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The Central Bank of Nigeria has given the go ahead to a number of banks in Nigeria, allowing them to accept cryptocoin transactions and process them. Cryptopcoins’ and fiat banking institutions have remained at odds around the globe with certain nations such as China actively hunting down and punishing the majority of cryptocoin users. With a number of exchanges being shut down across the country, Nigeria has become a hotbed for cryptocoin development as the…

One of Nigeria’s biggest banks, the GTBank has reportedly expanded into experimentation with cryptocurrencies. Users of the 737 mobile service may have seen GT coins being credited when transactions are made. The 737 service is already one of the most extensive mobile banking solutions effective in the country, as GT Bank aim to add another layer of functionality to their payment gateway. The GTBank has already participated in a number of cryptotechnology conferences being part…

The Bank of Namibia has reiterated its position on digital currencies such as bitcoin and Litecoin in a paper released recently. Effectively deeming such currencies as illegal, the paper emphasized laws such as the Namibia’s Exchange Control Act of 1966 which prohibits digital currency exchanges from being established in the country. Also the paper went on to further prohibit transactions being carried out with the aid of digital currencies, retail or private. “For example, a…

The Nigerian Blockchain conference went ahead earlier this week in Lagos playing host to a number of crypto related companies alongside many figures from regulatory authorities around the country. One of the biggest figures included Musa Itopa Jimoh, the deputy governor of the Apex bank, who reported the relaxed and encouraging views held by the Central Bank of Nigeria regarding Blockchain development and cryptocoins in general. The Nigerian Blockchain conference helped to clarify to stance…

Bitcoin exchangers such as local bitcoins and Bitfinex operate on a Peer to Peer system which while is cheap for companies based on sheer profit, can leave many users vulnerable to having not only their data compromised but also their bitcoin/Naira stolen. However, in the case of NairaEX, the company has a huge pool of bitcoin and Naira available to allow it to fulfil user’s transactions within a matter of hours. Reducing the risk your…

This Monday 7 years ago, a Bitcoin user made what was possibly the largest Bitcoin transaction of the year, and possibly of all time for a pizza. Paying up 10 000 Bitcoin which were valued at 0.003$ or just under 1 naira each, he purchased a pizza. Little did he know that his pizza would cost him well over $22 million as Bitcoin prices peaked well over $2100 today. The user named Hanyecz purchased the…

The commercial bank in Qatar has unveiled its block chain prototype designed to modernize remittances on a global scale. Utilizing blockchain technology for international transactions has been an idea supported by an wealth of successful projects trialed individuals. However the project announced by the commercial bank of Qatar has been claimed a success as the bank hopes to roll out the technology in mainstream venues within years. “We are delighted with the success of this…

President Buhari has just unveiled his latest plan to get Nigeria back on track in terms of economy. While not much has been reformed so far under President Buhari, the latest plan, the Economic Recovery and Growth Plan has outlined the main aims which will allow the economy to grow out of the current recession. Main aims have included the diversification of the economy which has been dependent on oil for much of its capital,…

New charges have been introduced yesterday as banks rev up the pressure on cash transactions as fees are set at  2% for transaction between 500 000 to a million naira and a huge 7.5% for transactions more than 5 million Naira. As revealed by the Apex bank these fees will initially be rolled out to cashless areas such as Lagos, Anambra, kano and a handful of others, before being in effect in Kaduna, Delta Imo,…

Coinfest is set to be held in Nigeria this year by the African Youth Peace Call group aiming to introduce Bitcoin to the masses and enthusiasts alike. The event will be free to attend and the venue is set in Lagos. The event has been held every year since 2013, and growing in size considerably thanks to various sponsors who have made the event possible in cities such as London and even Ghana. This year…