Africa Business Nigeria West Africa World 

Nigerian banks closing accounts dealing with cryptocurrency

– – Nigeria’s Central Bank has told banks and other financial institutions in the country to close all cryptocurrency-related accounts. Last week the bank in a statement said all financial institutions were prohibited from facilitating crypto currency payments. “Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency is prohibited,” the statement said. According to the Central Bank of Nigeria financial institutions are to identify persons and entities transacting in, or, operating crypto currency exchanges…

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Africa Business Nigeria West Africa World 

The Nigerian who returned $80K bitcoins sent him mistakenly

A Nigerian man has returned $80,000 worth of bitcoin mistakenly transferred to him. He returned the bitcoin to the owner. Keith Mali Chung is reported by Radio France Internationale to have discovered 7.8 bitcoins in his account. The bitcoins were worth $80,000 but he could not hold on to it knowing it didn’t belong to him. He reportedly tracked down the owner of the bitcoins and returned the digital currency. “I trade in bitcoin, but never such a high amount,” Mali Chung explains on the phone from the Nigerian capital,…

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Business Investments 

Bitcoin and Blockchain Explained

What is Bitcoin?  Bitcoin is an online investment system where money is being saved in a digital currency using Blockchain technology. We usually express Bitcoin as a digital currency in dollars. The stored value of bitcoin fluctuates like most currencies or precious metals such as gold or silver. In the cryptocurrency marketplace, there are over 2172 cryptocurrencies operating in 10,840 exchanges, with a market capitalization of over $234 billion (Coinlore.com, 2019). All cryptocurrencies depend on the Blockchain technology, to function seamless and provide the robustness and privacy that investors deserve.…

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Business Development Global News 

10 areas to apply Blockchain in healthcare

Many industry leaders are discussing blockchain — from the President of the United States to the Nigerian government. Despite all the global publicity, the blockchain idea still appears to be hard to get a handle on, which makes it a standout amongst the most misunderstood technological advances of 2017(1). Blockchain technology is a distributed database that allows users to share data globally and eliminate the need for the middleman or a “gatekeeper”. They have proven the robustness of Blockchain technology in its initial application, which was Bitcoin. We have now…

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