Headlines News

Bitcoin: Understanding digital currency, pitfalls

Ihesiulo Grace 10 March 2018 0

Bitcoin is a type of cryptocurrency in which balances are kept using public and private “keys,” which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key, similar to a bank account number, serves

World

Crypto-currencies cause deaths says Bill Gates

Ihesiulo Grace 1 March 2018 0

Crypto-currencies are killing people in a “fairly direct way”, Microsoft founder Bill Gates has said. He was referring to the way digital currencies like Bitcoin are used to buy drugs like synthetic opioid fentanyl. In an “ask me anything” session on news website Reddit, he said that the anonymity of digital currencies meant they were […]

Business

Nigeria’s central bank again warns against investment in bitcoin, others

Ihesiulo Grace 28 February 2018 0

The Central Bank of Nigeria (CBN) has again cautioned Nigerians to be wary of investments in cryptocurrency as they are virtual currencies that are not legal tender in Nigeria. Isaac Okoroafor, the bank’s acting director, corporate communications, in a statement on Wednesday in Abuja, said cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, and

Business News

Bitcoin crashes as investors count loses on investments

Ihesiulo Grace 8 January 2018 0

Despite several warnings by the Nigerian finance regulator against Bitcoin, world known cryptocurrency,investors globally are now getting their fingers burnt, as it continued to crash, checks by The Daily Times have showed. After the bitcoin craze rose to a near-fever pitch in 2017, several investors and analysts this year, are predicting more growing pains for […]

Africa

Egyptian cleric forbids Muslims from Bitcoin trading

Ihesiulo Grace 3 January 2018 0

A top Egyptian cleric has forbidden Muslims from trading in crypto currency and BITCOIN alleging that the instrument is usually deployed to fund terrorism and is forbidden in Islam. The Grand Mufti of Egypt explicitly prohibited trading in Bitcoin, explaining that it is forbidden in Islamic Shari for the risks it holds, and its been […]

Business News

Nigeria again warns citizens against trading in digital currencies

Ihesiulo Grace 24 November 2017 0

The financial sector insurance regulator, the Nigerian Deposit Insurance Corporation, NDIC, has again warned Nigerians against the risk of trading with digital currencies not issued by the Central Bank of Nigeria, CBN. The Director Research, Policy and International Relations, NDIC, Mohammed Umar, said on Thursday in Kano that the mandate of the corporation does not […]

Business News

Bitcoin, other virtual currencies not legal tender in Nigeria – CBN

Ihesiulo Grace 20 January 2017 0

The Central Bank of Nigeria (CBN), has ruled out transactions in bitcoin and other virtual currencies by any bank in the country. The apex bank, in a circular to all banks on Tuesday, signed by its Director of Financial Policy and Regulation Department, Kelvin Amugo, said the move was necessitated by money laundering and terrorism […]