CBDC Could Increase Nigeria’s GDP by $29 Billion in 10 Years: President Buhari

CBDC Could Increase Nigeria’s GDP by $29 Billion in 10 Years: President Buhari

The Nigerian president, Muhammadu Buhari, suggested in a recent speech that the new e-naira central bank digital currency (CBDC) could lead to an increase in the value of his country’s GDP by $29 billion in ten years. Africa’s First CBDC President Buhari made bold remarks in his speech at Monday’s launch of the e-naira CBDC, stating: “Indeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria’s GDP by US$29 billion over the next 10 years.” In addition to boosting Nigeria’s GDP, President Buhari suggested that such a digital currency might help move more people and businesses from the informal sector to the formal sector. Although he acknowledges that many countries are still in the research and experimental stages, the Nigerian leader insists that the Central Bank of Nigeria (CBN) — which he says has been investigating CBDCs since 2017 — is well-positioned to launch the digital currency. In his speech, published by Premium Times, Buhari gives his reasons for approving the CBN’s request to explore the possibility of issuing what is now Africa’s first CBDC. He explained: This move was underpinned by the fact that the CBN has been a leading innovator in the form of money they produce, and in the payment services they deploy for efficient transactions. They have invested heavily in creating a payment system that is ranked in the top ten in the world and certainly the best in Africa. E-Naira to Boost Monetary Policy Effectiveness According to the president, it is on the basis of this payment system — as well as the central bank’s support of several private‐sector initiatives to improve the existing payments landscape — that CBN is qualified to issue the e-naira. However, despite his high praise of Nigeria’s financial system, President Buhari said the pilot phase of the CBDC rollout will need to be closely monitored and supervised. Finally, when successfully tested, the e-naira is expected to help increase remittances, foster cross-border trade, improve financial inclusion, and make monetary policy more effective. What do you think of President Buhari’s comments about the e-naira? Tell us what you think in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons, Oluwafemi Dawodu Disclaimer: This article is for informational purposes…

Bitcoin suddenly passes $61K as a $1.7K hourly candle fuels BTC bulls

Bitcoin suddenly passes $61K as a $1.7K hourly candle fuels BTC bulls

Bitcoin (BTC) delivered another classic surge during Oct. 28 as bulls enjoyed a $1,700 hourly candle.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin suddenly abandons the bearsData from Cointelegraph Markets Pro and TradingView showed BTC/USD breaking back above $60,000 after tracking sideways since early Wednesday.The move meant that the pair cast firm doubt on recent bearish behavior, all but invalidating a head and shoulders pattern in line with expectations.As Cointelegraph reported, analysts were already unfazed by Bitcoin’s retracement, with some even increasing their price targets over longer timeframes.#BTC I’ll be back on friday, but couldn’t resist to draw some random lines…. Seems I was not bullish enough at $40k. Quote: “first target at 73k”.Well….I think that target moved up to $90k and after a correction we should see $100k Very happy with current drop/discount pic.twitter.com/yg6GabmfDu— Crypto_Ed_NL (@Crypto_Ed_NL) October 27, 2021 At the time of writing, BTC/USD circled $61,000, having reached local highs of $61,250 on Bitstamp. Funding rates remained low, pointing to the successful “flushing” of leverage in recent days.Dogs dominate altcoinsAltcoins moved upwards in step with Bitcoin, with the top ten cryptocurrencies by market cap seeing gains of several percentage points.Related: Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billionThe market was still dominated by Shiba Inu (SHIB), however, the altcoin advancing 43% on the day and 150% in a week.The spotlight subsequently switched to Dogecoin (DOGE), which put in a copycat move as SHIB/USD came off record highs. DOGE/USD 1-hour candle chart (Bittrex). Source: TradingView

Volt Equity’s ‘Bitcoin revolution’ ETF goes live on NYSE today

Volt Equity’s ‘Bitcoin revolution’ ETF goes live on NYSE today

The New York Stock Exchange (NYSE) continues listing Bitcoin (BTC)-linked exchange-traded funds (ETF), with Volt Equity becoming the latest company to debut such a product on the exchange.Volt Equity’s Crypto Industry Revolution and Tech ETF will debut trading on the electronic securities exchange NYSE Arca on Oct. 28, the company’s CEO Tad Park told Cointelegraph. The ETF will be available for trading at market opening under the ticker symbol BTCR.BTCR will open at $21, giving a nod to Bitcoin’s capped supply of 21 million Bitcoin. According to the company, the ETF is implementing a management approach informed by PlanB’s Bitcoin Stock-to-Flow (S2F) model, a major quantitative model intending to predict BTC price.“We consult the famous Stock-to-Flow model as one input to understand how Bitcoin’s mining supply shock due to its scheduled halvings could affect Bitcoin’s price and when. Based on what we’re seeing, we could adjust our mining-related exposure accordingly,” Volt Equity said.Approved by the United States Securities and Exchange Commission (SEC) in early October, Volt Equity’s product is not a pure Bitcoin ETF as it’s based on companies with significant exposure to Bitcoin.The ETF tracks so-called “Bitcoin Industry Revolution Companies,” including Michael Saylor’s MicroStrategy, Tesla, Twitter, Square, Coinbase crypto exchange as well as Bitcoin mining companies like Canaan, Bitfarms and Riot Blockchain. Volt Equity will regularly review the fund’s holdings and allocations “when appropriate” based on research, data and models like the S2F.“Bitcoin is not just a coin, it’s a revolution that encompasses miners, companies using it on their balance sheet, and everyday HODLers who want to hold the first digital store of value that can’t be inflated away by a government,” Park said.Related: SEC Chair Gary Gensler actually is pro-Bitcoin, Volt Equity CEO arguesThe latest ETF launch comes soon after NYSE Arca listed a Bitcoin futures-linked ETF by investment company ProShares on Oct. 19. As previously reported, ProShares’ Bitcoin Strategy ETF became the first Bitcoin futures-linked ETF to launch in the United States.In mid-October, major cryptocurrency fund Bitwise Asset Management also applied with the SEC to list a pure Bitcoin ETF on NYSE Arca. The SEC has not yet approved an ETF that would track Bitcoin price directly.Major asset management firm AXS Investments filed for two Bitcoin futures ETFs on Oct. 27. According…

New Bitcoin hash rate highs remove any trace of China mining ban

New Bitcoin hash rate highs remove any trace of China mining ban

Bitcoin (BTC) has all but deleted any trace of the mining ban, which saw its hash rate dive 50% this year.According to the latest estimates, the network hash rate is now back at levels from May, just before China outlawed its Bitcoin mining industry.Hash rate recovers the dipFive months since the largest-ever migration in Bitcoin’s history began, network fundamentals have staged a major comeback.Coming in leaps and bounds as miners relocated and started over, the recovery in hash rate and network difficulty is now approaching a seminal point.While impossible to measure in definitive terms, the hash rate has seemingly accounted for the entire China debacle, doubling from its bottom several months ago.Likewise, the mining difficulty is set to increase by 5.7% next week, bringing it to within 4 trillion of its 25 trillion record high.Not only that, but Bitcoin will seal an eighth-straight difficulty increase — the first time such an event has occurred since 2018.“Hash rate has only been higher than today on just 6 other days in history,” Charles Edwards, founder of investment firm Capriole, wrote in associated comments. “We are knocking on new all time highs in network security. That’s kind of unbelievable.”Bitcoin hash rate chart. Source: Blockchain.comBitcoin has gained 50% since May, while sources hint that China could be starting to regret its decision.Warnings over miner trend retestMeanwhile, other data analysis questioned the sustainability of current Bitcoin price action. Related: Friday’s jaw-breaking $3.2B Bitcoin options expiry could kick-start a new rallyComing after BTC/USD dipping to $58,000, figures covering miner costs pointed to a potential local top based on historical patterns.Miner Revenue ➗Hash Rate:This shows the cost to produce a marginal unit of BTC per hash. Testing blue trendlines as resistance has coincided with peaks in price.Will we see something similar again? pic.twitter.com/La1UbNxTL5— Nunya Bizniz (@Pladizow) October 27, 2021 Nonetheless, miners have been in no hurry to sell earned coins in recent months, a trend that continues.Bitcoin miner outflows chart. Source: CryptoQuant

Bitpanda taps former JP Morgan exec to lead fully-regulated crypto exchange

Bitpanda taps former JP Morgan exec to lead fully-regulated crypto exchange

The crypto ecosystem picked yet another executive from traditional finance. Two months after raising $263 million, the Europe-based cryptocurrency trading platform Bitpanda announced that Joshua Barraclough, a former exec at JP Morgan, joined its ranks as the CEO of its fully-regulated digital asset exchange Bitpanda Pro. Before transitioning into the crypto world, Barraclough worked as the global head of the fintech team and then as the co-head of digital innovation at JP Morgan. Answering Cointelegraph’s questions about the transition, Barraclough said that leaving JP Morgan to join Bitpanda was an easy decision. “I have always been at the bleeding edge of innovation, and my job at JP Morgan was to launch new businesses to challenge and transform traditional finance,” he said, adding:“The crypto ecosystem is the most exciting part of that right now, with an incredible pace of change and growth in adoption. We want further to bridge the gap between digital assets and traditional finance, building on my prior experience.”Barraclough reminded the skyrocketed crypto adoption and fresh institutional money. “This wave of institutional investment, unaffected by many of the regulatory worries of the last bull run, has proven the viability of Bitcoin (BTC) as a secure store of value and inflation hedge,” he explained.He also pointed to the increasing interest in other Layer 1 protocols such as Solana and Avalanche and innovative DeFi applications. “Far from being the meme-fueled gamble that many still view it as, investors are treating cryptocurrencies in the same way as stocks and ETFs,” he added.“Bitcoin is a $1 trillion asset and has seen the world’s biggest investors allocate significant portions of their portfolios to the currency. When the likes of JPMorgan and Blackrock are taking an investment seriously, it’s a sure sign that it’s here to stay.”Speaking about cryptocurrencies’ role as a gateway to more traditional investments, Barraclough highlighted that crypto is gaining traction as the first investment asset for younger digital natives and “acts as a gateway to further financial education, building wealth through a diversified portfolio.”Related: Unicorns in crypto: A growing herd of billion-dollar crypto companies Bitpanda is known to offer digitized versions of precious metals such as gold, silver and platinum. This portfolio is yet to be added to Bitpanda Pro, an advanced and EU-wide regulated version…

FATF Crypto Guidance Looks to Bring Industry in Line With Banks

FATF Crypto Guidance Looks to Bring Industry in Line With Banks

“We recognize that there are a number of areas where both countries and the private sector have wanted more guidance from the FATF level about how they can implement this in practice,” said FATF Policy Analyst Ken Menz in an interview with CoinDesk. “I think this really shows just how fast the virtual asset ecosystem changes, and how quickly, new technologies, new businesses, new models appear. I think it is a challenge for anyone to just keep on top of everything new that happens in this industry. “

UPenn’s Wharton Taps Coinbase to Accept Crypto for Online Blockchain Course

UPenn’s Wharton Taps Coinbase to Accept Crypto for Online Blockchain Course

A new online executive education program at the Wharton School of the University of Pennsylvania will accept payment in various cryptocurrencies via Coinbase, including bitcoin, ether and USDC, the school said Thursday.The Ivy League business school is launching the six-week “Economics of Blockchain and Digital Assets” course for “business and technology professionals seeking to learn about blockchain and digital assets through its value-driving principle: economics,” according to a statement.The Philadelphia-based Wharton said it will be the first Ivy League institution or U.S. business school to accept cryptocurrency from program participants.“We designed this program for business professionals and executives from a range of backgrounds, including traditional finance, management and tech,” said the program’s academic director, Wharton professor and blockchain author Kevin Werbach.Wharton will partner with blockchain consulting firm Prysm Group to offer the certificate program.

Bitpanda Pro Hires Former JPMorgan Exec to Lead Growth in Europe

Bitpanda Pro Hires Former JPMorgan Exec to Lead Growth in Europe

The move from a traditional bank to Bitpanda was a “no-brainer,” Barraclough said in an interview. “As cryptocurrency investments further become part of mainstream financial markets, retail and institutional investors are demanding tools which enable them to pursue traditional investing strategies while navigating trading nuances specific to digital assets,” he said.

SEC Will Not Approve Leveraged Bitcoin ETF: Report

SEC Will Not Approve Leveraged Bitcoin ETF: Report

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Thailand Department Store Chain Is Testing Its Own Cryptocurrency

Thailand Department Store Chain Is Testing Its Own Cryptocurrency

A Thai department store chain is trialing its own cryptocurrency for use by employees with a view to offering it to customers in the future.Central Retail Corp., Thailand’s biggest shopping center developer, is distributing its blockchain-based “C-Coin” to 80,000 employees on a merit basis to use as a substitute for cash in its stores, Bloomberg reported Thursday.The C-Coin may be expanded to customers once employee testing is complete.Kowin Kulruchakorn, chief innovation officer for Central Retail Corp.’s tech arm, said plans are not settled as to how the coin would be distributed to customers, such as listing it for trading.According to its website, Central Retail Corp. operates over 2,000 stores across 54 provinces in Thailand, as well as over 100 in Vietnam and nine in Italy.Read more: Walmart Has Quietly Begun Hosting Bitcoin ATMs