary to overcome blockages by dictatorships like yours Maduro.”

    Alp Toker, executive director of the internet monitoring organization NetBlocks, confirmed that the Venezuelan state-run internet provider CanTV has blocked two addresses that Airtm uses, repeating a pattern first seen against the company in 2018.

    “The two restrictions show an ongoing effort to limit access to alternative financial services,” Toker said.

    Use of digital wallets in U.S. dollars and cryptocurrencies has soared in Venezuela as what is left of the country’s middle class tries to protect their savings from from hyperinflation and a downward spiral in the bolivar, the nation’s currency.

    Airtm’s peer-to-peer platform connects holders of hard currency with Venezuelans holding bolivars, who due to strict controls and fixed exchange rates have trouble purchasing dollars through official channels and prefer to avoid the risks of black market transactions.

    Until now, so-called “cashiers” inside Venezuela, partly funded by cryptocurrencies, have been helping move the worthless local script into U.S. dollars linked to Airtm wallets and overseas bank accounts. But with the advent of the health bonuses, hard currency will for the first time be flowing in the other direction, Kliot said.

    Currently, Airtm moves about $25 million a month inside Venezuela, its biggest market. But Kliot expects that amount to expand by about $5 million thanks to the alliance with the opposition.

    Venezuela’s economic crunch has devastated the country’s health system, leaving hospitals short of medicine and equipment even before the pandemic hit. Venezuelan officials have reported 311 coronavirus deaths so far, with confirmed cases topping 37,000. Critics, however, contend the government has vastly under calculated the disease’s toll on Venezuela.

    Money for the health bonuses, which were announced in April, comes from a $24 million tranche of overseas Venezuelan assets that lawyers for Guaidó have recovered in legal battles against Maduro. Accessing the funds required a special license from the Trump administration because they were sitting frozen in an account at the Federal Reserve Bank of New York.

    Some 60 countries, including the U.S. and the European Union nations, recognize Guaidó, the National Assembly president, as Venezuela’s rightful leader. China, Russia and other nations still back Maduro.

    ___

    Joshua Goodman on Twitter: @APJoshGoodman

    ___

    Associated Press writer Joshua Goodman reported this story in Miami and AP writer Scott Smith reported from Caracas, Venezuela.

    Source: www.nytimes.com

    Author: The Associated Press


    ‘Historic’ regulation is coming for cryptocurrencies in Europe

    ‘Historic’ regulation is coming for cryptocurrencies in Europe

    The European Commission, the legislative body of the European Union, is in the final stages of a proposal for the region’s first cryptocurrency and digital finance framework, according to a report by financial news outlet IFC Review.

    Successful passage of the law and its subsequent adoption would provide for an optimal legal environment for crypto firms to build their business and add to the European economy, the report noted.

    The Commission has spent the last year holding consultations with experts and defining cryptocurrencies. Some of these include recognizing digital currencies—both crypto assets like Bitcoin and stablecoins—as financial instruments and introducing a framework for blockchain-based tech platforms.

    Bruno Schneider–Le Saout, the chairman of the crypto advocacy body European Blocktech Federation, noted the qualification of crypto-assets as financial instruments placed the asset class within the extensive set of European and national legal instruments that regulate the region’s trillion-dollar financial market.

    He further called the forthcoming legislation as “historic,” considering the vast opportunities it opens for businesses and entrepreneurs to build digital finance applications.

    “The new legislation will provide legal certainty, which is needed both for crypto-assets that are not covered by existing EU financial services legislation and for the application of DLT in financial services and the tokenization of traditional financial instruments,” said Schneider–Le Saout.

    The legislation also detailed a plan to create a single market for cryptocurrencies so they can be sold across all European countries. This is similar to the introduction of the Euro in 1999, which created a unified currency for all Union members at the time.

    Such an arrangement—for cryptocurrencies—would be made around five aspects: Overall scope, subject matter and definitions, requirements for crypto-asset service providers, requirements on issuers of stablecoins, and supervision of those issuers, the report said.

    The legislation comes as Commission vice president Valdis Dombrovskis stated in June that the lack of legal certainty around cryptocurrencies impeded growth and business opportunities for the region.

    He said at the time, “This is a good chance for Europe to strengthen its international standing and to become a global standard-setter, with European companies leading new technologies for digital finance.”

    Meanwhile, the current proposal is targeting a rollout in the third quarter of this year. However, delays can be expected due to the ongoing coronavirus pandemic, the report noted.

    Source: otcpm24.com

    Author: News Bureau


    Bitcoin Price Prediction: BTC/USD Fluctuates Above $11,600, Shows Signs of Bearish Signals

    Bitcoin Price Prediction: BTC/USD Fluctuates Above $11,600, Shows Signs of Bearish Signals

    Bitcoin (BTC) Price Prediction – August 21, 2020
    BTC/USD dropped to $11,654 low and corrected above $11,800. Today, the price is falling again to the previous low at $11,600. BTC will face serious selling pressure if it falls beyond the crucial support levels.

    Resistance Levels: $10,000, $11, 000, $12,000
    Support Levels: $7,000, $6,000, $5,000

    The crucial support levels of $11,400 and $11,600 were being tested soon after the last breakdown. The support at $11,600 is holding as price is being repelled. After a recent breakdown, price is fluctuating between $11,600 and $12,000. From the August 1 uptrend, BTC was first resisted as the retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that Bitcoin will rise and reached the 1.272 Fibonacci extension level. BTC has fulfilled the recent high of $12,400 (level 1.272). The unfulfilled aspect is that the king coin will return to a 78.6% retracement level or the low of $11,300. Therefore, Bitcoin is likely to reach a low of $11300.

    Bitcoin Outperforms 5 National Currencies in 2020
    Bitcoin is a digital currency that is in a strong performance against all global currencies. Analysts believe that the trend could continue. This is in favor of the argument that BTC is developing as a store of value. Presently, the Bitcoin price has surged by 50% to 128% against all national currencies. It is performing better against devaluing currencies with rates of inflation. For instance, Argentina (peso) recorded 53% in 2019, the highest in 30 years. Concerning Brazil (real) and Argentina (peso), Bitcoin posted 128.4% and 103.50% gains. The king coin recorded a 56% to 69% gains against reserve currencies like the U.S dollar and the euro.

    Meanwhile, Bitcoin has continued to fluctuate above $11,600. According to the Fibonacci tool, the market will fall to $11,300. The price fall will be below the crucial support levels of $11,400 to $11,600 where Bitcoin resumes the upside momentum.

    Source: insidebitcoins.com

    Author: FOLLOW ON


    Cryptocurrencies archive news by date

    Cryptocurrencies archive news by date

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    • First look at Serum’s fast clearing and ridiculously low transaction fees
    • US Congressman Tom Emmer says he does not see XRP as a security.
    • Bitcoin Cash price falls to $280, what to expect?
    • Litecoin price falls to $60, what’s next?
    • Binance Coin price moves to $22
    • EOS price falls to $3.2, rise up ahead?
    • Bitcoin price approaches $11500, what’s next?

    Source: www.feedthecoin.com


    Nigeria’s Foreign Currency Crisis Boon for Bitcoin: Country Tops Wallet Downloads Ahead of the US


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