Nigeria will not insure crypto transactions

This was announced by The Nigerian Deposit Insurance Corporation
28 November 2017   716

The Nigerian Deposit Insurance Corporation (NDIC) warns that the state will not provide insurance protection to transactions made with the help of any cryptocurrencies (for example, bitcoin), not issued by the Central Bank of the country.

If you can buy a bitcoin, nobody will stop you. It is at your own risk. A bitcoin is not covered by the CBN [Central Bank of Nigeria] rules and NDIC will not insure it. We have consistently warned Nigerians that anyone who trades in bitcoin does so at his own risk.

 

Mohammed Umar

NDIC’s director of research for policy and international relations

Five specific currencies figured in the circular: Bitcoin, Ripple, Monero, Litecoin and Dogecoin. Earlier, Nigeria's central bank notified the financial institutions of the country about the need to limit crypto-transactions or other related transactions.

Despite these statements, it is clear that Nigeria lacks any means to limit the use of cryptocurrency by citizens or everyday investors. At the same time, countries such as Japan, Iran and Bahrain are ready to legally recognize bitcoin as an official form of payment.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   101

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.