Nigeria Accelerates Digital Asset Transition

In times when traditional finance and the global economy are beginning to change, the interest in digital assets is increasing. In particular, Bitcoin and blockchain technology have become the main agenda item of countries. In the midst of these processes, Nigeria is making a new move with the aim of directing the people of the country towards digital assets and CBDC. The Central Bank of Nigeria has begun to impose limits on withdrawals from ATMs in an effort to speed up the transition.

The Central Bank of Nigeria is undertaking studies aimed at abandoning the use of traditional money and switching to digital assets. The main agenda of the country is the digitalization adoption of Bitcoin and its derivatives. Therefore, Nigeria made a move aimed at using cash and moving away from traditional currency. Withdrawals from ATMs are now limited in Nigeria. In this context, the price of 1 Bitcoin in NairaEX, one of the largest cryptocurrency exchanges in Nigeria, advanced to the level of 38 thousand dollars. This highlights that, given the current market conditions, Bitcoin is 60 percent more valuable in Nigeria.

Philippine Regulator Expects More Authorization on Cryptocurrency

The FTX and Terra crises of the past year have highlighted the need for regulation and oversight of the crypto industry. In particular, many countries stated that crypto regulations should be made as the first priority. The activity that started in this context continues in the new year. Finally, the Securities and Exchange Commission of the Philippines wants to further increase its authority in the country.

The Philippines Securities and Exchange Commission has released draft rules on a range of products and services, including cryptocurrencies and digital finance products. The Philippine regulator stated that its newly enacted draft rules will make a newly signed law more workable and give more powers to the digital asset market. Under this draft, the regulator would also retain the right to sanction managers, executives or other employees in the industry who are found to have violated the law. This will allow the Filipino regulator to establish its own jurisdiction in the industry. The regulator also stands out for its heavy pressure on cryptocurrencies.