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CBN to Regulate Cryptocurrency Transactions With New Policy

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Cryptocurrency - Investors King

The Central Bank of Nigeria (CBN) has disclosed plans to enact a regulatory policy framework on cryptocurrency transactions in the country.

Investors King recalls that the apex bank had earlier halted crypto payments in the banking system insisting that digital currency was used for money laundering and terrorism.

In its report on Nigeria’s payments system vision 2025, the CBN stated that it would partner with the Security Exchange Commission to develop a regulatory framework for the implementation of an ICO-based investment solution.

“The CBN would consider the development of a regulatory framework for potential implementation of ‘Stablecoins.’ It would also continue its watching brief on Initial Coin Offerings,” it said.

Investors King reports that finance analysts have expressed worry over the use of stablecoins which was described as untimely since the e-naira policy failed.

Stablecoins refer to cryptocurrencies whose value are attached to another currency or commodity to serve as an alternative to the high volatility of popular cryptocurrencies like Bitcoin, thereby making crypto investments less suitable for usual transactions.

On his part, an economist, Rotimi Fakayejo stressed that the policy will not have the desired effect on the economy as the timing is not right.

He added that currently the naira is not stable as well as foreign exchange, a reason why such a policy should not be adopted.

“We have tried e-naira and it is not working. I do not think CBN is thinking right. We all know how weak regulations can be in this country,” Fakayejo said.

However, the Acting Director, Corporate Communications, CBN, Osita Nwanisobi has said that the policy will not have any negative impact on fintechs.

He pointed out that in Nigeria, the use of cryptocurrencies is a direct contravention of the laws of the land.

“It is also important to highlight that there is a critical difference between a central bank-issued digital currency and cryptocurrencies. As the names imply, while central banks can issue digital currencies, cryptocurrencies are issued by unknown and unregulated entities,” Nwanisobi explained.

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Cryptocurrency

Why AI Back Cryptocurrencies Are Skyrocketing

Tokens such as Artificial Liquid Intelligence (ALI), Fetch AI (FET) and Singularity Net (AGIX) have surged as much as 220%

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Dollar Cryptocurrency - Investors King

Cryptocurrencies backed by Artificial Intelligence (AI) have been skyrocketing in the last few weeks owing to the momentum surrounding Artificial Intelligence.

Tokens such as Artificial Liquid Intelligence (ALI), Fetch AI (FET) and Singularity Net (AGIX) have surged as much as 220%, data from CoinDesk revealed. 

Investors King understands that AI which broadly refers to the simulation of human intelligence in machines programmed to think and act like humans has been generating some media buzz in recent times. 

For instance, there was huge momentum that accompanied the public launch of chatbot ChatGPT and image generation software Dall-E in mid-2022. OpenAI, the parent company of ChatGPT recently raised $10 billion from Microsoft at a $29 billion valuation.

It is assumed that such institutional interest has helped create a compelling argument for crypto traders to bet on AI-focused tokens as the next growth sector.

In addition, Artificial Intelligence could be seen in chatbots, self-driving cars, optimising search in online marketplaces and image-generation software among others. 

Responding to the media buzz, Big Data Protocol (BDP) and Measurable Data (MDT) jumped on the hype. In the past week, BDP surged by more than 21,000%, Data from CoinGecko reveals. 

Meanwhile, prominent traders and crypto personalities on Crypto Twitter are heralding AI-based tokens as the sector that might lead the next bull market cycle. 

According to the founder of crypto wallet Frontier, Ravindra Kumar, “The growth opportunity around the AI and Web3 space combines early interest, potential and hype”. 

However, Head of Marketing at Biconomy, Aditya Khanduri had a slight difference from the majority opinion. 

“I believe that the current AI trend is still pretty speculative. Some of the tokens with more buzz and followings have pumped and it’s less about the actual tech behind it. There’s a lot of unanswered challenges and lots to be figured out,” Khanduri told CoinDesk in a recent chat. 

Khanduri’s opinion is in line with the position of some market watchers who remain cautious about the AI token hype.

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Bitcoin Trades Above $23,000 Crucial Mark Ahead of Its Next Move

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bitcoin to Nigerian Naira - Investors King

After bouncing from a low of $22,620, bitcoin is trading above the $23,000 crucial mark ahead of its next move.

The largest cryptocurrency by market cap is currently trading at $23,201 at the time of writing this report, data from the Binance platform shows.

Investors King understands that the $23,000 mark is a key level for the flagship cryptocurrency for a possible swing upward. 

This sentiment was also shared by a number of crypto analysts including popular crypto strategist Michaël van de Poppe and Smart Contracter. 

Van de Poppe tells his 647,300 Twitter followers that traders who are betting against the king crypto may provide the necessary fuel for a rally toward his target of $28,000.

Van de Poppe, however, added that a correction towards $21,700 is also in play but not very likely. 

“I’m still favouring a sweep of $21,700 as the most optimal long entry, but people are so hyped to get in the markets that most likely we won’t get it. In that regard, continuation to $26,000-$28,000 seems likely,” he noted on his Twitter page. 

Sharing the same view, a crypto strategist who correctly called the end of BTC’s bull market in 2021, says a move above $23,300 will likely propel Bitcoin to $25,000.

“The way I see things right now, IF BTC flips $23,300 and ETH flips $1,680, THEN we see BTC to $25,000 and ETH with a good candle towards $1,9…before a major retracement,” he tweeted. 

Meanwhile, the cryptocurrency market sentiment continues to increase. Investors who are feeling optimistic about the market conditions continue to plug more cash into crypto funds. Data from CoinShares reveals. 

CoinShares noted that total investment assets under management are up 39% from this time last year and now stand at $30.3 billion—the highest since August 2022.

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Bitcoin’s New Target is Above $25,000; Says Smart Contracter

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bitcoin to Nigerian Naira - Investors King

A well-known trader in the cryptocurrency market with the name, Smart Contracter has revealed that the next target for Bitcoin is anything above $25,000.

The highly followed crypto analyst had earlier disclosed that Bitcoin will dive below the $23,000 mark. 

According to the popular crypto trader who stated that he is now ready to re-enter the market, he had earlier converted his crypto assets to stablecoins before the recent correction.

Now that Bitcoin has retracted from a recent high of about $24,200 to $22,700 range, the trader says the most capitalised cryptocurrency is low enough to justify once again diving into the market.

Expressing his strong opinion on the Twitter platform, Smart Contracter noted that the flagship cryptocurrency may still make a decline after the next target of $25,000.

“Leaning towards the W5 on BTC being underway, now taking out those $25,000 highs. This might be the final push higher on daily before we get a deeper decline into the next few months. Make the most of it in my opinion,” his Twitter post partly read. 

Additionally, Smart Contracter disclosed that he has begun to accumulate Ethereum (ETH) stating that ETH seems to be preparing for another leg up. 

The trader who is also bullish on Dogecoin (DOGE) says the popular meme-coin has been building strength against BTC for weeks. 

A quick look at the chart shows that Bitcoin has been consolidating below the $25,000 resistance. However, digital gold as it is otherwise called could resume an upward rally if it survives a bearish breakdown of $22,500, Investors King understands. 

Meanwhile, following the recent increase in price, investors are turning bullish once more on Bitcoin and a number of other crypto assets. 

In essence, while there are some worrying technical signs in the short term, a very bullish signal is also developing which if happens could eventually lead to a sharp rally upward and perhaps a FOMO.

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