Quantcast
CRYPTO NEWS AROUND THE GLOBE
WisdomTree may launch its Bitcoin and Ethereum ETPs on the London Stock Exchange
Crypto top & flop: the market pauses except for these three altcoins!
Binance assists Taiwan authorities with money-laundering scheme
A TV host becomes CEO of this crypto platform
Farcaster raises $150M for its social network built on Ethereum
Stock Market: The calm before the storm? Europe facing uncertainty over Fed decisions
Bitcoin Breaks Out Above $68K as Solana's 7% Gain Leads Crypto Rally
Venezuela Cuts Off Power to Bitcoin (BTC) Miners – What Happened?
Apu Meme Coin Skyrockets on Ethereum, Another Meme Coin Set to Surge with $15M Raised
Ethereum Foundation researcher Justin Drake discloses advisor role at Eigen Foundation
Toncoin (TON) weakens after a 62% rally in 13 days, going against the trend of the crypto market
Binance Exec Tigran Gambaryan Denied Bail by Nigerian Court
Bybit, Kucoin, Bitget... Is the Financial Markets Authority (AMF) campaigning against cryptocurrencies?
Shiba Inu (SHIB) threatens to top DOGE: This crypto battle is raging!
Why regulators fear an Ethereum ETF: ‘What did we just do?’
Binance Has A Cure For Millions Of Dollars Stolen By Address Poisoning Scams
Risk-like crypto game hits $30m in volume in first week
Vanguard hires ex-BlackRock Bitcoin ETF supervisor as CEO
Millennium Management holds nearly $2 billion in spot bitcoin ETF shares
Consensys is revolutionizing crypto with Smart Transactions on MetaMask
Should you buy or sell Bitcoin according to these influential people in the industry?
Humanity Protocol raises $30M to compete with Worldcoin
Louis Vuitton-Affiliated Château d’Esclans And BlockBar To Sell $22,000 NFT Rosé Barrel
Bitcoin worth over $60 million moved for the first time in 10 years
Crypto: This is how tokenization revolutionizes real estate
Top cryptocurrencies to watch this week: ETH, BOME, HNT
BlockFi hires Coinbase to return crypto to its creditors
International Monetary Fund Tells Nigeria To Regulate Crypto Trading Platforms
Arsenal has a sports coin and so does PSG — inside the wacky $3bn market where prices soar for no reason
Solana users are paying millions to stop bots attacking their trades
All Crypto News Around The Globe

Washington University crypto expert on Nigeria's crypto crackdown: 'Don't blame Binance for bitcoin's existence'

Webp weinhaus
Eddie Weinhaus, Washington University crypto expert | coachforged.com

Coach Weinhaus, a doctoral candidate studying cryptocurrency and monetary sovereignty at the Washington University School of Law and CEO of Judiciocracy, recently discussed the increasing popularity of cryptocurrency in Nigeria with Crypto Republique. He stated that this trend reflects the Nigerian populace's desire for a currency more stable than their native naira. This comes amidst recent actions by the Nigerian government to ban multiple crypto exchanges, including Binance, as part of an effort to protect the naira.

"Demand for crypto is a comment on a nation's currency - don't blame Binance for bitcoin's existence," said Weinhaus.

Bloomberg reported that Nigeria's currency hit a record low after falling another 2.1% at the end of February. Despite a significant rate hike by the Central Bank of Nigeria, the naira continues its decline and is currently trading at its lowest point against the U.S. dollar since Bloomberg began tracking this data.

Get the Newsletter
Sign-up to receive weekly round up of news from Crypto Republique
By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

CoinTelegraph reported on efforts by the Nigerian Central Bank to strengthen the naira through banning multiple crypto exchanges. As part of these measures, Binance, recognized as the world's largest crypto exchange, removed the naira from its peer-to-peer trading platform on February 28th. There have been reports suggesting that amid this crackdown, the Nigerian government is considering imposing a fine on Binance. Furthermore, two Binance officials are reportedly being detained in Abuja by Nigeria's National Security Adviser’s office.

According to a report from the Crypto Council for Innovation, Nigerians have been utilizing digital assets for routine transactions, as a hedge against inflation and for investment purposes. The report notes that "Nigerians are keen to protect the value of their money," particularly given that food costs reached a 27-year high in December 2023. The report also highlighted Nigerians' appreciation for lower fees and faster transaction times associated with cross-border crypto payments. With Nigeria heavily reliant on remittances which can carry traditional financial system fees as high as 36%, it is unsurprising that half of Nigerian respondents in a 2023 survey by Consensys expressed a desire for crypto regulations that would protect users while also encouraging adoption.

Weinhaus's academic and professional focus on cryptocurrency and monetary sovereignty is outlined in his LinkedIn profile. He holds a Juris Doctor (JD) from Washington University, a master's degree in digital currency from the University of Nicosia, an MBA from the University of Chicago Booth School of Business, and a bachelor's degree in economics from the London School of Economics.

More News

UK’s stringent crypto regulations spark debate as exchanges struggle to gain FCA approval

The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

Nov 24, 2024

Italy backtracks on crypto tax hike amid investor pushback

The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.

Nov 24, 2024

European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

Crypto Comments
Loading...

No comments available.

Trending
1

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

2

UK’s digital assets bill brings much-needed clarity to digital asset regulation

3

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

4

OpenAI chooses Paris as its new home base

5

European banking authority issues new guidelines for crypto providers to comply with restrictive measures