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Nigeria House of Representative Calls for The Understanding of Blockchain Technology Before Regulation.

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The adoption of Cryptocurrency is spreading like wide fire as countries are setting up regulations to support its usage. Nigeria is set to join the league of early adopters. Hon. Solomon Adeelu has called for a motion to lay down regulations to help the integration of the blockchain technology and cryptocurrencies.

The Hon. who is representing the city of Obingwa, in Abia state filed a motion on “the need to

regulate blockchain technology and the internet of things.” He called on the house that there was a need to first and foremost understand the technology before regulating its use. The senator who believes that the technology has the potential of eradicating poverty from the African continent was full of praise for the technology which he described as “the most disruptive technology man has seen.”

While making a reference to the recently concluded G20 Finance Leaders’ Summit in Bueno Aries, Argentina, he explained that cryptocurrency is not a threat to the world’s financial system. Also referencing the IMF’s July deadline for the regulation of the cryptocurrency. Hon. Solomon believes that Blockchain and cryptocurrency is the future of exchange, data transfer and storage. He also mentioned that the US is ahead of other countries as well as legislators of countries such as UK, Russia, Kenya, Venezuela deliberating and laying down rules on its adoption.

His basics for his call on regulation is as follows:
“The technology is driven by digital transformation. It is one of the technologies every government in the world is cautious about at the moment. It is so revolutionary and disruptive that it has the ability to democratize the issuance of currency. All over the world, the only issuing authorities are the government and their central banks. It is only the government of Nigeria and the central bank that can print naira note, issue it as a legal tender and it becomes a means of exchange for goods and services amongst Nigerians. That monopoly is about to be taken away from the government and given to the people, that is how disruptive this technology is. That is why all major banks in the world are trying to implement this technology into their already existing banking system.”

The Benefits of the Blockchain

Hon. Solomon laid some basic benefits the technology offers, which includes; transparent dealings, recording of all transactions and Data storage. It has the ability to carry out transactions without an intermediary such as a bank.

He called for the house to invite the relevant bodies such as the CBN Governor, Ministry of Finance, SEC, NDIC and the Ministry of Science and Technology to shed more light on the usefulness and benefits of the Blockchain technology. Also urging the house set up a committee on blockchain and internet of things to interface with relevant stakeholders.
He also urged the Central Bank of Nigeria, CBN instead of banning the outright trade using the platform, but rather calls for enlightenment about the best implementation and usage of the technology. He insisted that the legal framework should be put in place and the CBN to engage technological experts and cryptocurrency enthusiasts to educate the national assembly on the benefits of the blockchain technology to enable them to engage appropriate legislatures.

A bright future lies ahead for the blockchain technology in Nigeria as the motion was seconded by Hon. Segun Alex Adekola of Ekiti South Constituency 1. We are looking forward to seeing an adoption of all the points the Senator raised.

Do you think the CBN will be less rigid on its stance on cryptocurrencies as well as open its arms to blockchain adoption? Let’s hear from you in the comment section below.
Featured Image: Dailypost

 

 

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Cardano to Release Version 1.6 of Its Software Product In A Few Days – Charles Hoskinson

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Image: themerkle.com

 

We are shipping the version 1.6 update over the next few days tweeted CEO of Cardano Charles Hoskinson. In the tweet, Charles also requested for some “screenshots” of the new Daedalus and users’ comments on the product whether they like it or not.

Praising the team Cardano team, the Charles Hoskinson said lot of work went into this release and he is extremely proud of the team.

Daedalus is an extensive open source cryptocurrency and highly secure wallet for the Ada cryptocurrency.
It is built with web technologies and features unlimited accounting with advanced security.

Charles formerly was worked in Ethereum as a Co-founder is moved to Cardano where he is building ground breaking innovations using blockchain technology.

Cardano according to the IOHK website is a blockchian platform with more advanced features that any protocol yet developed, and the first to evolve out of a scientific philosophy.

Launched in 2017, Cardano is a product of IOHK created using the Haskell code, a technology firm committed to using peer-to-peer innovations to provide financial services to billions of unbanked individuals all over the world.

It prides itself as a decentralized company that loves innovative teams forming and executing ideas that cause “cascading disruption“.

 

Cardano’s protocol is designed towards protecting privacy rights of users, while also taking into account the needs of regulators. It is the a blockchain platform with more advanced features than any protocol yet developed by a large team of experts engineers and researchers from various field.

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Ripple Hit With Law Suit From Aggrieved Investor For Selling Unregistered Securities

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A class action suit has been amended by an investor in XRP of Ripple. In the suit, Bradley Sostack an investor in XRP alleged that Ripple misled investors and raised money from them by selling XRP token, an unregistered security. A clear violation of Federal laws.

The filing was made on the 5th of August, 2019 and in a Coindesk’s report dated August 13th, the initial class action law suit was filed in 2017 and with this amendment, Ripple has until mid of September to make a response to this action.

 

Citing a SEC’s newly released “Framework for Investment Contract Analysis of Digital Assets, the plaintiff is seeking to defined XRP as an unlawful unregistered assets under the framework.

The SEC Framework makes clear that ‘[w]hether a particular digital asset at the time of its offer or sale satisfies the Howey test depends on the specific facts and circumstances.’ The specific facts and circumstances relating to XRP support the conclusion that XRP is a security under the Howey test.”

 

The contention of Ripple as a security or not has been an ongoing debate amongst individuals in the industry. Some see XRP as a centralized digital asset which should not be touched since the founders hold huge percentage of the total while others do not share this opinion.

 

Since the XRP Token is at current not mandatory to utilize any of Ripple’s products, this has raised concerns on the use cases of the token. Since it cannot be used in any of Ripple’s products, it begs the question of what really is XRP.

 

Ripple is a US based technology company founded by Chris Larsen in 2012. It is currently led by Brad Garlinghouse. It provides frictionless experience to send money globally using the power of blockchain. According to the company, by joining its growing, global network (RippleNet), financial institutions can process their customers’ payment anywhere in the world instantly, reliably and cost effectively.

 

Ripple is expected to respond to the class action not later than September.

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CertiK Announces The Completion of Binance British Pound Backed Stablecoin BGBP Official Audit

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In a post on micro-blogging site, CertiK announced the completion of audit on Binance British Pound backed Stablecoin, the BGBP.

Binance had some weeks ago through its CFO, Wei Zhou in an interview with Bloomberg hinted of the top exchange’s plans to issue own stablecoins. According to the Binance rep, the token will be called Binance GBP and will be fully backed by reserves of the British Pounds. He further continued that more fiat currency pegged stablecoins will also be launched on the Binance Chain.

The Binance British backed stablecoin was verified by CertiK. According to a blog post by CertiK, the auditors utilized their Formal Verification Technology and were able to identify undetected vulnerabilities in the stablecoin providing a more thorough security sweep and offering suggestions.

 

 

Commenting on the Audit and why the exchange sorted the services of CertiK, CZ, CEO of Binance said “CertiK’s Formal Verification bypasses the limits of manual detection, offering one of the most thorough audits in the industry”.

According to CertiK, the audit was done to ensure the source code of BGBP’s smart contracts were free from issues and vulnerabilities. By utilizing its Formal Verification Platform, Static Analysis and Manual Review, the team at CertiK applied a comprehensive examination during which they ensured that the codebase meets best practice and industry standards, that contract logic meets specifications etc.

The results of the audit carried out on the Binance GBP code showed that best practices was followed, the contract is not vulnerable to known securities challenges and that the BGBP is “a more secure, safe, and protected asset”.

CertiK is a blockchain and smart contract verification platform founded by experts from Yale and Columbia University. Incubated by Binance Labs, CertiK has been able to secure strategic partnerships with world’s leading exchanges such as OKEx, Binance etc and has been able to carry out audit on projects such as the LEO, TUSD etc.

The BGBP is a dual issue token, created on both the Ethereum (ERC-20) and Binance (BEP2) Chains. The Binance GBP is currently trading on the Binance.com and Binance.je exchanges.

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Stablecoin Tether Launches Support for Tether (USDT) on the Liquid Network

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Tether on Liquid Network

Stablecoin Tether has now been launched on the Blockstream’s Liquid Network. The announcement was made via a blog on the stablecoin’s official website. Tether communicated the intention to launch on the Liquid Network was initiated by the desire and quest towards “improved blockchain interoperability”.

The Liquid Network is a blockchain for exchanges, brokers, and market makers that enables fast, private Bitcoin transactions with other members of the network. It is designed to allow the movement and issuance of digital assets.

The launch of Tether on the Liquid Blockchain according to CSO at Blockstream Samson Mow, is a major milestone in increasing the utility of the Liquid Network. He also emphasized the benefits such as OTC atomic swaps, super-fast arbitrage between exchanges etc

Speaking on behalf of Tether, CTO, Paolo Ardoino said

“It has been a natural decision to deploy Tether on the Liquid Network given the fantastic work that the Blockstream team is achieving. Issuing stablecoins and various other digital assets under one blockchain platform makes a lot of sense and greatly improves industry efficiency whilst allowing traders to manage all their assets from a single wallet application.

Launched in 2014, Tether has surprisingly withstood several scandals. By its affiliation with Bitfinex, the largest stablecoin with about $4billion market capitalization has met some serious allegations however, it has continue to rage on and has been able to launch on some blockchain networks in time past, for example the Tron Blockchain.

The Liquid Network is one of its several achievements in the year 2019. The launch of Tether on the Liquid Network will open opportunities for new possibilities according to the blockstream website. Some of these possibilities includes enhanced securities trading, instant, low cost stablecoin payments using Lightning support for L-BTC when launched. Arbitrage traders will also be able to take advantage of Liquid’s 1-minute block times to rapidly complete inter-exchange transfer of fiats.

Liquid USDt is currently open for deposit and withdrawal on the Bitfinex exchange with other exchanges working on enabling it such as OKEx, OKCoin etc.

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