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Lack of Trust in Nigerian Government an Impediment to CBDC’s Success Prospects – Fintech Bitcoin News

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Lack of Trust in Nigerian Government an Impediment to CBDC's Success Prospects – Fintech Bitcoin News


While Nigerians have seemingly embraced the Central Bank of Nigeria (CBN)’s digital currency, skeptical analysts believe a lack of trust in the government will ultimately limit the e-naira’s prospects for success.

Threat From Fintech Startups

In addition, some analysts insist the digital currency’s already tenuous position is made worse by the fact that it has to compete with fintech startups. As previously reported by Bitcoin.com News, Nigeria is home to some of the biggest fintech startups and is a country that receives a relatively large chunk of the continent’s fintech investment.

According to a Financial Times report, it is this threat from well-funded fintech startups that raises questions about the e-naira’s chances of fulfilling some of the CBN’s goals like bringing more people into the financial system or allowing for more targeted social and welfare spending.

One of the analysts who is quoted in the report casting doubts about the e-naira’s prospects of succeeding is Adedayo Ademuwagun, an analyst at Songhai Advisory. According to Ademuwagun, most of the goals that the CBN hopes to achieve with the digital version of the naira are already being addressed by privately owned fintech startups. He explained:

The issue is that all of this can already be adequately addressed using the existing financial payments system. Nigeria is the fintech capital of Africa, so there are just so many options, so many ways to pay somebody, and pay them fast, already.

Trust Issues

However, another analyst, Ronak Gadhia of EFG Hermes thinks the belief the government will monitor all e-naira transactions may be enough to dissuade some from using the e-naira.

“The government effectively knows every transaction you carry out [with a digital currency] and in a place like Nigeria where there’s a bit of mistrust between ordinary Nigerians and the government there may be skepticism in terms of adoption,” the report quoted Gadhia explaining.

Further, to support his argument, Gadhia points to how the Nigerian government was able to suffocate the End Sars protests by simply freezing the bank accounts of individuals that had organized the protests.

Despite expressing his doubts about the e-naira’s prospects, Gadhia insists it is still too early to judge or dismiss the digital currency’s potential.

What are your thoughts about this story? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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EU Data Act Proposes Shutdown Function for Smart Contracts – Regulation Bitcoin News

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The European Union has published its new Data Act, a law proposal that aims to regulate the generation and handling of data by the actors that harness it. The act, in its large scope, touches on the subject of smart contracts and proposes that every smart contract should have a termination function to stop the flow of transactions when required.

Smart Contracts Might Be Stifled by EU Data Act

The newly proposed EU Data Act, published on February 23, aims to regulate and control the ways in which data is being generated, bringing legal clarity to the data market in Europe. According to a press release, the new Data act seeks to “ensure fairness in the digital environment, stimulate a competitive data market, open opportunities for data-driven innovation and make data more accessible for all.”

However, due to its large scope, this new act touches the subject of smart contracts, which are pieces of software designed to execute certain tasks based on data inputs. The document, in its article 30, titled “essential requirements regarding smart contracts for data sharing,” defines the requirements that smart contracts must fulfill to be deployed in conformity with EU laws.

One of these requirements, called “safe termination and interruption,” states that approved smart contracts shall:

…include internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future (accidental) executions.

Another requirement for smart contracts to be validated by the EU includes the ability to audit the contracts, with the possibility of obtaining a record of the transactions made in the past by the software.


Limited Applicability

The proposal of interruptible smart contracts and the standardization of these smart contracts to the new requirements imposed by the Data Act were received negatively by some analysts, who criticized the scope and the applicability of the document. This is the case with Thibault Schrepel, Associate Professor of Law at VU Amsterdam, who stated:

Now, this is absolutely huge/controversial. It imposes smart contracts (that make data available) to be stoppable. So… basically, all oracles *shall* be redesigned (but how?), or else they will infringe the law.

Schrepel further stated that the approval of this act would make millions of online smart contracts illegal in the proposed jurisdiction, with no way of adapting them to the requirements presented in the document.

The EU has had its sights on cryptocurrencies recently, with some of its countries lobbying for the creation of a crypto AML watchdog in the region, according to reports.

What do you think about the Data Act and its requirements when it comes to smart contracts? Tell us in the comments section below.

 

sergio@bitcoin.com'
Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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South African Mobile Network Operator MTN Buys Land in the Metaverse – Bitcoin News

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South African Mobile Network Operator MTN Buys Land in the Metaverse – Bitcoin News


Mobile network operator MTN recently staked claim to its status as one of the first South African companies to enter the metaverse, after it purchased 144 plots of digital land in the virtual world Ubuntuland for an undisclosed amount.

MTN Seeks to ‘Amplify Consumers’ Digital Experiences’

South Africa’s mobile network operator, MTN, recently bought 144 plots of digital land in the Ubuntuland metaverse, a report has said. The purchase reportedly makes MTN one of the first companies from South Africa to enter the metaverse.

As the Mybroadband report explained, MTN now owns 144 plots with an area of 12 square meters.

Commending the company’s pivot to the metaverse, MTN’s group executive for marketing, Bernice Samuels, is quoted explaining how this dovetails with its Ambition 2025 strategy. The executive said:

This is exactly what our Ambition 2025 strategy is premised on — leveraging trends that amplify consumers’ digital experiences and engagement. We have always been at the forefront of technological and digital changes and we remain alive to the exciting opportunities the metaverse presents for us and our customers.

The mobile network operator added that its presence in the metaverse demonstrates its support for African innovation.

Also, through this presence in the metaverse, MTN will attempt to increase what the report calls its customer attractiveness. This will be done via a series of experiences that are merged with consumer passion points like gaming and music, the report explained.

What are your thoughts on this story? You can share your views in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Starlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise – Bitcoin News

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Starlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise


Spacex has managed to deliver Starlink equipment to Ukraine as promised by its founder, Elon Musk. The hardware will provide access to high-speed internet for users in the country, which has been experiencing disruptions in communications as a result of Russia’s military invasion.

Ukrainians Get Starlink Internet Amid Ongoing Russian Offensive

Ukraine has received a batch of terminals needed to connect to the satellite internet constellation Starlink. The network is operated by Spacex, the aerospace manufacturer founded and managed by U.S. tech entrepreneur Elon Musk, and offers high-speed broadband internet across the globe.

The arrival was announced by Mykhailo Fedorov, Ukraine’s deputy prime minister and minister of digital transformation. “Starlink — here. Thanks, @elonmusk,” the Kyiv official tweeted on Monday, posting a photo of a truck full of antennas and routers used to connect to the satellites.

On Saturday, Fedorov took to Twitter to ask the billionaire to provide Ukraine with Starlink stations. The call was issued after media reports revealed that the internet monitor Netblocks had registered “significant disruptions to internet service” in the country since the launch of the Russian military assault on Feb. 24.

“Starlink service is now active in Ukraine. More terminals en route,” Musk replied within hours. “Starlink terminals are coming to Ukraine!” the Ukrainian minister confirmed later, thanking Elon Musk and others supporting his country.

Ukrainian reports on social media have indicated that Starlink equipment is already working in the capital Kyiv. According to a tweet by software and communications engineer Oleg Kutkov, the internet connection’s top speed has exceeded 200 Mbps at some point.

Since the beginning of the Russian military offensive, Ukrainian officials have issued numerous calls for help from the international community. To support its defense and other efforts, the government of the East European nation started accepting donations in various cryptocurrencies.

Russian forces have been advancing from multiple directions, threatening to cut off major urban centers, including the capital Kyiv and Ukraine’s second largest city, Kharkiv. Problems with communication are likely to grow and affect many industries, including the crypto sector which Ukraine has been trying to regulate. Starlink notes on its website that the service is suited for areas with unreliable or unavailable connectivity.

You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

Tags in this story
communications, Crypto, Cryptocurrencies, Cryptocurrency, dishes, donations, Elon Musk, Entrepreneur, equipment, Hardware, Internet, internet connection, invasion, minister, Musk, routers, satellite constellations, satellites, service, SpaceX, Starlink, stations, terminals, Ukraine, ukrainian, War

Do you think Ukrainian businesses, including crypto companies, will benefit from the availability of the Starlink service? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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