Crypto Currency

Amid crypto crackdown, CBN’s eNaira attracts 78,000 merchants from more than 160 countries

As the Central Bank of Nigeria (CBN) tightens its grip on cryptocurrency-related transactions, the eNaira continues to lure individuals, with 78,000 merchants from over 160 countries on board just weeks after its debut.

This was disclosed by the CBN which has remained staunch in its crackdown on cryptocurrency transactions, amid claims that banks have increased their efforts to stop cryptocurrency-related transactions.

The crackdown resulted in a 43% decrease in Nigerian peer-to-peer transactions. Nigerians accounted for around $9.4 million in weekly P2P volumes, followed by Kenyans and South Africans, who accounted for nearly $2.8 million and $1.8 million respectively.

What the

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eNaira more reliable than cryptocurrency, says CBN

The Central Bank of Nigeria has said that the eNaira is more reliable than cryptocurrencies.

The CBN Director of Corporate Communications, Nnamdi Okwuosa, said this at the CBN Fair to sensitise stakeholders and the general public in Abia and Ebonyi States.

Okwuosa described the eNaira as a legal tender issued by a sovereign nation and regulated by the Central Bank of Nigeria, whereas cryptocurrencies are unregulated.

He said, “Digital currency (eNaira) is more reliable than cryptocurrency which is not regulated.”

The fair themed ‘Promoting financial stability and economic development,’ provided an opportunity for stakeholders and the

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Mastercard to Support Cryptocurrency-linked Credit, Debit and Prepaid Cards in The APAC Region

Mastercard is expanding its horizons, bringing cryptocurrency payments to the Asia Pacific region.

Mastercard has developed the world’s most extensive payment network, with more than 36 million points of sale in more than 210 countries, according to official figures.

Mastercard Offers More Options For The Crypto Enthusiasts

Despite surpassing the hundred or so supported currencies and payment methods, Mastercard has been testing compatibility with cryptocurrencies for some time. Now, it has managed to close a partnership with the financial services provider Amber Group —from Hong Kong—, the Thai cryptocurrency exchange Bitkup and the Australian service for buying and selling cryptocurrencies

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Global crypto market value exceeds $3tn for first time

The world cryptocurrency market is worth more than $3 trillion for the first time, according to calculations Monday, as mainstream investors increasingly jump on board.

The value has reached $3.007 trillion (2.6 trillion euros), said CoinGecko, which tracks prices of more than 10,000 cryptocurrencies.

“The crypto market is growing at a mind-blowing speed,” noted SwissQuote analyst Ipek Ozkardeskaya.

“A part of it is speculation of course, but a part of it is real,” she told AFP.

“Crypto is now making its way to traditional finance and everyone is on board.”

Bitcoin, the world’s biggest cryptocurrency, hit

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Lack of regulation affecting cryptocurrency probe, says EFCC

The Economic and Financial Crimes Commission has said lack of regulation of the operation of cryptocurrency is a major challenge inhibiting its investigations.

The Chairman of the EFCC, Abdulrasheed Bawa, stated this at a webinar in Lagos on ‘Digital currencies and crypto derivatives: Banking, regulatory and cybersecurity’.

The programme was organised by the Attorney General Alliance Africa in collaboration with the Lagos Business School, the EFCC, and the Fintech Association of Nigeria.

Bawa, who was represented by the Head of Cybercrime Unit of the agency in Lagos, Whyte Dein, identified other challenges as knowledge gap in

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Milestone: Cryptocurrency market value blows past $3 trillion | Crypto News

The overall market cap of cryptocurrencies hit $3.3 trillion on Monday, according to CoinGecko pricing.

By Bloomberg

The cryptocurrency market is now worth more than $3 trillion.

The little more than a decade old market for digital assets has already roughly quadrupled from its 2020 year-end value, as investors have gotten more comfortable with established tokens such as Bitcoin and networks like Ethereum and Solana continue to upgrade and attract new functionality. Excitement about the possibilities of decentralized finance and non-fungible tokens is growing, and memecoins like Dogecoin and Shiba Inu continue to attract attention.

“Bitcoin appears to

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Squid Game cryptocurrency collapses in apparent scam | Cryptocurrencies

The value of a cryptocurrency inspired by the popular Netflix series Squid Game collapsed on Monday less than two weeks after investors could start buying tokens.

After jumping more than 310,000% in value as of Sunday night, Squid lost all its value after Twitter flagged the cryptocurrency’s account and temporarily restricted it due to “suspicious activity”.

Right before its collapse, the token’s value had spiked to $2,856. The token’s website and social accounts have disappeared, along with a white paper describing Squid.

The token was made available for purchase on 20 October with the idea that the cryptocurrency would be

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Squid Cryptocurrency Crashes, and Investors Lose Money

Millions of dollars vanished in a matter of minutes after investors piled into a new cryptocurrency inspired by “Squid Game,” the popular Netflix survival series, only to watch its value plunge to nearly zero in a few short hours.

The cryptocurrency, called Squid, began trading early last week at a price of just one penny per token. In the following days, it drew attention from a number of mainstream media outlets. By early Monday, it was trading at $38 a token on a cryptocurrency exchange called Pancakeswap.

Then Squid went on a roller-coaster ride. In a 10-minute span later on

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‘Squid Game’ crypto collapse pushes investors to cry scam

John Lee couldn’t believe his luck. The $1,000 investment he made in Squid, a new cryptocurrency project inspired by the dystopian Netflix drama “Squid Game,” had skyrocketed in price.

But within five minutes Monday, his money disappeared.

“I watched Squid fall down in a matter of minutes,” Lee, 30, from Manila in the Philippines, told NBC News. “There was no way to withdraw my funds intact.”

He was one of many investors who were caught in what has become one of the most high-profile cryptocurrency collapses of the year — and one that some industry experts are warning is indicative

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Ethereum cryptocurrency soars to an all-time high | Crypto News

Ether underpins the affiliated Ethereum Network, the dominant blockchain used for thousands of decentralized applications.

By Bloomberg

Ether, the second-largest cryptocurrency, soared to a record above $4,400 Friday on bullish sentiment surrounding the most used blockchain network.

The digital asset gained as much as 4.8% to $4,459.20, topping the previous record of $4,379.62 in May. The token traded around $4,387 as of 2:41 p.m. in New York. Other tokens including Binance Coin and Solana rallied. Ether is now worth more than $520 billion, according to data from

Ether’s latest

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