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FIRS Move to Commence Collection of Tax on Online Transactions to Boost Market for Crypto Payment Solutions

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The Federal Inland Revenue Service FIRS, the Nigeria federal tax administration body has announced it will start collecting tax on online transactions. The type of tax called Value Added Tax is expected to remain the same 5% on goods and services purchased online.

Nigeria gets majority of its revenues from oil proceeds however, in recent years; the tax collecting body has been seeing increasing tax collection rate as opposed to previous tax periods that was characterized by stupendous tax evasion.

As the Nigerian state continues to exploit ways to increase its tax collection, the move into the digital space may have come as a shock to some. The tax body desires to collect tax on digital transactions. Though it hasn’t disclosed if there will be any other form of exemption on its’ 5% VAT Collections.

As one of the most populous countries in the world with quite an unstable local currency which Nigerians are taking the initiate to better their lots by growing and storing wealth in cryptocurrencies. Cryptocurrencies enables Nigerians to bypass slow, cumbersome and high fees traditional means of sending and receiving money all over the world.

The announcement of the online tax has brought some questions about the implications of the tax on the Nigerian people and businesses considering the E-commerce industry is still an infant industry when compared to the oil and gas industry with several people expressing total dislike for the tax. The ingenuity of the Nigerian people has been tested at several times and surprising they continue to produce outstanding results.

 

As the FIRS attempts to continue with the taxation on online goods and services, it is understandable that there are three options. One where the individuals forsake online payments and revert to cash, continues and pay the 5% VAT on purchases or find a way to reduce their total amount expended on purchases.

 

Trading in cryptocurrencies has also been a way to make more wealth. The daily trading volume of cryptocurrencies which stands at over One Billion Naira is a testament to this.

 

The Federal Inland Revenue Service has not disclosed if some goods and services will be exempted from this digital tax. Since the 5% VAT will be deducted upon purchases by agents of the tax bodies which are banks, there is an opportunity for cryptocurrency as a means to make purchases online without having to encounter additional charges.

Considering the fact that the tax could increase the cost of online goods, cryptocurrency payment solutions offer a convenient way to avoid paying extra cost. Several cryptocurrency firms offer crypto debit cards which allow owners to buy anything online with their bitcoin, ethereum or other cryptocurrencies without having to go through the local bank accounts.

 

As the knowledge of cryptocurrencies and blockchain grows in Nigeria with the Nigeria’s Federal Tax Body intention to push for the enforcement of  this online tax, consumers would seek for the next alternative that does not cause them to expend more than they ought to. That alternative is cryptocurrencies and this will undoubtedly boost cryptocurrency payment solutions.

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Adoption News

Campus BCAT 2019: Promoting Awareness on Blockchain & Cryptocurrency as Zenith Bank & Globalcom Subtly Hints at Adoption

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Cryptocurrency and the underlying technology Blockchain continues to gain traction all over the world. As the world continues to learn the various ways the technology can be impact social, political and economical construct, various disruptive business models and industries will rise up displacing the old or rebranding them.

As the global stage gets set, various countries are beginning to see promise in the technology and understanding how truly impactful it could be when fully harnessed.

As the most populous African nation, Nigerians who understand the importance of the technology to their personal good are utilizing it to create wealth for themselves either by trading or investing. Others are utilizing it as a means to receive and send low cost funds from/to the various countries on the planet.

As Nigeria commands great volume in cryptocurrency trading despite the awareness level in the country, much can be achieved when there is substantial awareness (though substantial is non-quantifiable).

With various players in the Nigerian blockchain industry calling on the government to make positive move to grow the industry in the country by coming out with clear regulatory policies, the industry is yet to see the activities of the government.

As the banking industry in the country was revolutionized by the private sector, it appears the Blockchain industry will follow the same part.

Blockchain and cryptocurrency awareness is an interesting issue in the local industry and as such, various moves are been made yearly by enthusiast and industry leaders to drive the awareness of the technology.

The awareness campaigns has mostly been targeted at retail entities, but, in an ironic situation, some corporate giants in the Nigeria business environment are coming out to subtly give hints of possible adoption of the technology.

While these may appear somewhat insignificant to others, the blockchain and cryptocurrency industry sees great prospects in them.

Banking & Telecom Giants Speaks Bitcoin & Blockchain

In a surprising move, a giant in the Nigeria Banking Industry, Zenith Bank featured the Bitcoin Logo on an Ad it made on YouTube. The Ad was about a young man thinking of various items, one of which was Bitcoin.

In a similar way, local Telecommunication Firm Globalcom had in a Facebook post given indication of possible recognition of the blockchain technology.

The post read “The 21st century has witness many innovation. From smartphones, to electric cars, to blockchains, and so much more. What innovation has been most useful to you?”

The drive to see the speedy adoption of blockchain technology and cryptocurrency in Nigeria has informed various seminars, conferences, campaigns and other events targeted at spreading awareness of the impactful nature of the technology to our way of life, business and governance.

In a strategic move to see quick adoption technology in the country, Campus BCAT was developed as a blockchain and cryptocurrency awareness campaign targeted at those it matters, the students of Nigerian tertiary institutions.

As the potential leaders of the future, the Nigerian students with their great ingenuity are capable of taking the country to the promise land. Campus BCAT 2019 is the spark that will ignite the fire. Let it Rage!

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Opinion

The Next Tech Unicorn around the Blockchain Technology in Africa Could be Birthed by A Nigerian Student

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Campus BCAT 2019 is a blockchain and cryptocurrency awareness tour designed to expose students to the vast potentials and possibilities in the blockchain industry, it developed to address the challenges of transcending the barriers to successful growing ventures in the blockchain space.

Since the creation of the internet, though there have been ups and downs on the applications built on the internet protocol, outstanding innovations occasionally surface. Over the years, the capability of the internet has grown greatly. In its early days, complex multimedia could not be accessed or viewed on the internet, yet today, we can enjoy a 3 hour movies via streaming services such as Netflix.

Over the years, the capability of the internet has grown greatly. In its early days, complex multimedia could not be accessed or viewed on the internet, yet today, we can enjoy a 3 hour movies via streaming services such as Netflix.

The rise of Artificial Intelligence, Augmented Reality, Virtual Reality, Machine Learning capabilities continues to present increasing business opportunities for entrepreneurs and life-changing prospects for consumers.

In the last decade, the blockchain technology was birth as the underlying technology behind the Bitcoin cryptocurrency. While the cryptocurrency’s major application was/is in the finance sector, new blockchain networks have emerged helping to expand the possibilities of the ingenious technology conceived and built by the esoteric Satoshi Nakamoto over a decade now.

While the cryptocurrency’s major application was/is in the finance sector, new blockchain networks have emerged helping to expand the possibilities of the ingenious technology conceived and built by the esoteric Satoshi Nakamoto over a decade now.
While the (bitcoin) cryptocurrency’s major application was/is in the finance sector, new blockchain networks have emerged helping to expand the possibilities of the ingenious technology conceived and built by the esoteric Satoshi Nakamoto over a decade now.

As we continually see the unprecedented rise in various technologies, learning and understanding how they work is key to leveraging them for building game-changing solutions that will revolutionize our current political, financial, economic and social structures.

With the growing interoperability around newer and traditional innovations, opportunities are springing forth that could potentially tilt the scale of economic dominance around the world.

Blockchain technology has been discovered to be just as revolutionary as the internet was, some share the opinion that the blockchain could be bigger than the internet itself considering its fascinating and game-changing lures. That is obviously a heated debated topic in various tech spheres.

That is obviously a heated debated topic in various tech spheres.

With the various challenges across Africa, the blockchain when leveraged undoubtedly will revolutionize existing infrastructure.

As Africa continues to be home to a powerful and innovative Startups, the stage is getting set for new entrants who are learning from the mistakes of others to build sustainable and high growth potential businesses.

As the Africa Free Trade Agreement has been signed, firms in the Africa territories are to enjoy unrestricted access to a wide market spanning across hundreds of millions of consumers. This gives founders and entrepreneurs added benefits to take their solutions/businesses continental.

This gives founders and entrepreneurs added benefits to take their solutions/businesses continental.

Nigeria is one of the largest markets in Africa, the population has an advantage since once they successfully capture the Nigerian market, other territories will only just be a great boost to their total market share.

It must be noted that however the increasing potential for entrepreneurs across Africa and the wealth of possibilities around current technological innovations with an emphasis on the blockchain technology, education is imperative in achieving widespread adoption and building innovative products.

It is on this premise that a blockchain and cryptocurrency awareness campaign has been developed to take the gospel of blockchain possibilities to the length and breadth of the Nigeria campuses. The awareness tour is expected to

The awareness tour is expected to expose students to possible futures in the blockchain industry, arouse their curiosity to the vast possibilities in building block blockchain-powered solutions, expose them to commonplace challenges that can be locally revolutionized using the technology etc.

The Great Nigerian Students are resourceful, resilient and capable of beyond-greatness moves, preparing them for the future by taking them through the to and fro of blockchain educational processes, mentorship and leadership training. This will help position them to take the world by storm and not get caught in the web of helplessness due to the horrific spate of unemployment presently hounding the nation.

This will help position them to take the world by storm and not get caught in the web of helplessness due to the horrific spate of unemployment presently hounding the nation.

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Opinion

One Africa, One Coin: Akon As A Beacon of Hope For Entreprenuers in Africa Through the Akoin Cryptocurrency

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Access to financial resources has always been an issue undermining the potentials of various markets in Africa. Africa is host to individuals of great diversity but one thing which is unifying in spite of the great differences is the entrepreneurial spirits in Africans.

Various organizations have been coming to Africa and those initiated by local bodies have been pushing to grow the economy of Africa countries through various programs.

World renowned Rapper Akon is one of those individuals taking the initiates in gradually affecting lives of entrepreneurs by providing them access to the necessities which they so much desire as well as helping families across the continent.

Not long ago, Akon announced his intention to build a ‘crypto city’. The intention was met with great across the world and crypto industry in particular. The city is expected to utilize the Akoin cryptocurrency for economic value exchange.

“Akoin is a new cryptocurrency from visionary changemaker Akon and is the foundation of the AKoin Ecosystem – a unique global project that offers an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion”.

“Akoin will provide a much-needed platform for individuals to gain access to educational materials, tools and resources to make their entrepreneurial visions a reality. This, in turn, will foster a more sustainable environment that encourages a focus on entrepreneurship over charity.”

Akon Launches “Activate our Akoin Entreprenuers”

As part of his vision in supporting Africa entrepreneurs, Akon has launched the “Activate our Akoin Entreprenuers!” campaign. The campaign is designed to help lift up entrepreneurs in rising economics like Africa and beyond and make sure they get the chance to become the future business titans/leaders they deserve to be.

The campaign involves donating to support the initiate and receiving for each one dollar donated the Token of Appreciation TOA cryptocurrency. The TOA will hold no monetary value at present time. It is a symbol of conscious effort to see the betterment of others in the world.

According to the Akoin Foundation website, the Campaign is believed to address the challenges of entrepreneurs who will create the products and service, and associated jobs for the next generations to thrive. The objective is to educate, inspire and activate 2 million new CEOs in Africa and beyond by 2030.

The goal of the Campaign is to create immediate opportunities for young African entrepreneurs to learn, earn, save and grow.

The donation received will help fund programs that offer business and skills development such as learning, marketing, community building and earning opportunities for Akoin Ambassadors. The donations are expected to continue till 37 days time from this publication.

As the fund raising goal is to help build the Akoin Platform, the technical heart of the Akoin ecosystem and help jumpstart it’s philanthropic program, it is moving in the right direction as it already received as donations $168,072 from over 2600 participants.

Akon aspires to be the President of his country by 2020, what values he will bring to the Senegalese economy would be invaluable.

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Opinion

Expanding the Opera Platform Aggregation Business in Nigeria Using Blockchain & Cryptocurrency Technology

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Nigeria is a big market for lots of products. As the most populous black nation, Nigeria’s daily expenditures run into billions of naira. In spite of economic position in the country, Nigerians are still heavy spenders.

Opera took the Nigerian mobile browser market over with its portable, clean and fast UI/UX browser the Opera Mini. On Java Mobile Phones, the Opera Mini browser was the most preferred amongst various at the time.

As the Android OS became mainstream, the same reason why Java phone users loved became even more noticed in the intuitive Android Version. Clean UI which enables users to access, share and save web contents easily has continued to draw others into it.

 

Opera News Content Aggregator

With the commencement of Opera News Aggregator services that is integrated into the Opera Browser, an app that churns out daily, thousands of contents to users all over Nigeria thus enabling indigenous users and the world over to access news, sports updates, gossip, music, videos, basically contents on all subjects, the firm is growing in its business as an impressive rate. Of some of the interesting features of Opera News Aggregator is the machine learning ability which serves content based on pre-viewed contents or searched keywords.

This ensures that users of the Opera browser receive constant personalized contents which keep them coming back for more.

For some time, Opera has been working on developing a cryptocurrency for its Browser similar to the Brave Browser.

As one of the leading browsers, the move to integrate cryptocurrency wallet appeals to the enthusiasm of cryptocurrency users not forgetting security concerns though.

 

OPay and ORide Business Strategy

Growing and expanding it’s aggregation business, the Parent Company of Opera has floated a finance technology subsidiary OPAY (Opera Pay) which it hopes strengthens the position of the firm in the growing fintech industry in Nigeria.

As part of its strategy, the ORide, an On-Demand Motorcycle Hailing Service was launched to disrupt the motorcycle hailing business in Nigeria. These series of moves are designed to capture significant user base in the country.

How Cryptocurrency Can Enable Opera Win Huge User base

Opera has already captured the content aggregation business with incentives to content creators where they share in the revenue generated from the advertisements on the aggregated articles.

Since Opera already has a large user base which if combined with other growing enterprises will see it as one of the largest in Nigeria other than Facebook, Twitter etc, the blockchain technology can enable Opera achieves mass adoption.

 

The Opera content aggregator relies on two most important classes of people to thrive. These are the Content Creators (blogs, vlogs, news portals etc) and the Content Consumers (readers, viewers). The current arrangement is effectively rewarding content creators for contributing thus Opera cannot be sued for reproduction or stealing their contents. 

 

Next is how to incentivize users to come on more unto the platform. Data is Oil in the 21st century. Data can only be gotten when there are users’ activities. The higher the number of users, the higher the volume of data.

With the Opera News Content Aggregation already integrated into the Opera Browser software, and the cryptocurrency wallet, Opera could either launch a token (appreciable or stable) which it can use to incentivize (reward) Content Consumers when they click and read an article or watch a video.

The desire to earn while enjoying one’s time will draw thousands of users ranging from secondary to tertiary and other classes of people to use the Opera browser.

Opera has the financial capabilities, the technical competence, the tools, infrastructure and the market has not been touched in Nigeria.

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