gtassure:

Do you have it's socials e.g telegram, discord etc?

Sure... You can find them on Twitter. Also, you can check their website Paxunitas dot com

Remember, DYOR

Obierika:


So these guys that were arrested and sentenced are also his political opponents abi?

They provide funding for his opponents through crypto.

Go and read the history of Erdogan and how he has silenced his opponents in Turkey then you will realize that the EU has more problems than Africa.

I got an alpha for y'all.
It's a meme project whose premise is on the promotion of Peace 🕊️.

The name is Paxunitas. Its contract is fully renounced and was launched in July 2023 on the Ethereum chain. However, It's multi chain compatible and has done 15x plus since launch.

It's got good utility (imo).

Check it out (NFA and DYOR).

HonNL:


SOURCE

This arrest has nothing to do with crypto. It is a ploy by the president of Turkey (Erdogan) to crack down against his opponents.

Cryptocurrency has been one of the most trending concepts in the world of ICT over the past decade and is still building momentum with each passing day due to its ability to give individuals a sense of control and freedom with respect to their finances. However, this freedom has become a source of worry for governments the world over who have been pro control since time immemorial. In this article, I will be specifically focusing on Nigeria and the views of the government institutions with respect to cryptocurrency's legality in Nigeria.

The topic of this article might arouse the curiosity of many who might have mixed feelings with respect to cryptocurrency's however I will ensure to be as objective as possible in my assertions.

To kick off the article, on Wednesday 17th August, 2022, the Economic and Financial Crimes Commission (EFCC) a law enforcement agency setup by the Nigerian government to fight corruption, hosted a program on twitter spaces tagged: What is illegal in cryptocurrency?

The event had me curious and eager to tune due to the fact that as a member of the Blockchain Nigeria user group (BNUG) and the Nigerian cryptocurrency community in general, it isn't anything new to hear that people are being harassed by law enforcement agencies for being in possession of cryptocurrency. Most crypto users in Nigeria have become quite weary of the law enforcement agents due to the belief that most of the law enforcers consider crypto possession as evidence of being involved in cyber crime A.K.A Yahoo Yahoo in Nigerian local parlance.

Therefore, I was eager to tune in and listen to what the EFCC had to say with respect to this development as the information coming from the EFCC will be of paramount importance to cryptocurrency users in Nigeria.

So, starting off with my observations from the EFCC twitter space. First off, the one major thing I appreciated was the fact that the representatives of the organization admitted that cryptocurrency has come to stay. Now, we all know this but hearing this from a Nigerian government agency was like having butterflies in my tummy.

I mean, just in 2021, the Central Bank of Nigeria had issued a circular that flagged cryptocurrency transactions as illegal. This singular act led to the mass exodus of many cryptocurrency exchanges that could no longer operate due to the fact that Nigerian banks shut down collaborations with these exchanges prior to the circular.

Now, the same circular equally brought about enforcement from the EFCC and the police against law abiding citizen who deal in cryptocurrency.

Therefore, hearing the EFCC making the admission that cryptocurrency has come to stay was like music to my ears.

They equally talked about somethings that I feel are pertinent to how the space is viewed in the cryptocurrency space like people utilizing cryptocurrency for illegal activities like money laundering and terrorism finance but according to the United Nations report that about $42 trillion of fiat currency is laundered every year while, Chainanalysis reports $8.6 billion worth of crypto is used for money laundry annually. This clearly shows how much the EFCC is yet to understand with respect to the cryptocurrency space.

From this submission, it's clear the EFCC and other Nigerian law enforcement institutions have very little understanding of the cryptocurrency and blockchain space. This is a very concerning situation which has led to alot of individuals suffering as a result of this lack of proper understanding on the part of the law enforcement agencies.

However, I believe the crux of the matter on the illegality of cryptocurrency in Nigeria stemmed from the circular issued by the Central Bank of Nigeria (CBN) which banned cryptocurrency transactions from utilizing the existing funding routes i.e banks. This major reason alone is why banks and law enforcement agencies in Nigeria frown against cryptocurrency users in Nigeria. Now, the central bank of Nigeria's argument on banning cryptocurrency stems from the argument that cryptocurrencies serve as a means to facilitate fraud and terrorism. This we know is absolute falsehood as highlighted from the statement of the United Nations above.

The initial plan to kick against cryptocurrency was mainly hatched during the end SARS protest in which cryptocurrency was utilized in circumventing the CBN's blocking of bank accounts. Therefore, since the CBN like every other government institution in the world has no jurisdiction over crypto transactions, it became a cause of anger in government quarters which is why they took the only step they felt they could take in killing off cryptocurrency.

However, from all indications they haven't been successful in this regard as from the moment the CBN decided to shut down direct interraction of banks with cryptocurrency exchanges, the exchanges reverted to the peer to peer (P2P) system of transaction which according to investopedia, a peer-to-peer (P2P) service is a decentralized platform whereby two individuals interact directly with each other, without a third-party intermediary.
This caught the CBN by surprise has they hadn't anticipated this switch but obviously at this point, they had won the battle but lost the war.

Now, knowing all this, the government agencies (regulators and law enforcement)need to understand the attributes of cryptocurrency and how it can be utilized to fight illegality and corruption as a whole.

Most of the arguments held by the Central Bank of Nigeria against cryptocurrency is quite flawed and bereft of proper facts. For example, the idea that cryptocurrency transactions are untraceable is quite flawed due to the fact that cryptocurrency leverages upon blockchain technology which helps to keep track of transactions. Now utilizing this fact it therefore means that transactions can be traced. It is understandable that there's no link between cryptocurrency wallets and identity due to the decentralized nature of wallets but it's still very trackable as there's interraction between decentralized wallets and centralized exchanges which now mostly employ a know your customer (KYC) protocol in place thereby helping the government to keep track of fraudulent activities. This is contrary to what is going on presently as it is a well known fact that paper money is hardly tracked in Nigeria which is why terrorists utilize this loophole to carryout nefarious activities like ransom taking because they know cash can be spent with no questions asked unlike when they accept ransom payment through bank transfer which can be easily tracked.

This loophole however does not exist with cryptocurrency as the possibilities of funds being untraced is unlikely due to the fact that the transactions can be associated with a client by utilizing a centralized exchange's KYC database.

I believe the government institutions need to bring in knowledgeable crypto forensic investigators and blockchain technology experts to help them get a more accurate and fair view of the cryptocurrency space in general.

Futhermore, there is need for officers of the EFCC and the police need to undergo specialized training that will help them better understand what cryptocurrency entails and how to better investigate crimes that utilize cryptocurrency. There are alot of ways people engage in cryptocurrency alot of people engage in trading, smart contract development e.t.c. Not all cryptocurrency users are not fraudsters only a minute few are. Therefore, it is necessary for the law enforcement agencies to take note of this.
Also, the Nigerian cryptocurrency community needs to engage more with the CBN and law enforcement agencies just as they have done with the Securities and Exchange commission (SEC) in Nigeria and inturn recording a very good amount of success with that organization.

It is my hope that in the future, the Nigerian institutions and law enforcement agencies will be more cryptocurrency friendly and open to cryptocurrency adoption in the future. Hopefully, we will get there. Let's keep pushing.

Author: Seun Seriki

Highness sha

Congratulations farmbit. Keep up the momentum!

GoogleNaija247:
A Defi Company "FarmBit" Receives $240k Seed Funding From Top Crypto Angel Investors and Partners With Despace Protocol.

FarmBit receives $240k Seed funding from top crypto Angel Investors and partners with Despace Protocol

Millions of small businesses from emerging markets have stayed offline for the past decade due to the financing gap between these businesses and traditional financial institutions. 

FarmBit is fixing the financing gap between agribusinesses and traditional finance from emerging economies using DeFi and NFT. Business inventories are turned into NFTs, which are then financed through FarmBit Pool.

Today, the African blockchain startup FarmBit receives $240k Seed funding from top crypto Angel Investors and Despace Protocol. Started by some vibrant crypto professionals in 2020, FarmBit is developing a decentralized, blockchain-based protocol that aims to rethink how agribusinesses transact with each other more efficiently and openly. Asset-backed financing as we know it, and more importantly, the resulting inefficiencies in traditional finance and access to global liquidity.

WHAT IS FARMBIT?

An asset-backed financing platform that provides fast access to financing for businesses using DeFi. Assets are turned into NFTs, which are then financed through FarmBit Pool.

Who Owns Farmbit?

Daniel Nicholas, the CEO, and founder of FarmBit stated: “We want to fundamentally change how agribusinesses from emerging economies interact and access liquidity by making them accessible to global liquidity. We are building a world-class team from Africa, USA, and India, with some of the most talented blockchain engineers. Their expertise in the blockchain space is an asset to FarmBit.”

==
So guys what's your take on Farmbit?

Drop your comments below.

Congrats Kamoru�

OmoAlakija:
You forgot to mention her being so private with her phone , or fixing nails and lashes when y'all not planning on going out and a few hours later , she gives you excuses that her mother is sick or someone died in their house ? So she can go out with other men

You forgot to mention how disrespectful she might start becoming

You forgot to mention how her timing no longer adds up , or when she disappear for hours ?

I've been there before and its so painful when the person u loved the most and trusted the most has been going out with other men behind your back and she acts so sweet to you , always swearing to you that she'll never cheat even when you don't ask her , giving men head..

I forgave her and we moved on , she's changed ever since then but guess what ? She woke the devil in me coz I've screwed over 12 girls after she cheated so I'm also pretending to be real now she's just noting but a sex object , my love playing role is A +

Baba o!
O Gee kasablanka... I hail thee!

Flier:
It has nothing to do with security,it's just an excuse.Blacklisting Nigeria is part of Trump's 2020 election campaign,majority of his base are racist they don't like foreigners
In fact lot of Americans defended Nigeria calling the ban a total nonsense because Nigerian has never committed terrorism or American soil and they are the most educated immigrants in America thereby contributing to the GPD

I am glad we are beginning to get the picture. It's sad that some of our brothers from the east have held on to the belief that Trump is pro biafra just cos Nnamdi Kanu sold that utterly dumb idea to them. Trump is a racist president and he doesn't care about your bloody agitation for biafra. Let's wake up from our slumber and forget about Mr. Trumps America. Stop worshiping that guy folks. He's just pro America and nothing more. He doesn't care about Biafra not to even talk about Nigeria or Africa.

hesilo:
Laundry business is not easy as they say o. Yes it brings revenue but please dont go into it when you are a proud person....what i mean by proud is when you qlways see yourself as someone that deserve better. Because when you start doing the ironing, even devil will be scorning you. If you are not strong and ready to work extremely hard, dont start it. I am saying g this because you would be ready to miss night sleeps and be awake most times in the night working. You must also not be planning to start a laundry business its not u that will be running it or when you wouldn't be often close to monitor the biz, you would be starting up business for some boiz. I said that cos when you finish clothes some customers dont come quickly to take their clothes so it tarries and when dey finally come and you are not around the boiz take the money and never talks about it. So if you also not ready for people to chop ur money, dont start this biz. I repeat its not easy especially when your business is situated in an environment where there is hardly Nepa light. Be ready to spend on the Gen for maintenance and fueling often this alone drains the business the supposed joy of income. Finally laundry gives money but it would never give you chance to have a normal life except you have immediate access to sch school boiz who would be doing some ironing and washing job for you at a low cost. To cap it all...as a beginner dont do laundry alone, combine it with barbing saloon so as while you wait for customers, people would also come for barbing therby keeping hope alive. otherwise you'd die before your time.

Hello sir,
I am very interested in setting up this business for myself although I have a day job currently. Anyways I will like to contact you personally so I can get some sage advice on how to get going on this matter. Hope it's not too much to ask?

Hello!

I would love to find partners that are also starting out in this dry cleaning business...Let's team up for success. Send me a DM let's talk

Following

Aystarz:


Either Cooper Sax or that JSP crooked lawyer dies.

Cool :-D

Into the badlands still remains my best TV series this year. It's just sad that AMC are just to zombie captivated to continue the series. Still hoping a better production company picks it up cos I can't bare to miss those awesome fight sequences.

Predictions for the new season...
1. I see Tommy and Ghost getting at each other in a bloody way but Ghost will triumph.
2. Ghost is going to end up in jail for life.
3. Tasha is going to move off to another city.
4. Tarik is going to continue in his dad's footsteps.
5. Angela may stop her practice and leave New York.
There you go �

Hi guys, so I've got a VR-headset with me for a while now and I have been trying to utilize it's functionality but the issue is that I haven't come across a phone that is compatible with the VR gear. I know that iPhone, Samsung and other smart phone companies devices support VR, but I am wondering if the OEM's present in the Nigerian market like tecno, infinix,gionee etc also have devices with this capacity (Google daydream) as well.
I will be anticipating your replies.
Regards.

Hello gurus on nairaland.
Please I have a bit of a problem that requires your help.
I tried running a transaction on Ali express with my UBA MasterCard but I couldn't make the purchase.Please what are the possible solutions to this issue.

Preator:


The FG did not sell the old debt to DISCos at takeover. They are however encouraged to recover same and remit 85% of the old debt to NELMCo(FG) and take 15% as incentive. Getting ur electricity billings over 10yrs is not ideal as the current law does not allow DISCos to build in Financing components into their bills. Just do a discount of 20billion in an inflationary clime like Nigeria and see how much is lost.
2. There are already laws in place on power theft but they are rarely enforced. Judges are quite lenient when it comes to power theft. This has made it pointless for discos to go thru the legal hassles. By the way, the largest debtors to most DISCos are MDAs, including Police, Army etc. Woe betide u to try and install prepaid meters for them. Or try cutting their light.

There are just too many problems in a lawless nation like ours and the situation in the power sector is nothing special. Its just a reflection of the hopeless situation of almost everything in our country.

OK I get your point but if they knew all these bottle necks existed then why did they agree to purchase on these terms? Bro, the DISCO'S must be making a killing somewhere but they only want us to see the disadvantages of their deal with the government.

aolawale025:
Just tackle financial crisis in the sector. Help discos recover debts. They will reinvest and boost operations. Strengthen transmission. Haba! It's not rocket science

Oga is debt recovery that difficult?All this debt recovery talk is just a load of crap.At least before they invested they ought to have planned on how to recover their debts and not just keep on using that as an excuse to fleece the populace.For example why can't they adopt a 10 year method of debt recovery in which they allocate prepaid meters to their customers and spread out existing debts on each recharge such that they could be getting 10% of the previous debt per year.
Also, they can lobby for legislation that makes meter bypassing a criminal offence with a very heavy fine/jail term.This will be a win win situation for everyone involved but I know those rogues at the DISCO'S don't want that to happen because of their crocked ways. I bet you if the DISCO'S continue with this current status quo,they will keep on complaining of debt and aren't going to recover shi-shi till Jesus comes

This is the height of their stupidity

I think the WhatsApp team are behaving like ostriches.Instead of them to adapt upgrades from GB and co.They still stick to their yeye repetitive updates.

This OP wicked Sha! When did Ice Prince announce his retirement o

Auladimeji1:
This man dey Nairaland

I won't be surprised if he's on nairaland. Dudes so darn funny!

Hi guy's,
I just want to ask the expert gamers out there this question cos I'm actually getting it for a friend and buying at Alaba.I don't want any screw ups. Please I need your advice ASAP.
Regards.

Sarri should better use Kante in his natural position...Otherwise!

Yeye publicity stunt...

Proudly Naija... Glad the ladies won against all odds!

Darn shame on Cameroon...Why bid in the first place?

single single... The pressure from my folks is getting intense by the minute as per only child things Abeg! Den dey use muscle open blind eyes?

funlord:




They lie so that gullible nairalanders would be impressed by their false business savvy/figures being advertised on this thread and then when the innocent contact them for guidance and they then end up scamming innocent students or traders. Xmas is not far so it's not surprising

Wow, that's so darn crazy...