Africa Nigeria West Africa World 

School in Nigeria to accept fees in cryptocurrencies

– – A school in the northern Nigeria city of Kano is now accepting cryptocurrency as a means of payment fees. Oxford Science Academy, a private school however said the digital money is not compulsory. The school’s head, Sabi’u Musa Haruna told BBC that the school parents of students had been consulted with many welcoming the decision. Nigeria is the second largest bitcoin market in the world after the United States but the use of cryptocurrencies in Nigeria has sparked controversy in the country. Nigeria’s Central Bank told banks and…

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Africa China World 

Chinese lottery firm expands its crypto presence

– – Lotteries are extremely popular in China, where many millions of people buy tickets every year in the hope of striking lucky. This process has gone online over the last few years, as more and more people in the country gain access to the internet, and has only served to increase its popularity. Lottery companies are certainly keeping up with the times in China, and one of the best examples of this comes from 500.com and its acquisition of BTC.com. 500.com is one of the biggest Chinese sports lottery…

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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 World 

The rise of cryptocurrency transfers to Africa

– – Cryptocurrency is steadily growing acceptance in Africa. Similarly, the use of cryptocurrency for money transfers to Africa is also on the rise. Fintech companies use cryptocurrencies such as Bitcoin to mitigate problems associated with traditional money transfers to Africa and within Africa such as high fees. Africa is the most expensive region to send money to in the world. Intra-Africa money transfers are even higher than sending money to Africa. Sending money from South Africa, for instance, is double the global average. The use of cryptocurrency-powered money transfers…

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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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Africa Business World 

Do trade wars affect the prices of digital currencies?

It is no secret that cryptocurrency prices can be volatile. Those of us who have taken the step to sign up with the likes of Luno to acquire a bitcoin wallet and get in on the action have seen prices soar and then come back down to earth just as quick. The reasons for these rapid increase in Bitcoin’s value have not truly been identified and did catch some investors off guard. This puts into question what can actually change the market value of cryptocurrency. There is an argument that…

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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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