Nigeria to Study Bitcoin Proliferation

The Senate urged the regulators to issue clear statements in all the dialects spoken in Nigeria about the dangers of storing value with cryptocurrency
02 February 2018   483

The Senate of Nigeria has asked the Central Bank of Nigeria (CNB) and other regulators to investigate the proliferation of bitcoin and to educate citizens about the possible dangers of the cryptocurrency.

The lawmakers asked the CBN, the Nigeria Deposit Insurance Corporation (NDIC) and the Nigerian Stock Exchange (NSE) to launch a campaign against the risks of trading bitcoin. The Senate urged these institutions to issue clear statements in all the dialects spoken in Nigeria about the dangers of storing value with cryptocurrency.

Much of the lawmakers’ fears are based on recent events after Mavrodi Mundial Moneybox (MMM), a Russian ponzi scheme, became popular in Nigeria snapping up over two million users. Nigeria’s central bank estimates that users lost $50 million.

Meanwhile, bitcoin trading in Nigeria has skyrocketed with weekly bitcoin trade volume surpassing 1 billion nairas ($2 million) in August 2017 on LocalBitcoin, a global bitcoin exchange.

Weekly bitcoin trade volume in Nigeria on LocalBitcoinWeekly bitcoin trade volume in Nigeria on LocalBitcoin

We have recently reported that Hong Kong launched a public education campaign to raise awareness of the potential risks of investing in ICOs and buying cryptocurrency.

Australia joins the crypto-discussions arena with Bitcoin & Blockchain Fair

The inaugural Bitcoin and Blockchain Fair will be presented at the Sydney Showgrounds on May 12-13 with an all-round program about cryptocurrency and blockchain
21 April 2018   44

A high profile event in cryptocurrency and blockchain is coming to Sydney, Australia on May 12-13 – Bitcoin and Blockchain Fair. The conference will provide a platform to interact and discuss on all areas of the cryptocurrency and blockchain technology sectors (fintech, investment, venture capital, regulation, ICO, etc.), current opportunities and perspectives in the form of a Forum and an Exhibition Showcases.

The Exhibition Showcase that will allow to exhibit showcases and engage with crypto services providers, government and fintech startups. Forum is the bulk of the conference and is comprised of 2-day sessions to allow international speakers and industry leaders of the crypto and blockchain sectors a chance to share their expertise. May 12 is focusing on cryptocurrency and ICO engagement; May 13 wil cover blockchain technology overview, case studies, solutions and future trends.

The fair is organized by ABF Business and Principal Sponsor Coinspot. Exhibitors and Speakers include attendees from Asia, Europe and USA together with key Australian high profile crypto & blockchain enterprises. The full agenda of the event can be found here.