African Union greenlights AI adoption across member states

August 11, 2024 Coin Telegraph

Africa

The strategy aims to fast-track AI development and adoption in Africa, driving innovation and growth in the continent.

The Executive Council of the African Union (AU) has approved the “Continental Artificial Intelligence Strategy,” which promotes AI adoption in the public and private sectors among member states.

This strategy was announced in a document published on the AU website on Aug. 9.

The AU’s AI strategy was formally adopted during the AU Executive Council’s 45th Ordinary Session between July 18 and 19 in Accra, Ghana. It aims to harness AI for the continent’s development and the well-being of its people.

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Nigerian activist receives local support in legal fight to use crypto

August 10, 2024 Coin Telegraph

Bitcoin

This lawsuit comes amid the Nigerian government’s increasingly hostile stance toward cryptocurrencies.

Nigerian crypto activist and politician James Otudor has received support from the local cryptocurrency community in his legal battle to secure the right to own, use and trade Bitcoin, Tether and other cryptocurrencies in Nigeria.

Speaking to Cointelegraph, Otudor shared that while moral support has been overwhelming, his team is not ready to accept financial contributions until systems ensuring transparency are in place. This precaution aims to prevent any potential propaganda from adversaries that could undermine the cause.

A court session on Aug. 9 was primarily an introduction to the case. Otudor highlighted that the Nigerian government’s confusion regarding crypto assets and blockchain technology significantly motivated the lawsuit.

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OKX exchange exiting Nigeria due to regulatory concerns

July 17, 2024 Coin Telegraph

Binance

Though the announcement came as a surprise to many users, OKX has been winding down features in the Nigerian market for months.

OKX is exiting Nigeria and halting services for all Nigerian customers, the crypto exchange revealed in an email sent to Nigerian clients on July 17.

OKX cited "recent changes in local laws and regulations" as the primary reason for ceasing services in the country and an August 16, 2024, deadline for users to access the platform's features. After the deadline, Nigerian users will only be able to access the platform to withdraw funds or close out positions.

OKX suspended Naira withdrawals in May 2024, citing regulatory concerns, after the Nigerian government accused Binance of manipulating the country's fiat currency, money laundering, and tax evasion schemes earlier that year.

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Binance’s Nigerian Tax Evasion Ruling Set for October After Not Guilty Plea: Report

July 16, 2024 The Daily Hodl

Binance

The world’s top crypto exchange Binance is now facing an October 11th Nigerian court date for tax evasion charges, according to a local report. A new Ripples Nigeria report indicates Binance entered a not-guilty plea Friday, and Justice Emeka Nwite of the Federal High Court, Abuja, set the new October court date to rule on […]

The post Binance’s Nigerian Tax Evasion Ruling Set for October After Not Guilty Plea: Report appeared first on The Daily Hodl.

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Two US Lawmakers Move Resolution Demanding Immediate Release of Binance Executive Held in Nigeria

July 13, 2024 The Daily Hodl

Binance

Two US lawmakers are moving a resolution that demands Nigerian authorities release an imprisoned high-ranking Binance executive. Republicans French Hill of Arizona and Rich McCormick of Georgia authored a resolution that calls for the immediate release of Binance’s head of financial crime compliance Tigran Gambaryan. Gambaryan, a US citizen, has been held in custody in Nigeria […]

The post Two US Lawmakers Move Resolution Demanding Immediate Release of Binance Executive Held in Nigeria appeared first on The Daily Hodl.

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Nigeria’s SEC advised to regulate Bitcoin, Ether as commodities

July 13, 2024 Coin Telegraph

BICCoN

By treating Bitcoin and Ether as commodities, Nigerian regulators can establish a more tailored regulatory framework that reflects the unique characteristics of these digital assets.

In light of a recent court ruling in Illinois that classified Bitcoin and Ether as commodities, Nigerian stakeholders are urging the Nigerian Securities and Exchange Commission (SEC) to adopt a similar approach in its regulatory framework.

The call for clarity and proper classification comes as cryptocurrencies play an increasingly significant role in the global financial landscape. Lucky Uwakwe, chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), spoke to Cointelegraph and emphasized the importance of clearly defining the class of crypto assets.

According to the chairman, this approach would provide creators with clear guidelines on where to seek regulation.

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Binance tax evasion verdict set for October

July 13, 2024 Coin Telegraph

Ayodele Omotilewa

Binance’s lawyer urged the judge to dismiss all charges, arguing that the case lacks substance.

A Nigerian court has scheduled the verdict for the tax evasion trial against crypto exchange Binance for Oct. 11. Binance faces four counts of tax evasion, including failing to register with Nigeria’s Federal Inland Revenue Service (FIRS).

According to local media, Binance lawyer Ayodele Omotilewa appeared in court on Friday, July 12, and entered a not-guilty plea to all four charges before Judge Emeka Nwite.

Omotilewa urged the judge to dismiss the charges, arguing that the case lacks substance, similar to the previous dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla.

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US lawmaker asks Congress to treat Binance exec in Nigeria as a ‘hostage’

July 11, 2024 Coin Telegraph

Binance

Rep. Rich McCormick called on the US government to formally declare Tigran Gambaryan as a hostage if his criminal case in Nigeria was not resolved by mid-July.

Representative Rich McCormick introduced a resolution to the US Congress calling on lawmakers to consider a Binance executive who has been detained in Nigeria since February as a hostage.

In a July 10 resolution referred to the House Committee on Foreign Affairs, Rep. McCormick claimed the government of Nigeria had wrongfully detained Binance executive Tigran Gambaryan “in order to extort” the cryptocurrency exchange. He called on the US government to formally declare Gambaryan as a hostage and take steps to ensure the Nigerian government releases him and provides medical care if the case was not resolved by mid-July.

“Tigran’s detainment has been ongoing since February of 2024, the court typically takes a recess from mid-July to September,” said Rep. McCormick. “[I]f Tigran’s case is not resolved by mid-July, he may remain in detention for an even longer undue period of time.”

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Nigeria urged to adopt crypto regulations inspired by Europe

June 30, 2024 Coin Telegraph

anti-money laundering

Nigerian data and policy analyst Obinna Uzoije noted that a unified regulatory framework for all ECOWAS member states would offer potential crypto investors much-needed clarity.

Nigeria’s crypto community has praised Europe’s Markets in Crypto-Assets Regulation (MiCA) stablecoin rules as a positive development, saying it is important for jurisdictions to prioritize their interests regarding crypto projects, thereby protecting their local currencies.

In an interview with Cointelegraph, Nigerian data and policy analyst Obinna Uzoije shared his thoughts on what the Economic Community of West African States (ECOWAS) can learn from Europe’s MiCA. He highlighted the numerous advantages that ECOWAS’s regulatory framework regarding cryptocurrency would bring to its member states.

Uzoije pointed out that stablecoins are currently the most prominent use case for crypto assets. According to him, Africa, in particular, has more transactions using stablecoin than any other type of digital asset.

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Nigerian official advocates blockchain, AI against illicit financial flows

June 29, 2024 Coin Telegraph

Africa

The financial watchdog chair said that if recovered, the funds could significantly enhance infrastructure, healthcare and education across the continent.

The chairman of Nigeria’s Economic and Financial Crimes Commission, Olanipekun Olukoyede, has highlighted blockchain technology and artificial intelligence (AI) as tools to address illicit financial flows (IFFs) in Africa.

According to local media, Olukoyede highlighted the $88.6 billion lost annually in African countries due to IFFs at the Pan-African Conference on Illicit Financial Flows and Taxation.

The conference is the premier annual forum of the African Union. It brings together stakeholders across Africa to discuss IFFs and taxation. This conference facilitates sharing insights, strategies and best practices to address the challenge of IFFs.

Nigeria

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