Cryptocurrency

IMF is Right: Cryptocurrencies are Ushering in a New World Order

Published

2 years ago

April 21, 2022

The IMF report is both right and wrong on cryptocurrencies. Bitcoin and crypto are indeed shaking-up the current world order; but doing so for the better, affirms the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The analysis from Nigel Green of deVere Group comes as the International Monetary Fund publishes the Global Financial Stability Report, which assessed Bitcoin and other cryptocurrencies disrupting the global monetary system.

The IMF says that “strengthening macroeconomic policies is necessary” to fend off “cryptoization risks.”

Nigel Green says: “The IMF is correct – cryptocurrencies are indeed ushering in a new world order.

“The times ahead are destined to be radically different from what we have all experienced in our lifetimes so far.

“One way in which we will see this each day is with currencies, which are mediums of exchange and store holders of value.

“Increasingly, there will be a mixed system. Some will be currencies from governments, including digital and non-digital, and some will be digital and decentralised, such as Bitcoin.

He continues: “The U.S. dollar has reigned supreme for around 75 years. But there’s no doubt that the world is shifting away from a dollar-dominated system.

“This is because astronomic levels of debt, and the enormous, ongoing amount of money printing to monetise these debts, have caused the considerable drop in the long-term value of the global reserve currency.

“Investors – including individuals and governments – are therefore looking for alternative currencies, such as cryptocurrencies.

“Moving forward, these will increasingly compete with traditional, fiat ones and this will help trigger the decreasing dominance of currently leading international currencies.”

However, the deVere CEO says that the IMF should embrace Bitcoin, which will “inevitably play a critical future role” in the global monetary system.

“Bitcoin can also be a force for social good as it can offer a way out of both financial and political repression,” he notes.

“It’s estimated that more than one billion people live in countries that are suffering from out-of-control inflation, where the money they earn depreciates fast against the goods and services they need to buy.

“But Bitcoin can offer a ‘get-out’ for those whose national currency is plummeting in value in this way.”

Bitcoin can also serve those who face political suppression. There are countless examples around the world where those who are dissenting against ruling authoritarian regimes have their accounts shuttered and/or funds stolen. This means they are then trapped, possibly forever.

“This is where Bitcoin can play a hugely beneficial role as they can receive and send it safely, securely, without censorship.”

The deVere CEO goes on to add: “As a global, decentralised system, it affords anybody, anywhere, regardless of their political beliefs, nationality, ethnicity, religion, gender, or sexuality, the same level playing field. It can’t discriminate.

“This is helping not only the politically repressed but the 1.7 billion global ‘unbanked’ population. That’s almost two billion people worldwide who cannot access financial services because their data is not held on ‘traditional’ sources, largely due to legacy biases.”

Nigel Green concludes: “Bitcoin has the potential to provide enhanced financial and political freedom. It has the power to create a better tomorrow.

“Why the IMF, an organisation whose remit is to ‘achieve sustainable growth and prosperity’ is scared of a future-focused solution, is baffling.

“Clearly, past methods, in poorer countries haven’t been as successful as they should have been. As such, we need to look forward, not back.”

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Cryptocurrency

SEC Director General Lauds KuCoin’s Action, Urges Compliance with National Guidelines

Published

2 days ago

May 17, 2024

Samed Olukoya

The Securities and Exchange Commission (SEC) Director General, Dr. Emomotimi Agama, has commended KuCoin, a prominent cryptocurrency exchange platform, for its proactive measures to delist the Nigerian naira (NGN) from its trading options.

This move aligns with recent directives aimed at safeguarding the nation’s economic interests and combating illicit financial activities.

In an official statement released by the SEC on Thursday, Dr. Agama expressed satisfaction with KuCoin’s decision to suspend peer-to-peer (P2P) transactions involving the Nigerian currency.

This decision comes as part of KuCoin’s ongoing efforts to adjust its platform to comply with regulatory directives issued by the Office of the National Security Adviser and the SEC.

The SEC’s stance underscores a broader initiative by Nigerian authorities to address concerns related to foreign exchange manipulation and safeguard the integrity of the nation’s financial system.

Dr. Agama emphasized the importance of adherence to established guidelines, emphasizing that regulatory compliance is essential for maintaining national security and economic stability.

The delisting of the naira by KuCoin follows similar actions taken by other cryptocurrency exchanges, including Binance, in response to regulatory scrutiny from Nigerian authorities. These measures signal a concerted effort within the crypto industry to cooperate with regulatory agencies and promote responsible trading practices.

Peer-to-peer cryptocurrency trading platforms have come under increased scrutiny due to their potential for facilitating illicit financial activities, including money laundering and fraud. By delisting the naira and suspending related trading activities, KuCoin demonstrates its commitment to upholding regulatory standards and fostering a secure trading environment for users.

Dr. Agama reiterated the SEC’s commitment to collaborating with stakeholders, including the Economic and Financial Crimes Commission (EFCC), to address challenges within the cryptocurrency space and combat financial crimes effectively.

He emphasized the importance of regulatory cooperation in tackling illicit trading practices and maintaining investor confidence in the market.

Furthermore, Dr. Agama highlighted the SEC’s ongoing efforts to implement the Revised Capital Market Master Plan, aimed at enhancing the resilience and competitiveness of Nigeria’s capital market.

He highlighted the potential of the capital market to drive economic growth and attract foreign investment, emphasizing the need for regulatory measures to protect investors and promote market integrity.

In response to Dr. Agama’s comments, the EFCC Chairman, Ola Olukoyede, reaffirmed the Commission’s commitment to combatting financial crimes and emphasized the importance of regulatory collaboration in addressing emerging challenges.

He commended the SEC’s efforts to enforce regulatory compliance within the cryptocurrency sector and pledged the EFCC’s support in safeguarding Nigeria’s financial interests.

Cryptocurrency

KuCoin Announces Temporary Pause on NGN Services to Prioritize Compliance

Published

5 days ago

May 15, 2024

Samed Olukoya

KuCoin, one of the leading cryptocurrency exchanges globally, has announced a temporary pause on its P2P Nigerian Naira (NGN) services and Fast Buy service via Naira cards.

This move, set to commence from 2024-05-15 08:00 (UTC), aims to prioritize compliance measures within the platform.

In a message addressed to its valued users, KuCoin expressed its dedication to providing a robust and secure trading environment.

The temporary suspension of NGN services is part of the exchange’s commitment to accelerating the compliance process.

During this period, ongoing orders will be completed normally, and all other services on the platform will remain available.

KuCoin assured its users that their assets are safe and secure on the exchange. While acknowledging that adjustments might be required in trading preferences, KuCoin explained that this decision is a step toward enhancing the overall trading experience for its users.

The exchange reiterated its focus on compliance and creating a secure environment for all users. KuCoin aims to resolve the compliance-related matters swiftly and efficiently to ensure a seamless transition back to full functionality of NGN services.

The decision to temporarily suspend NGN services underscores KuCoin’s proactive approach to regulatory compliance, reflecting its commitment to maintaining transparency and trust within the cryptocurrency ecosystem.

KuCoin expressed gratitude for the understanding and cooperation of its users during this period of change.

Cryptocurrency

Crypto Exchange Giant Coinbase Grinds to a Halt in System Meltdown

Published

6 days ago

May 14, 2024

Samed Olukoya

One of the world’s largest cryptocurrency exchanges, Coinbase, has been plunged into chaos as it experienced a catastrophic system-wide outage, leaving traders and investors stranded and unable to access their accounts.

The disruption, which commenced at 4:15 am UTC on May 14, has rendered both the desktop and mobile platforms of Coinbase completely unusable.

Users attempting to access the exchange are greeted with a frustrating “503 Service Temporarily Unavailable” error message, indicative of the severity of the situation.

Coinbase, known for its reliability and user-friendly interface, has been a cornerstone of the cryptocurrency market for years.

However, this unprecedented outage has shaken the confidence of countless traders who rely on the platform for their daily transactions and investments.

Coinbase swiftly notified its user base of the issue through its official status page, acknowledging the severity of the problem and assuring customers that their funds remain secure.

The exchange’s support team took to social media to disseminate updates, pledging to investigate the issue and work tirelessly to find a resolution.

This isn’t the first time Coinbase has faced technical difficulties during periods of heightened market activity.

Just months prior, on February 28, the exchange experienced temporary outages alongside several other platforms amidst a frenzy of trading activity during a Bitcoin flash crash. Such incidents highlight the strain that surges in traffic can place on even the most robust of systems.

While outages like these are undeniably frustrating for users, they often spark speculation within the crypto community.

Some enthusiasts view these disruptions as a bullish sign, interpreting the influx of traffic and subsequent downtime as indicators of growing interest and adoption in the cryptocurrency space.