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Nigeria’s Informal Economy Is Possibly The Bulwark Right Now

By
Ndubuisi Ekekwe
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1

When we write that South Africa’s stock market is valued in excess of $1 trillion, and Nigeria’s is about $60 billion, we are not happy. When we write that South Africa’s budget is about 4X Nigeria’s budget even though Nigeria is more than 3X the population of South Africa, we remind ourselves how much work remains ahead.

Nigeria’s budget is low because we have a huge informal economy – a part of any economy that is not easily taxed or monitored by the government. Our stock market is small because of the same reason where just a handful of companies are formalized and traded in the bourse. The implication of that is this: some citizens in Nigeria have more money than the local governments. 

I would like to read a paper from the Central Bank of Nigeria or from any of our universities which can show how Nigeria’s informal economy – about 60% of the GDP – is acting during this current economic turbulence. 

Is the informal economy affected in the same way the formal economy is  being affected? Largey, now some manufacturers are declaring negative asset positions, what could be happening to these informal sector players? We already know that many are struggling since if fewer people are driving cars, the mechanic will have limited customers. Also, if many lose their jobs, the hairdresser may not have frequent visits from their customers.

Yet, I posit that the informal economy could be the reason why many communities are holding up, despite the avalanche of economic shocks, as these informally operated companies are not fully connected to the federal government tools. Research would be necessary to know the extent of this correlation, if any. Econs PhD students, you have a research topic in Nigeria!

England’s Law Commission is taking significant steps toward recognizing cryptocurrencies as property

By
Paul Ugbede Godwin
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0

Cryptocurrency, a virtual or digital currency based on blockchain technology, has gained popularity since its creation in 2009. Examples include Bitcoin, Ethereum, XRP, and Tether.

Unlike conventional banking, cryptocurrency is purely digital and decentralized. Transactions occur independently of government-related entities, making it less susceptible to government interference or manipulation.

The Law Commission for England and Wales has recently published a consultation on draft legislation that aims to assign property rights to cryptocurrencies. This move comes after the Commission’s exploration into the nature of digital assets, particularly crypto tokens and non-fungible tokens (NFTs), which have demonstrated the capacity to possess property rights.

The Law Commission is an independent statutory body responsible for reviewing and recommending changes to laws in England and Wales. In its report on digital assets last year, the Commission highlighted that crypto tokens and NFTs could attract property rights. However, due to their unique characteristics, digital assets do not neatly fit within traditional categories of personal property.

The draft legislation seeks to label crypto as property, granting it similar legal status as physical assets. The Law Commission recognizes that personal property rights are crucial for various reasons, including situations involving insolvency or unlawful interference with assets. By assigning property rights to crypto, the proposed legislation aims to provide legal clarity and protection for crypto holders.

The question of whether cryptocurrency constitutes “property” is significant because it affects legal actions that can be taken if cryptocurrency is misappropriated. Recent developments have shed light on this issue:

UK Jurisdiction Taskforce’s Legal Statement (2019): The UK Jurisdiction Taskforce recognized that crypto assets are not outside the law, despite practical obstacles to legal intervention due to their inherent nature. This statement emphasized that crypto assets are still subject to legal principles.

In the case of Robertson v Persons Unknown, the Court held that Bitcoin should be treated as “property” for an asset preservation order. This decision assisted a victim of fraud against a phishing attack where approximately US $1.2 million was transferred to the fraudster.

Similarly, in AA v Persons Unknown, the Court ruled that “crypto assets such as Bitcoin are property” for the purpose of an interim proprietary injunction. The question of whether cryptocurrency constitutes “property” is significant because it affects legal actions that can be taken if cryptocurrency is misappropriated. Recent developments have shed light on this issue.

The UK Jurisdiction Taskforce recognized that crypto assets are not outside the law, despite practical obstacles to legal intervention due to their inherent nature. This statement emphasized that crypto assets are still subject to legal principles.

In the case of Robertson v Persons Unknown, the Court held that Bitcoin should be treated as “property” for an asset preservation order. This decision assisted a victim of fraud against a phishing attack where approximately US $1.2 million was transferred to the fraudster.

Similarly, in AA v Persons Unknown, the Court ruled that “crypto assets such as Bitcoin are property” for the purpose of an interim proprietary injunction.

The Law Commission is actively seeking views from stakeholders, industry experts, and the public regarding this draft legislation. Responses received during this consultation period will significantly influence the final shape of the legislation that will be proposed to the government. The deadline for submitting responses is March 22, 2024.

In addition to its work on crypto legislation, the Law Commission has also called for evidence related to its project on digital assets and electronic trade documents in private international law. This broader initiative aims to address legal challenges arising from cross-border transactions involving digital assets.

ECOWAS Wants Sanctioned Countries to Return

By
Ndubuisi Ekekwe
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0

ECOWAS makes u-turn, lifting some sanctions on the military boys and their countries: ‘Speaking in his opening remarks at the start of the summit, ECOWAS chairman and Nigerian President Bola Tinubu said the bloc “must re-examine our current approach to the quest for constitutional order in four of our Member States”, referring to the three suspended countries, as well as Guinea, which is also military-led. Tinubu urged Niger, Mali and Burkina Faso to “reconsider the decision” and said they should “not perceive our organisation as the enemy”’.

ECOWAS sanctioned them, and they went ahead to cut ECOWAS out, and now ECOWAS wants them to return. Yet, this is not a victory for these military guys. But I think what ECOWAS has done is balanced: do not make lives harder for the citizens.

In my last update, I posited that the United Nations is fading on its capacity to influence the world towards global peace, as most nations disregard whatever it does or says. Good People, my postulation is coming on the news that Mali, Niger and Burkina Faso have exited  ECOWAS membership.  This is a very troubling pattern where few really care about supranational institutions like the UN and ECOWAS.

Then imagine if ECOWAS which cannot sustain a mere sanction had gone to war on this matter. Happy to have shouted: “This is a pivotal moment for ECOWAS and everyone of us must speak out. From Ghana to Nigeria, Ivory Coast to Guinea, tell your leaders that we do not want a military solution to the crisis in Niger Republic. It must NEVER again be recorded that Africans are attacking themselves” .

By concentrating on Bitcoin and Ethereum, Reddit has associated itself with widely recognized digital assets

By
Paul Ugbede Godwin
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0

Reddit, the popular social media platform known for its message boards and online communities, has made a significant move by revealing its investments in Bitcoin and Ethereum. The company utilized some of its excess cash reserves to acquire these leading cryptocurrencies.

While the exact amount invested remains undisclosed, this strategic move aligns with Reddit’s broader ambitions to integrate blockchain technology into its operations and diversify its revenue streams.

By concentrating on Bitcoin and Ethereum, Reddit has associated itself with widely recognized digital assets. The company’s investment policy focuses on risk mitigation by investing in cryptocurrencies that are not likely to be classified as securities. This cautious yet strategic approach demonstrates Reddit’s prudent decision-making.

The SEC filing did not specify the number of Bitcoins and Ethereum in Reddit’s treasury or the duration of its investment. However, it emphasized the company’s strategy of conserving crypto investments and supporting established companies.

This approach eliminates some of the risks associated with digital currency, allowing Reddit to leverage the growth and adoption of blockchain technology.

The revelation of Reddit’s investment in Bitcoin and Ethereum details the company’s strategy with surplus cash for investment purposes. By concentrating on these two prominent cryptocurrencies, Reddit has associated itself with widely recognized digital assets.

Given the instability of virtual currencies, this choice shows a prudent and tactical approach. The company’s investment policy, approved by its board of directors, aims to reduce risk by investing in cryptocurrencies that regulators are unlikely to classify as securities.

While the IPO prospectus did not specify the exact number of Bitcoins and Ethereum held in Reddit’s treasury or the duration of its investment, it emphasized the company’s strategy of conserving crypto investments and supporting established companies. This approach mitigates risks associated with digital currency, positioning Reddit to leverage the growth and adoption of blockchain technology.

In addition to holding crypto reserves for treasury purposes, Reddit’s filing reveals more about its general intentions to harness blockchain techniques throughout its platform. The company has been actively investigating decentralized applications (dApps) and exploring blockchain’s role in changing how content is produced, distributed, and owned.

This ongoing effort aims to diversify revenue sources and improve Reddit’s digital infrastructure, with cryptocurrencies playing a key role.

Reddit, with its recent filing for an initial public offering (IPO) with the Securities and Exchange Commission (SEC). Within the comprehensive details of its IPO prospectus, the company disclosed its strategic investment in cryptocurrencies, specifically Bitcoin and Ethereum.

Gyeonggi Province successfully recovered $4.6M from Crypto Tax Evaders in South Korea

The Tax Justice Department of Gyeonggi Province, the most densely populated province in South Korea, achieved a significant milestone last year by collecting 6.2 billion won (approximately $4.6 million) of non-declared taxes. This achievement was made possible through the implementation of an advanced digital tracking system aimed at identifying crypto accounts held by tax evaders.

This pioneering system, used for the first time in South Korea, allowed authorities to track crypto accounts associated with tax delinquents. Here’s how it worked:

Local Registration Numbers: The process began by using the local registration numbers of violators (referred to as “delinquents” in South Korea). These numbers were held by local governments and provided a crucial link to identifying the mobile numbers of the violators.

Mobile Number Tracing: Once the mobile numbers were obtained, they were used to track linked accounts on crypto exchanges. This streamlined the process significantly, reducing what used to be a six-month-long endeavor to just 15 days. Identifying Tax Evaders: The system helped identify 5,910 individuals who owed more than $2,262 each in taxes related to their crypto holdings.

Despite facing challenges related to delayed tax policies on crypto earnings, Gyeonggi Province remained committed to its mission. The $4.6 million collected so far represents funds owed by only 2,390 people from last year.

Noh Seung-ho, head of the Provincial Tax Justice Department, emphasized their resolve: “We will continue to take strong collection action against unscrupulous delinquents who say they do not have money to pay taxes and trade virtual assets.”

The Gyeonggi Tax Department utilized the resident registration data of “delinquents” to trace their mobile phone numbers and detect their accounts on virtual asset exchanges. The principal innovation lies in this digital tracking system, which streamlines the process significantly compared to the previous method.

Previously, tax services had to request information from crypto exchanges on a case-by-case basis, leading to lengthy communication and document exchange processes that could take up to six months. However, with the new digital management system developed by the province, this process has been reduced to approximately 15 days.

Using this system, the provincial tax department successfully identified crypto accounts belonging to 5,910 individuals, each owing more than 3 million won (approximately $2,200 in local taxes). In total, they collected 6.2 billion won from 2,390 offenders.

Gyeonggi Province plans to strengthen cooperation with virtual asset exchanges and review administrative measures for platforms that refuse to cooperate. Noh Seung-ho, head of the Provincial Tax Justice Department, emphasized their commitment: “We will continue to take strong collection action against unscrupulous delinquents, such as those who claim they have no money to pay taxes while actively trading virtual assets.”

South Korea’s most populated province, Gyeonggi, has achieved a significant milestone in its efforts to recover taxes from crypto evaders. Through the implementation of a groundbreaking digital tracking system, the province successfully traced and collected $4.6 million from tax evaders who had previously gone undetected.

Next Crypto To Explode: BlockDAG Coin, VeChain Crypto, And Cogwise Show Huge Promise

By
TI Partners
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0

As the Bitcoin network approaches its fourth halving event, the crypto market is on an uptick, with many tokens seeing substantial surges in value and transaction volume. Notably, VeChain crypto has recently observed a remarkable surge in its transaction volume, sparking optimism among analysts regarding VET’s future price trajectory.

Against this optimistic backdrop, presales emerge as a prime avenue for investors to reap triple-digit gains. Cogwise (COGW) and BlockDAG (BDAG) emerge as standouts, pioneering revolutionary visions and introducing groundbreaking technologies.

Analysts Are Bullish On VeChain

VeChain experienced a substantial surge recently, with over two million daily transactions recorded on one of its smart contracts on February 13. With its colossal transaction volume and market capitalisation ranking it among the top 40 cryptocurrencies, VeChain (VET) demonstrates strong potential for widespread adoption.

Furthermore, analysts are issuing optimistic predictions for VeChain’s future. For example, Ali Martinez expects VET to surpass its all-time high of $0.2782 within a year.

Cogwise Pioneers: An AI-Powered Crypto Revolution

Cogwise (COGW) merges AI and blockchain technology to deliver solutions catering to investors, traders, and dApp developers. With Cogwise, investors can gain AI-driven insights to help them make better-informed investment choices, while traders can level up their earnings through Cogwise’s suite of trading features. For developers, Cogwise offers solutions for smart contract execution and dApp development.

Cogwise presale is currently in stage 5. COGW tokens are priced at $0.04, and the listing price is $0.065.

BlockDAG: Pushing Blockchain Evolution One Block At A Time

BlockDAG (BDAG), a new PoW project inspired by Kaspa, has emerged as the next crypto to explode in 2024. Initially priced at $0.001 in its first presale batch and now trading at $0.0015 in the second, BlockDAG has already provided its early backers with a solid 50% ROI.

BlockDAG’s vision is to open the doors for all to reap gains from crypto mining, regardless of technical expertise. BlockDAG mining rigs boast exceptional efficiency, making it possible to mine up to 2,000 BDAG coins daily (equivalent to $100 per day at launch). Besides mining hardware, BlockDAG presents a cloud-mining option and mining app, making it possible to mine BDAG without expensive mining equipment.

With a launch price of $0.05 per token and the current price of $0.0015, investors who buy now can expect to reap a jaw-dropping 3233% ROI post-launch.

In response to the overwhelming early investor interest, BlockDAG has announced a $2 million mega giveaway shared by 50 lucky community members. To participate in the giveaway, follow BlockDAG’s social media channels, submit your wallet address, increase your chances by completing all quests, and bring friends for extra entries!

Takeaway

Tokens like VeChain seeing notable growth in value and transaction volume. Analysts are optimistic about VeChain’s potential for widespread adoption, painting a promising picture for its future. Additionally, emerging tokens like Cogwise and BlockDAG are catching investors’ eyes.

Meanwhile, BlockDAG, inspired by Kaspa, democratises crypto mining, offering an impressive 3233% ROI post-launch projection. These developments signal abundant opportunities for savvy investors in the cryptocurrency market.

 

Join the presale now before it ends and enjoy the maximised returns on your investments.

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

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