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Chairman of Nigerian Economic Crimes Commission: Crypto Growth Is a ‘Far Greater Danger to the World Economy’

Chairman of Nigerian Economic Crimes Commission: Crypto Growth Is a ‘Far Greater Danger to the World Economy’The chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has singled out the growth of cryptocurrencies as something that now poses “a far greater danger to the world economy.” Therefore, in order to deal with such dangers or threats, Bawa advocates for a “collective and collaborative approach by authorities around the world.” […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

Official Remittances to Nigeria Plummet by Almost 40% in a Year When Crypto Use Surged

Official Remittances to Nigeria Plummet by Almost 40% in a Year When Crypto Use SurgedAccording to the latest data from the World Bank, international money transfers into Nigeria dropped by nearly 40% from $23.8 billion recorded in 2019 to $17.2 billion in the past year. Yet despite this fall, remittances, which account for 4% of the country’s GDP, still remain an important source of foreign exchange for the oil-rich […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

Nigerian Regulator Issues ‘Extreme Caution’ Crypto Investments Warning

Nigerian Regulator Issues ‘Extreme Caution’ Crypto Investments WarningNigeria’s Economic and Financial Crimes Commission (EFCC) has become the latest body to warn of risks associated with cryptocurrency investments. In a public warning, the law enforcement agency argues that investing in cryptos “is a high-risk activity as the terrain is largely unregulated and prone to fraud.” Proliferation of Scams According to a report that […]

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years