Cash Shortage Fuels Adoption of eNaira in Nigeria
• Nigeria, the most populous African nation, has experienced a severe cash shortage which has increased the adoption rate of its CBDC, the eNaira.
• Nigeria is the first African nation to launch a sovereign digital currency and after launch, it suffered a low adoption rate from citizens.
• The recent cash shortage resulting from new financial policies and cash withdrawal limits has forced citizens to utilize digital solutions.
Godwin Emefiele’s Take on eNaira
Godwin Emefiele, Nigeria’s CBN governor, stated that the CBN minted over 10 billion eNaira and nearly 3.4 billion is already in circulation. Furthermore, the Nigerian government is fueling the adoption of this digital currency by using it for payments under Nigerian social schemes – This has contributed 4 million new wallets. Emefiele also highlighted his bullishness on digital currencies as they have become preferred electronic payment channels for financial inclusion and serve as social intervention plans in the Nigerian economy.
Adesoji Solanke’s View on eNaira
Adesoji Solanke, a Nigerian Director at Renaissance Capital shared his views on eNaira stating that although the government wants increased adoption from citizens, there are still limitations especially regarding requirements such as having to possess a smart device and internet connection. He believes that most people receiving transfers are poor and might find this scheme challenging since having to own both items can be cost-intensive for them. Despite this challenge; if smartphone users in Nigeria exceed 140 million by 2025 (estimated between 25-40 million now), then more individuals could benefit from this payment system in future years.
The Demonetization Policy of Nigeria
The governor of Central Bank of Nigeria (CBN) Godwin Emefiele announced that transactions with eNaira have seen an impressive 63% increase up to 22 billion Naira ($47.7 million). This significant growth is credited due to its demonetization policy which effectively switched out physical notes with digital money across all sectors within the country’s economy – creating an entirely digitized economic system instead of relying solely on physical notes or coins anymore.
In conclusion; despite some challenges such as cost-expense for acquiring necessary equipment like smartphones or internet connection – Nigeria’s demonetization policy is proving successful with encouraging results so far as transactions involving their CBDC “eNaira” have grown significantly over time; leading many Nigerians to utilize digital solutions instead of relying solely on traditional methods involving physical notes or coins anymore thus making transactions faster and easier than ever before!
Shiba Inu Community in Turmoil After Accusations of Code Copying
• Rumors about the Shiba Inu community and Shibarium’s code being copied from another blockchain have been circulating.
• Steve, a high-ranking member of the SHIB Growth Team, raised these accusations and cited the same Chain ID 917 as an unknown Rinia blockchain from December 2022.
• Other prominent community members dismissed this rumor and stated that blockchains can operate independently with the same chain ID.
Shiba Inu Community Facing Potential Scandal
The Shiba Inu community is facing a potentially huge scandal after the beta version of Shibarium was released a few days ago. High-ranking community member Steve, who is part of SHIB’s Growth Team, first raised accusations that developers copied the code for Shibarium from another blockchain.
Chain ID 917 Raises Suspicion
The suspicion stems from the fact that Shibarium’s beta testnet uses the same chain ID 917 as an unknown Rinia blockchain, which was released in December 2022. Steve argued that this would cause issues with MetaMask or other wallet applications since they would use this ID to determine which network to send transactions to. He also suggested it was incompetent not to change this unique chain ID when copying a genesis file.
Outcry From SHIB Army
This revelation caused great outcry within the SHIB army and Queenie, another Shiba Inu community member, questioned why such a billion dollar project had copied someone else’s chain ID.
Just A Stupid Mistake?
However, other prominent community members were quick to dispel the rumor by explaining how blockchains can operate independently with the same chain ID and that both are needed for interaction with a chain. Kosener also noted it could be just a stupid mistake of Shiba Inu devs instead of intentional copying of code.
In conclusion, it remains unclear whether there was any malicious intent behind using the same Chain ID 917 as an unknown Rinia blockchain or if it was simply an innocent mistake by Shiba Inu devs during development stages of Shibarium testnet.
CFTC Reiterates Stablecoins Are Commodities, Conflicting With SEC
• CFTC Chairman Rostin Behnam has re-emphasized the agency’s position that stablecoins should be classified as commodities and fall under its jurisdiction.
• This is in stark opposition to SEC Chairman Gary Gensler’s statement that all digital assets, aside from Bitcoin, are securities.
• The CFTC and SEC have been wrestling for control over a rising U.S. crypto market lacking a comprehensive federal regulatory framework.
Commodity Futures Trading Commission Re-affirms Stablecoins as Commodity
The Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has once again reaffirmed the agency’s position that stablecoins should be classified as commodities and placed under its jurisdiction. At a Senate Agricultural Committee meeting on Wednesday, March 8, the CFTC’s boss re-emphasized this stance while responding to a question raised by New York State Senator Kirsten Gillibrand on the contrasting reports on by the U.S. regulator and its federal counterpart, the Security and Exchange Commission (SEC) the Tether stablecoin.
Regulatory Battle Over Stablecoins
In recent times, the Commodity Future Trading Commission and the Securities and Exchange Commission have been wrestling for control of a rapidly growing U.S. crypto market that lacks a comprehensive federal regulatory framework. Stablecoins, in particular, are one major area of interest, with both U.S. agencies trying to claim regulatory authority over their issuance and trading of these fiat-backed digital assets.
CFTC Position On Stablecoins
Behman said “It was clear to our enforcement team and the commission that Tether, a stablecoin was a commodity.” This recent statement by the CFTC chair is in stark opposition to that of SEC chairman Gary Gensler who claimed in an interview on February 23rd that every other digital asset aside from Bitcoin is a security .
SEC Position On Stablecoins
The Securities and Exchange Commission issued a Wells Notice to stablecoin operator Paxos stating ongoing considerations to sue them on basis of their Binance USD being an unregistered security in February 2021 . The SEC also filed lawsuit against Terraform Labs and its CEO Do Kwon accusing them of orchestrating multi billion dollar security fraud involving algorithmic stablecoin TerraUSD C .
As it stands now , both regulators have strong positions regarding regulation of US Crypto Market but no clear winner between them yet appears likely . With US lawmakers yet to pass any legislation on this issue , there is still some time before we see clear resolution in this matter .
Megawide Ventures into AI and Data Center with $300M Investment
• Megawide Industries, owned by Filipino business magnate Edgar Saavedra, is making a foray into the AI and data center industry with a $300 million co-location center development in Cavite.
• The 70-megawatt data facility in the Philippines will offer sophisticated solutions to enterprises seeking to use the benefits of cloud computing, artificial intelligence, and data analytics.
• According to market research firm Grand View Research, the global AI market size was valued at $62.35 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 45.2% from 2021 to 2028.
Megawide’s $300 Million Data Center
Megawide Industries, owned by Filipino business magnate Edgar Saavedra, is making a foray into the AI and data center industry with a $300 million co-location center development in Cavite, just outside the country’s capital city of Manila, in cooperation with Singapore’s Evolution Data Centres. The 70-megawatt data facility in the Philippines is subject to regulatory approval as part of a transition to the digital domain. It will be erected in phases over a five-year period, with an anticipated launch in the first quarter, the companies indicated in a Wednesday statement.
Features Of The Data Center
Once completed, the data farm will offer sophisticated solutions to enterprises seeking to use the benefits of cloud computing, artificial intelligence, and data analytics. The AI market specifically is currently experiencing significant growth and is expected to continue to do so in coming years. A data center typically includes redundant or backup power supplies, data communications connections environmental controls (e.g., air conditioning fire suppression), and various security devices that are designed for continuous operations critical business functions such as hosting websites and applications; storing processing large amounts of data; running cloud based services; providing disaster recovery services etc..
Global Market For Artificial Intelligence
According to market research firm Grand View Research ,the global AI market size was valued at $62.35 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 45 .2 % from 2021to 2028 . This indicates that there has been continuous innovation within AI technologies , which has helped drive up demand for these services across different sectors .
Benefits For Enterprises
The new co-location center development can help businesses gain access advanced technologies , such as cloud computing ,AI ,data analytics etc .These technologies can provide numerous advantages such as cost savings , efficiency gains , improved customer experience etc . Moreover , this can also enable enterprises stay competitive amidst rapidly changing technological landscape .
The new co-location center development by Megawide Industries can be beneficial for businesses looking for accessing advanced technologies like cloud computing ,AI & Data Analytics . This will enable them stay competitive while gaining cost savings & efficiency gains amongst other benefits . Additionally , this could also help contribute towards boosting Philippines’ competitiveness within global AI marketspace
Binance Closes Positions of Australian Traders, Offers Compensation
• Binance recently closed the positions of some Australian traders after incorrectly classifying “wholesale investors”.
• The exchange was forced to close these positions to comply with Australian regulations.
• Binance stated that it will compensate affected users for their losses incurred while trading derivatives on their platform.
Binance Closes Positions of Australian Traders
Binance, one of the world’s largest cryptocurrency exchanges, recently confirmed that it closed the positions of some Australian traders. This decision was taken after incorrectly classifying them as “wholesale investors” in accordance with local regulations.
Affected Users To Be Compensated
The crypto exchange has informed all impacted users and is working on a remediation and compensation plan to cover any losses incurred by them while trading derivatives on its platform. Furthermore, affected users will be contacted if there are any issues with their current or closed accounts.
Australian Regulations On Cryptocurrency Trading
In Australia, cryptocurrency trading is strictly classified into retail and institutional customers, with only “sophisticated investors” having access to these accounts. Thus, all users must meet certain criteria such as net asset value and investment experience in order to trade derivatives on Binance’s platform.
Debate And Controversy Over Decision
The decision has stirred up debate and controversy across social media platforms. Many questioned whether the compensation plan would cover only recent activity or all activity since the accounts were opened.
Despite the confusion surrounding Binance’s decision, it is clear that Australian regulations are strict when it comes to cryptocurrency trading. As a result, all users must ensure they meet certain criteria in order to access derivative contracts offered by crypto exchanges like Binance.
Polygon Soars 11.31% as zkEVM and Network Developments Take Off
Polygon MATIC Soaring
• Polygon MATIC has seen a 24-hour price gain of 11.31%, along with a market cap and trading volume increase of 11.46% and 18.39%, respectively.
• The protocol is testing its zkEVM ((zero-knowledge Ethereum Virtual Machine) to achieve security, decentralization, and scalability.
• The number of developers working on Polygon has increased from 200 in 2018 to more than 1,000.
Recent Developments on Polygon
Polygon is focused on developing its ecosystem and making achievements in the blockchain space. Tom Dunleavy, a senior research analyst at Messari, recently outlined some of these developments in a tweet. These include the launch of their zkEVM (zero-knowledge Ethereum Virtual Machine) solution which aims to solve the blockchain trilemma optimally by achieving all three elements: security, decentralization, and scalability; as well as an increase in the number of addresses on the network quarter over quarter by 90%, and 90% of MATIC tokens distributed being unlocked. According to co-founder Mihailo Bjelic, this technology will position the network for more Web3 developments as well as ensure mass adoption for the network and its coin due to its security and scalability features.
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MATIC Price Shoots With Over 3% Gain
MATIC price shoots with over 3% gains l MATICUSDT on Tradingview.com – indicating increased utility and activity with the token following its recent developments outlined above..
Networks with high number of developers usually attract investor interests due to higher growth potentials that come with it – which is one reason why Polygon’s recent surge isn’t surprising given that they have achieved so much already despite launching last summer
Bitcoin Network Activity Hits Highest Level Since May 2021
• Bitcoin network activity is now at its highest level since May 2021, due to the rise of Ordinals NFTs.
• CryptoQuant’s Bitcoin Network Activity Index has been steadily increasing as a result.
• The increase in the index has been attributed to an increase in the block size due to the influx of NFT transactions on the network.
Bitcoin Network Activity Reaches All-Time High
The Bitcoin network activity is currently at its highest level since May 2021, primarily attributed to the popularity of Ordinals NFTs. On-chain analytics firm CryptoQuant’s “Network Activity Index” evaluates the activity of the Bitcoin network using four metrics: total number of active addresses, number of transactions, Unspent Transaction Output (UTXO) count, and block size.
CryptoQuant’s Network Activity Index
According to CryptoQuant’s data, there has been a significant uptick in Bitcoin network activity recently. The value of their “network activity index” has seen steady growth over the last few years and is now at an all-time high. This increase can be attributed mainly to a surge in block size resulting from NFT transactions on the blockchain. As these NFTs are stored directly on-chain – referred to as “inscriptions” – they cause an increase in data stored within each BTC block. As such, this causes an overall boost in activity across the entire network when more NFTs are added into transactions.
Benefits Of Ordinals NFTs
Ordinals NFTs offer numerous benefits for users that traditional digital assets cannot provide; allowing buyers and sellers alike to trade unique collectibles without fear of duplication or theft. Additionally, owners can prove authenticity with cryptographic proof that cannot be forged or manipulated by anyone else but them; making it one of safest ways for users to store and trade digital assets without any risks associated with centralized platforms or custodial solutions which could potentially lead to security breaches and loss of funds/assets.
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Bitcoin Breaks $23K Resistance After US Fed Announces Disinflation
• Bitcoin has broken its $23k resistance level after the US Federal Reserve announced the start of the disinflationary process of the US economy, raising the interest rate by another 25 base points.
• According to Coingecko, Bitcoin rose 3.2% in the last 24 hours as the announcement of the rate hike hits the markets.
• However, the central bank is still not optimistic about their future moves this year with Federal Reserve chairman James Powell eyeing more rate hikes in the near future.
The US Federal Reserve has recently announced the start of the disinflationary process of the US economy, raising the interest rate by another 25 base points. This acknowledgement has provided a boost of confidence to the broader financial market and has also led to the breaking of Bitcoin’s $23k resistance level.
According to Coingecko, Bitcoin rose 3.2% in the last 24 hours as the announcement of the rate hike hits the markets. This move by the US central bank has given investors the confidence to invest in more risky assets such as stocks and cryptocurrencies. Major indices like the NASDAQ have climbed despite the increase in interest rate.
However, despite the optimism surrounding the Federal Reserve’s decision, US Federal Reserve chairman James Powell indicated that the Fed may be winding down its rate hikes due to the slowdown in inflation. At a press conference, Powell stated that “We can now say I think for the first time, that the disinflationary process has started.” The 25 bps hike comes after last month’s December Consumer Price Index report which shows a downward trend in CPI since the Fed’s aggressive quantitative easing measures last year. However, at 6.5%, it is still higher than the central bank’s target inflation rate of 2%.
It is clear that the Federal Reserve is not yet certain about their future moves and that there is still some uncertainty surrounding the US economy. However, the acknowledgement that this is the start of the US economy’s disinflationary process has given confidence to the financial market and has allowed investors to take more risks.
It has yet to be seen how this move will affect the markets in the long run, but for now, investors remain positive that the US economy is heading in the right direction.
Digital Surge Survives FTX Collapse, Repays Customers in Full
• FTX crypto exchange collapsed last year, causing a contagion among several companies exposed to the distressed exchange.
• Digital Surge, an Australian crypto exchange, lost access to its funds on the FTX platform.
• Digital Surge proposed a Deed of Company Agreement (DOCA) which requires the creditors’ approval, with the founders contributing $1 million from another private source to assist in repaying all customers.
The crypto exchange FTX suffered a major collapse last year, shaking the industry. This outcome caused a contagion among several companies exposed to the distressed exchange, including Digital Surge, an Australian crypto exchange. Digital Surge had about $23.4 million in digital assets on the FTX platform, and when the exchange collapsed, Digital Surge suspended withdrawals on its platform as a precautionary measure.
The firm then proposed a Deed of Company Agreement (DOCA) which required the creditors’ approval. The founders of Digital Surge, Daniel Rutter and Josh Lehman, agreed to contribute $1 million from another private source as a way of supporting their efforts in repaying all their customers. This agreement was communicated to the firm’s customers via email on December 8, 2022.
Furthermore, Digital Surge mentioned that it was working on all possible options to help recover its locked funds on FTX. It was a difficult situation for the firm, but it was determined to do whatever it could to make sure that its customers were compensated for their losses. The firm was also determined to try and minimize the impact of the FTX collapse on its customers.
Digital Surge was one of the companies that managed to survive the spreading contagion from FTX, and its efforts to help its customers recover their losses were successful. The firm’s proposed DOCA was approved by the creditors, and the founders’ contribution of $1 million allowed the firm to repay its customers in full. This was a major win for the firm, and it showed the resilience of the crypto industry in the face of a major collapse.
Robinhood Hit by Cyber Attack, Urges Users to Take Extra Precaution
• Hackers broke into Robinhood’s social media accounts to promote a fraudulent coin called RBH.
• The token was initially priced at $0.005 with no creator or tokenomics information.
• Binance CEO Changpeng Zhao reported the account had been suspended and Robinhood suspects a third-party vendor was responsible for the breach.
On Wednesday, Robinhood, a prominent US online trading platform, was the target of a malicious cyber attack. Hackers breached the platform’s social media accounts, including Twitter, Instagram, and Facebook, in an attempt to peddle a fraudulent cryptocurrency called RBH. The fake token was initially priced at $0.005 on the Binance Smart Chain, but without providing any information regarding the token’s creator or tokenomics.
This latest cyber attack was quickly noticed by users online, with Twitter user db (@tier10k) being one of the first to alert people to the fraudulent token. The tweet was no longer visible on Robinhood’s account at the time of writing.
Soon after, Binance CEO Changpeng Zhao took to Twitter to report that the account in question had been suspended. However, ZackXBT, an internet inspector, revealed that the fraudsters were able to extract around $8,200 worth of BNB tokens.
In a statement released by Robinhood, the platform admitted that the hacker had been able to post on their social media accounts. They added: “We’re aware of the unauthorized posts from Robinhood Twitter, Instagram, and Facebook profiles, which were all removed within minutes.”
The online trading platform also stated that they believe a third-party vendor was behind the breach. Conor Grogan, director of product business development at cryptocurrency exchange Coinbase, commented on the incident, saying: “This is a problem that we’ve seen in the crypto space for a long time and it’s one of the primary reasons why companies are investing so heavily in security.”
Robbinhood has since released a statement urging users to take extra precaution and ensure their accounts are secure. They have also asked users to report any suspicious activity to their security team.
It is yet unclear whether anyone has been able to access user data or financial information as a result of this attack. However, it serves as a reminder of the importance of security and the need for companies to invest in better security measures.