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Nigeria upgrades CBDC as the fintech industry is hit hard by crypto restrictions

The Central Bank of Nigeria is moving forward with its plans to upgrade the country’s central bank digital currency to be used on a wider range of goods and services while maintaining its harsh crypto restrictions towards the country’s fintech sector.

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Nigeria upgrades CBDC as the fintech industry is hit hard by crypto restrictions

The Central Bank of Nigeria is moving forward with its plans to upgrade the country’s central bank digital currency to be used on a wider range of goods and services while maintaining its harsh crypto restrictions towards the country’s fintech sector.

The CBN Branch Controller Bariboloka Koyor spoke at a campaign aiming to explain businesses to the eNaira at a market in the country’s most populous city of Lagos. Koyor said the upgrade was launched to make onboarding easier, hyping its wallet that had no charges and was faster than internet banking.

He went to add that in the future, the eNaira will be the only way to receive financial assistance from the government, highlighting the advantages of early acceptance.

The 209% drop of the naira in the past six years has pushed Nigerians to adopt crypto. In a recent report from the KuCoin crypto exchange it highlighted that around 33.4 million Nigerians owned or traded cryptocurrencies in the last six months.

Restrictions on crypto trading in the country tensed up after the launch of the eNaira in October 2021. The CBN banned banks from servicing crypto exchanges in the same year but real enforcement happened in November 2021 when the CBN ordered the accounts of two crypto traders to be frozen.

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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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