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Lindsey Buckingham’s exit from Fleetwood Mac is official—legally speaking—and he sounds like a man who’s getting close to acceptance: “I’m happy enough with it,” the guitarist tells CBS News , saying the band has settled their lawsuit. “I’m not out there trying to twist the knife at all. I’m…
Former CBS chairman and CEO Les Moonves engaged in widespread sexual misconduct in the workplace, according to a report from lawyers the network hired to investigate allegations. Investigators were told by multiple CBS employees that Moonves kept a woman on the payroll “on call to perform oral sex,” according to…
Les Moonves received oral sex from multiple CBS employees, and even had one at his beck and call for years … according to a network investigation that could end up costing him $ 120 million. CBS hired attorneys who just completed an investigation…
Rep. Adam Schiff, D-Calif, continued his public feud with President Trump on Sunday, calling him “weak” and promising to get to the bottom of Matthew Whitaker’s appointment as acting attorney general.
6:04 PM PT — Paris just addressed her split with Chris on social media, posting a photo of herself dressed as Marilyn Monroe and adding her favorite quote from the starlet that reads … “I believe that everything happens for a reason. People…
Ever blurted out Jay-Z’s famous lyric to “99 Problems”? Bet it’s never resulted in cops pointing guns at you … ’cause that’s EXACTLY what happened to one man in Tennessee. Davon Eddington tells TMZ … he was in his backyard last…
This month marks 40 years since the event known as the Jonestown massacre took place in Guyana. More than 900 Americans died after the man who had led them there from California, the Rev. Jim Jones, instructed them to drink cyanide. Do not, however, refer to Jonestown as a “mass…
Nigeria’s financial technology startups have called on the Central Bank of Nigeria (CBN) to provide legal guidelines for the cryptocurrency and blockchain industry. A lack of regulation is driving investment out of Africa’s biggest economy to areas like Rwanda and Europe while fomenting uncertainty, according to the Electronic Payment Practitioners Association of Nigeria (E-ppan).
Lack of Regulation Drives Capital Away
“Investments in blockchain-based financial services such as cryptocurrency are today going to Rwanda and Malta, which have provided regulatory frameworks that guide operators of the technology,” Ade Atobatele, founder of Gboza Gboza Technology Ltd, a member of the E-ppan association, is quoted by the local Guardian newspaper as saying.
Atobatele was speaking at a conference organised by the fintech lobby group in the Nigerian commercial capital Lagos this week. Noting how technology develops at a rate much faster than financial regulators can cope with, he said some regulatory oversight is, nevertheless, needed to give direction and to tackle issues around risk and service delivery. Atobatele lamented:
We have a license with CBN, but our blockchain-based services are being operated in Rwanda, which has offered us the license.
E-ppan is a broad-based fintech industry representative body with links to the Nigerian central bank, particularly “on regulations that govern the electronic payments industry.” The group says on its website that “we influence the policy environment by applying pressure strategically to key decision makers to change the business environment positively.”
‘Cryptocurrency a Gamble’
In 2014 Nigeria eclipsed South Africa as the continent’s biggest economy, with a GDP of $ 400 billion. But huge inequalities, corruption and illicit financial flows still persist in Africa’s most populous nation. The cryptosphere in Nigeria is trading under caution from Godwin Emifiele, governor of the CBN, who has likened cryptocurrencies “to a gamble.” However, the Nigerian parliament has instituted an investigation into the merits and demerits of adopting bitcoin as a means of payment.
In spite of all that, Nigerians continue to flood the digital currency space in search of cheaper and faster ways to send money abroad – or receive it – and to hedge against inflation and exchange-related losses of the Naira, the local unit. According to Citigroup, Nigerians account for the world’s third largest holdings of bitcoin, as a percentage of Gross Domestic Product, after Russia and New Zealand. Ignoring warnings from financial regulators, a flurry of startups in the country have taken to initial coin offerings or setting up virtual currency exchanges.
Speaking at the E-ppan conference, Musa Jimoh, an official with the Central Bank of Nigeria, said regulation is on the way. He detailed:
We are restructuring the licensing regime to accommodate risks that fintech present in the system and how they can work with banks to mitigate those risks. Fintechs are coming up with products and technology that is unmatched with banks, this also needs to be addressed.
According to the the Guardian report, Michael Kiberu, chief executive officer of Vault Bridge, a member of E-ppan, called on regulators in the West African country to learn from countries such as Uganda, Switzerland, Kenya and Japan, where cryptocurrencies operate with some level of legal guidance, allowing capital to flow more freely into the sector.
Calls for regulation of the digital currency landscape may, however, be anathema to some crypto hardliners. Such so-called maximalists advocate the foundational principles of bitcoin, as a currency built for freedom, to resist any form of control, especially that from governments.
What do you think about the calls for cryptocurrency regulation in Nigeria? Let us know in the comments section below.
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The post Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows appeared first on Bitcoin News.
Disney appears to gain a friendly majority in Anaheim City Council. The ‘living wage’ initiative is still too close to callNovember 8, 2018 | dailybusinessnews
After butting heads for two years with the Anaheim City Council, Walt Disney Co. appears to have won a favorable majority on the panel as candidates backed by the media giant were well ahead in a wide field of hopefuls.
Three City Council candidates, including the mayor, who received campaign support…