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Nigerian Government Urged to Adopting the Blockchain Technology

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The blockchain technology is sweeping across Africa and different governments are investigating, regulating or adopting the technology. However after moving a motion to understand the technology by a lawmaker in the Nigerian National assembly in April, little or nothing has been said about the fate of the blockchain technology nor its underlying use case, cryptocurrencies. Governments across the world are already adopting the technology and the Nigerian Federal Government has been advised to also adopt and invest in the blockchain technology. As the technology would help attract Foreign Direct Investment (FDI) into the country.

The Governor Reserve Bank of Zimbabwe recently announced that the country would take time in studying and understanding the technology. However the same cannot be said for the Nigerian Government. However, the  Chief Executive Officer of Kure Holdings, Mr. Tega Abikure, called on the government of Nigeria asking them to adopt the technology. Mr Abikure, who is also the founder of Kurecoin was of the opinion that with the effective  collaboration of the industry and governmental support, the adoption of blockchain technology could become a major source of foreign direct investment for Nigeria.

Tega Abikure Ceo kurecoin

Mr Abikure who spoke during a company investment forum held in Lagos recently noted that the Nigerian government was slow to adopting the technology which could serve as a drive changing the economic development in the nation. He revealed that while other nations were adopting it we were lagging behind. He state, “South Africa has already started taking actions, same as Uganda.” He explained that although Ponzi schemes have negatively affected the reception of cryptocurrencies, with understanding, the government can adopt this life changing technology. Mr Abikure explains, “The 21st century economy is one based on information and proper education. Blockchain and its applications would only bring ultimate benefits when people begin to study properly and then put this knowledge to effective use.”

The advice is one that the government of Nigeria needs to look into. Countries like South Africa, Zimbabwe, Kenya, and even Ghana are taking huge steps towards investigating and adopting the blockchain technology. Nigeria shouldn’t be left out of this revolution sweeping across industries.

 

What do you think the Nigerian government adopting the technology? Share your opinion with us in the comment section below.
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Nile University has partnered with Cryptography Development Initiative in Nigeria (CDIN)

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Abuja based tertiary institution, Nile University has partnered with the Cryptography Development Initiative in Nigeria (CDIN) to help equip students of the University with the necessary tools needed in the current digital age.

The MoU which was signed on the 15th of October, 2019 with the attendance of the Vice Chancellor of the University, Professor. Dr. Osman Nuri Aras and Mr. Adeolu Fadele, the President of CDIN.

Also present were other officials of the institution such as the Deputy Vice Chancellors Professor Steve Adeshina and Professor Nurettin Can. Others from other facilities were also present.

The partnership according to the Vice Chancellor of the University, Prof. Nuri Aras believed will help prepare the students of the University to face the digital world with the necessary tools.

Deputy Vice Chancellor – Admin, Professor Nurettin Can contributing said “the partnership with CDIN will provide the University’s students a wonderful opportunity to supplement their theoretical knowledge with valuable practical experience.”

President of CDIN Mr. Fadele Adeolu speaking on the partnership said Nile University has shown foresight in partnering with CDIN as not very many academic institutions appreciate the value of skills offered by the initiative.

About CDIN

“The Cryptography Development Initiative in Nigeria is a non-governmental organization and a platform for bringing stakeholders in Nigeria to work on a common interest of addressing gaps in cryptography.

According to its website CDIN envision Nigeria among nations of the world leading advancements in cryptographic innovations and breakthroughs.

It’s mission is to create a platform for encouraging the learning and practice of cryptography in Nigeria and collaboration among relevant stakeholders.

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Tokyo-based Cryptocurrency Exchange Adds 5 New Altcoins to Its Europe and US Platforms

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Bitflyer, a Japanese cryptocurrency exchange based in Tokyo made this announcement very recently. It recently announced the addition of new cryptocurrency offerings on its trading platforms. The five new altcoins will be added to its Europe and Us platforms. The European platform will have access to: Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Lisk (LSK) and Monacoin (MONA). The US customers will have immediate access to three of these coins: BCH, ETC and LTC.

Bitcoin anticipates that by adding these new Altcoins, it is expanding its buy/sell offer. This will, therefore, give its customers instant access to some of the largest altcoins in the world. These coins have already been made available to its Japanese customers. The firm admits that the response from its Japanese customers was tremendous. This is possibly a motivation for the extension of two of its most significant customer bases- US and Europe. With Bitflyer’s experience in Japan, it believes it can offer the same to its European and US customers. Its standards of simplicity, efficiency and transparency to current Bitcoin and Ethereum traders would be maintained.

Bitcoin has made efforts to upgrade its products and services. It joined forces with Tpoint Japan last month to launch a Tpoint program. This program enables users to acquire T-point rewards while making Bitcoin purchases. The T-points acquired can then be used to earn Bitcoin.

Bitflyer partnered with Sumitomo Corporation in July to transform the real estate industry in Japan. With this project, the rental customers can complete a house renting process using their smartphones. The Miyabi blockchain which is driven by smart contracts will bring about a revolution in the country’s rental processes. Thus, reducing time and administrative costs incurred in handling such issues. It is obvious that Bitflyer is out to provide service upgrades to its customers this year.

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SEC Charges ICOBox & Founder for Illegal $14 million Securities Offering

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The Security and Exchange Commission of the United States SEC has filed a lawsuit against ICOBox and its founder Nikolay Evdokimo for the conduct of an illegal securities offering of ICOBox’s crypto token.

The investigation which was carried out by Brent W. Wilner also charged ICOBox for acting as an unregistered broker for cryptocurrency token sales ICO.

Based on SEC press released, ICOBox in 2017 sold unregistered digital assets to the public to raised funds in order to build a platform for initial coin offerings ICO. The amount raised was from over a couple thousand investors amounting to an estimated sale of over $14 million worth of “ICOS” tokens.

It was revealed that ICOBox assured investors the token would increase in value upon trading on cryptocurrency exchanges and holders will be able to swap them at a discount for other digital asset offerings on the platform.

The assurance of ICOBox was not met as the ICOS tokens became of no worth. According to SEC, the defendant acted as a broker but failed to register as one and help to facilitate the sales of digital assets to several dozen clients who raised over $650 million.

According to Regional Director of LA Regional Office Michele Wein Layne, ICOBox and its founder, Nikolay Evdokimov ignored the registration requirements of the federal securities law and exposed investors to investments which are now virtually worthless, without providing them information that is essential to investors to making informed investment decisions.

Based on this, the SEC has charged both the platform and its founder with violating the registration requirements of the federal securities laws and seeks injunctive relief, disgorgement with prejudgment interest and civil money penalties.

The investigation was supervised by Victoria A. Levin, Alka N. Patel, and Ms. Layne of the Los Angeles Regional Office.

ICOBox described itself as “the first and the biggest new generation Blockchain Growth Promoter and Business Facilitator for companies seeking to sell their products via ICO/STO crowdsales”.

The litigation is being conducted by Amy J. Longo of the Los Angeles Regional Office, SEC revealed.

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BAL Announces Partnership with French Non-For-Profit Blockchain Organization TAAL to Spread Globally Awareness on Blockchain Technology

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The Blockchain African Ladies has partnered with TAAL, a French Non for profit Blockchain training hub for women. TAAL which is an acronym for Technological Association for Advanced Learning is an organization dedicated to helping people understands new technologies; promote inclusion and equity in the blockchain sector.

Blockchain African Ladies (BAL) is a non for profit educative forum that brings together African women via blockchain education. It aims to educate African ladies on the potentials and opportunities of the technology and how they can utilize it for financial inclusion.

As an organization spread across various nations in Africa, BAL wants to build stronger ladies who will bring about great innovations from the blockchain technology. From regular meet-up, workshops, conferences, mentorship programme etc, BAL seeks to raise courageous, innovative leaders in the blockchain space.

The partnership with TAAL according to BAL is to help more women to discover Blockchain technology around the globe. “It will strongly promote innovation & inclusion for women through education. The synchronous visions of both organizations to increase adoption of Blockchain technology is a great move to promote diversity in unity.”

Blockchain technology has continued to invade various aspects of the human civilization. What was once considered a buzz word few years ago has now created an industry of its own. Cryptocurrency being the first application built using the technology has and is redefining the face of commerce globally.

As the technology presents fascinating opportunities, it is imperative for individuals to exploit them for the betterment of self and state.

Blockchain Africa Ladies has continued to spread awareness on blockchain and the opportunities which it presents the African women. This is notably evident in her drive to spread the message across Africa with the Blockchain African Ladies Conference which held in Lagos and Accra few months ago.

TAAL organizes free monthly workshops to help discover new Technologies like the Blockchain. It helps members by guiding to free educational resources and of high quality to train and certify them.

Operating in Africa, Europe and America, TAAL has impact great number of women globally.

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