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New Digital currency Regulations To Be Introduced in Pakistan

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Last year, the Financial Action Task Force (FATF) placed  Pakistan on its grey list and introduced a special 27-point action plan for Islamabad to be implemented by September 2019. Pakistan claimed it had been taking all the necessary actions prescribed by the watchdog and met all requirements. However, in February the FATF assessed its progress as limited and urged the country’s government to speed up its work, especially regarding the actions with timelines of May 2019.

“Given the limited progress on action plan items […] the FATF urges Pakistan to swiftly complete its action plan, particularly those with timelines of May 2019,” Reuters quoted a statement as saying.

It can be said that the latest move of Pakistan government can be considered as rational attempt aimed at pleasing  the international watchdog (FATF).

Similarly, the country’s regulator, the Securities and Exchange Commission of Pakistan (SECP), “announced last week that it had initiated legal proceedings against nine companies involved in illegal operations with cryptocurrencies which were offering guaranteed returns on the form of Ponzi schemes.”

As reported by local media outlet, The Express Tribune, on April 1st, 2019, Pakistan government has introduced new digital currency regulations. Pertinently, the country implemented the  rules as a part of the attempt to fight back against financial crimes subsequent to the recommendations made by The Financial Action Task Force (FATF), an international money-laundering watchdog. FATF as a  global monitoring body had timelessly complained about cryptocurrencies’ role in terrorism financing and money laundering. It also stressed that Pakistani anti-money laundering (AML) laws were insufficient to combat such crimes. And because of this, Pakistan had to bring cryptocurrencies under certain regulatory procedures.

The local news outlet noted that “In order to introduce regulations, a ceremony will be held at the Islamabad office of the State Bank of Pakistan today which the Federal Minister for Finance Asad Umar will attend as the chief guest while SBP governor Tariq Bajwa, finance secretary Yonus Dhaga and other officials will also be present.”

“These regulations will help combating money laundering and terrorism financing while it will also help regulation of digital currency throughout the country,” said sources adding the FATF had warned of use of digital currency by terror organisations. The regulations have been prepared in light of the recommendations in FATF’s action plan.

It is expected that all EMIs will have to comply with a set of standard rules to obtain and maintain a license from the Pakistani government. Therefore, “companies will have to meet capital requirements, protect users’ funds, and store their personal data. The government will also have powers to suspend or cancel licenses in case of violations to these rules.”

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Another firm, Booking.com has abandoned the Libra Project

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Booking.com join the list of firms that has pulled out of the Libra Association.

The departure of the leading online travel firm from the Libra Association reduces the membership to just 21 members.

Facebook’s foray into the cryptocurrency industry has been experiencing difficulties as governments warn of the consequences of the global financial system it intends to create via Libra.

Few months ago, Booking.com confirmed to be a founding member of the Libra Association alongside others like PayPal, MasterCard that have already pulled out from the Association.

Booking Holdings CEO Glenn Fogel when he newly became the Chief Executive Officer of the firm behind several travel focus businesses such as agoda.com, booking.com, kayak etc was expressed his opinion on the future of cryptocurrency.

According to him, he said, he believes currencies with blockchain base will continue to surface and may gain acceptance globally.

Earlier few days ago, MasterCard and Visa revealed they would be departing the Facebook’s project. Regulatory pressure most especially from the US has been on the increase recently and this could be attributed to the growing list of firms abandoning the Libra Project.

Senator Sherrod Brown has said Big Tech shouldn’t be given power over public infrastructure like the financial system.

US Treasury Secretary, believes Libra could be used to finance terrorism.

The co-founder of Libra, David Marcus has already come forth to testify of the intention of Libra to create a global financial system while complying with regulatory requirements.

Co-founder of Libra, David Marcus said spoken on the fate of Libra as firms exit the Association. According to him, “I would caution against reading the fate of Libra into this update.”

He went further saying, “Change of this magnitude is hard. You know you’re onto something when this much pressure builds up.”

CEO of Facebook, Mark Zuckerberg has been slated to testify before House of Representatives Financial Services Committee on the 23rd of October

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An open-source map to the Pan-African Blockchain Ecosystem

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Africa blockchain cryptocurrency industry stakeholders have created a map of organizations in the entire African continent.

The map which was made open source currently has data of more than 100 Africa firms building on the blockchain or having businesses that interacts with the industry.

The African continent has been seeing growth in the industry steadily. Based on a data from a report made by Emerge, the numbers of African blockchain focused firms were less two-scores.

However, currently according to data already collected all over the continent which can be seen on the Open Source Map, there has been a tremendous growth in the numbers of firms building blockchain solutions in the continent. The rate of growth yearly since 2017 is over 120%.

The compilation of such data required hundreds of man hours however, representatives from various firms in the industry congregated to collate and arrange the data. The representatives were from CryotoTVPlus, Africa Blockchain Alliance, African Digital Asset Framework, Binance Labs, BitcoinKE, EOS Nairobi, Raise and Microtraction.

From payment gamification, consultancy, media healthcare etc, there are several projects or firms solving problems with the technology.

CEO of CryptoTVPlus, Tony Emeka speaking on the initiative said:

“As one of the largest media firms focused on the industry, we understand the impact visibility plays in the success of a firm”.

He went further saying;

“This map now ensures players in the industry get the right exposure they deserve as they continue doing what they do best, innovating.”

Anyone Can Update the Map

The incredible pace the blockchain technology is growing is unprecedented. As dynamic as it is, daily new challenges facing our social, political and economic environment are showing forth and the blockchain could help provide answers to some of these questions.

The emergence of a problem creates room for a solution, the joy of an entrepreneur, solving problems. These ultimately could create new firms all over the continent.

As an open source map, anyone can update the map with newer data of existing or new blockchain firms in their country or the African continent at large.

Adding Data

The Open Source Map can be found here, the data are found in a Google Sheet, contributors are admonished to keep the sheet clean.

Moving Forward

The world is moving fast, Africans cannot be left behind. In the world of global competition, developing local solutions that are carefully tailored to local needs are crucial to our survival, growth and development as a continent.

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Naijacrypto.com Launches the First Ever Cryptocurrency trading competition module in Nigeria

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Naijacrypto a cryptocurrency exchange launches its first ever crypto trading competition module for both beginner and expert traders

Naijacrypto, in its vision to create outstanding solutions for cryptocurrency traders, is excited to announce the launch of its trading competition module in Nigeria.

Naijacrypto is a highly secure peer-to-peer cryptocurrency exchange. It owns both web and app-based platforms that enables users to conduct trades of some major cryptocurrencies in the market.

This module allows both experienced, upcoming and beginner traders to trade various cryptocurrencies using virtual money and win prizes for good performances.

In this competition:

  • A trader can trade up to 30 cryptocurrencies including Bitcoin, Ethereum and Monero.
  • Trading is with Demo money but the prizes are real!
  • There is a live feed given for every crypto currency the trader wishes to trade
  • Traders can view a leaderboard and see where they stand in the competition
  • Traders can test their trading skills without pressure of using real money.
  • Any trader can pick a competition that suits them.
  • Competitions run daily, weekly or on a monthly basis.
    Chat box available so competitors can chat and learn among themselves

Payout:
All rewards are paid into your Naijacrypto account. Account holders will be able to claim their prizes directly to their wallet once competition is over.

Naijacrypto believes that this competition module is an opportunity for those trying to learn cryptocurrency trading to involve themselves in trade scenarios without the pressure of using real money. The interaction between beginner traders and pros can make the action of pros rub off on the beginners.

The trading competition module is now live on the naijacrypto website. The first competition is free to enter with the winner being rewarded with

100,000 naira for first place,

60,000 naira for second place and

40,000 naira for third place.

We are always open to partner with individuals and organizations who wish to organize or sponsor their own competitions on the platform.

To participate in the first free competitions or any subsequent competitions, simply create an account on www.naijacrypto.com or download the naijacrypto app on the google play store. Please note that there would be deferring competitions on the module with deferring roles.

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Andreessen Horowitz General Partner Chris Dixon, Announces Free Crypto Startup School

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Chris Dixon Announces Free Crypto Startup school for founders

Chris Dixon has announced new free crypto schools focus on educating startups. The announcement was made at TechCrunch Disrupt in San Francisco.

The crypto school according to Chris is to provide a way to teach some best practices in the emerging field of cryptocurrency. The firm will not charge anyone money neither will it take up equity in the companies that participates in the school’s training sessions. According to Chris,

We are going to run a startup school for crypto-specific startups ad what we’ve learned over the last 7 years as best practices in this category.

Chris Dixon revealed that they are going to push the category forward and help crypto startups get going. Chris hopes that startups who participate in this educational program may end up having access to investment from a16z. However, Chris made it clear that participation in the school is not a requirement.

According to TechCrunch, Dixon already runs a Crypto Fund with Katie Haun which was established last year. However, prior the estabslishment of the crypto fund, the firm which Chris Dixon represents had already invested in over a dozen crypto companies including but not limited to Ripple, Coinbase etc.

Cryptocurrency industry has seen many ups and downs over the years. With various unique products and brands going under owing to various reasons not including scams, the crypto asset space demands such initiatives to drive the growth of the industry.
A dedicated page has already been set up on the company’s website for firms interested in signing up for the crypto startup school.

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