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Nigeria seeks crypto clarity one year into Tinubu’s tenure

Nigeria’s burgeoning cryptocurrency industry is calling for regulatory clarity as it faces increasing uncertainty. The call comes amid ongoing debates and varying signals from the nation’s financial authorities about the future of digital assets in Africa’s largest economy.

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Nigeria’s burgeoning cryptocurrency industry is calling for regulatory clarity as it faces increasing uncertainty. The call comes amid ongoing debates and varying signals from the nation’s financial authorities about the future of digital assets in Africa’s largest economy.

Stakeholders within Nigeria’s crypto ecosystem, including exchanges, investors, and blockchain advocates, have expressed concerns over the lack of a clear regulatory framework. This ambiguity has created an environment of uncertainty, stifling innovation and hindering the growth of the sector.

The Central Bank of Nigeria (CBN) has historically taken a cautious stance on cryptocurrencies. In February 2021, the CBN issued a directive prohibiting banks and financial institutions from facilitating cryptocurrency transactions. This move, while aimed at safeguarding the financial system, has significantly impacted the local crypto market, pushing many activities underground and limiting access to global crypto services.

Despite the central bank’s hardline position, there have been signs of a more nuanced approach from other government bodies. The Securities and Exchange Commission (SEC) of Nigeria has shown a willingness to engage with the industry. In September 2020, the SEC announced plans to regulate digital assets, recognizing cryptocurrencies and tokens as securities. However, concrete regulatory guidelines have yet to materialize, leaving market participants in a state of limbo.

Industry leaders are advocating for a balanced regulatory framework that promotes innovation while ensuring consumer protection and financial stability. They argue that clear regulations would attract more investment, foster technological advancements, and position Nigeria as a leader in the global crypto economy.

In response to the industry’s calls, the Nigerian government has indicated its intention to develop a more comprehensive policy on digital assets. A regulatory sandbox for fintech and blockchain innovations has been proposed, which would allow for controlled experimentation and assessment of new technologies.

As the dialogue between regulators and the crypto community continues, the future of Nigeria’s cryptocurrency industry hangs in the balance. Stakeholders remain hopeful that a clear and supportive regulatory environment will emerge, enabling the sector to thrive and contribute to the country’s economic development.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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