DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 3940

China to develop a blockchain infrastructure system in Shanghai by 2025

By
Paul Ugbede Godwin
-
0

Blockchain technology is one of the most promising and innovative fields in the digital economy. It has the potential to transform various industries, such as finance, logistics, healthcare, and e-commerce, by enabling secure, transparent, and efficient transactions and data sharing. Blockchain technology can also enhance the competitiveness and innovation of cities, regions, and countries.

Shanghai, as one of the most dynamic and influential metropolises in China and the world, has recognized the strategic importance of blockchain technology and has set ambitious goals to become a global leader in this field. In June 2021, the Shanghai Municipal Government issued the “Shanghai Blockchain Industry Development Action Plan (2021-2025)”, which outlines the vision, objectives, and measures to promote the development of a blockchain infrastructure system in Shanghai.

The action plan aims to build a comprehensive and integrated blockchain infrastructure system that covers four aspects: basic facilities, application platforms, industrial ecology, and supervision mechanisms. The basic facilities include hardware devices, network facilities, cloud services, data centers, and security systems that support the operation of blockchain applications. The application platforms refer to the software systems that provide blockchain services for various industries and scenarios, such as digital identity, supply chain management, digital assets, smart contracts, and cross-border payments.

The industrial ecology refers to the network of stakeholders that participate in the blockchain industry, such as developers, service providers, users, investors, regulators, and industry associations. The supervision mechanisms refer to the legal frameworks, standards, policies, and institutions that regulate and guide the development of the blockchain industry.

The action plan sets specific targets for each aspect of the blockchain infrastructure system by 2025. For example, it aims to establish 10 blockchain innovation centers, 50 blockchain application demonstration projects, 100 blockchain enterprises with core competitiveness, and 300 blockchain patents. It also aims to cultivate 10 leading blockchain talents, 1000 blockchain professionals, and 10,000 blockchain practitioners.

To achieve these targets, the action plan proposes a series of measures and initiatives to support the development of the blockchain infrastructure system in Shanghai. These include:

Strengthening the top-level design and coordination of the blockchain industry development.

Enhancing the research and innovation capabilities of blockchain technology.

Accelerating the application and integration of blockchain technology in various industries.

Improving the quality and standards of blockchain products and services.

Fostering a healthy and vibrant blockchain industrial ecology.

Establishing a sound and effective blockchain supervision system.

Promoting the international cooperation and exchange of blockchain technology.

As a global financial center and an international metropolis, Shanghai has a strong demand for the application and development of blockchain technology. In order to seize the strategic opportunities of the digital economy, promote the high-quality development of Shanghai’s economy and society, and enhance Shanghai’s core competitiveness and innovation capability, the Shanghai Municipal People’s Government has formulated the following goals and targets for the development of blockchain technology in Shanghai by 2025.

  1. Build a world-class blockchain innovation ecosystem. By 2025, Shanghai will have more than 300 blockchain enterprises, more than 10 blockchain industry associations and alliances, more than 50 blockchain research institutions and platforms, and more than 100 blockchain experts and talents. Shanghai will also host more than 20 blockchain-related events annually, such as forums, exhibitions, competitions, and hackathons, attracting more than 100,000 participants from home and abroad.
  2. Promote the application and integration of blockchain technology in key areas. By 2025, Shanghai will have more than 100 blockchain application scenarios in various fields, such as finance, trade, logistics, public services, and social governance. Shanghai will also explore the integration of blockchain technology with other emerging technologies, such as artificial intelligence, big data, cloud computing, internet of things, and 5G, to create new business models and value propositions.
  3. Enhance the standardization and regulation of blockchain technology. By 2025, Shanghai will have established a sound legal and regulatory framework for blockchain technology, covering aspects such as data security, privacy protection, intellectual property rights, anti-money laundering, and consumer rights. Shanghai will also participate in the formulation of national and international standards for blockchain technology and promote the interoperability and compatibility of different blockchain platforms and systems.
  4. Strengthen the international cooperation and exchange of blockchain technology. By 2025, Shanghai will have established close partnerships with leading blockchain organizations and institutions around the world, such as the World Economic Forum, the International Organization for Standardization, the Blockchain Research Institute, and the Hyperledger Foundation. Shanghai will also actively participate in global blockchain initiatives and projects, such as the Belt and Road Blockchain Consortium, the Digital Currency Electronic Payment System, and the Global Blockchain Business Council.

Shanghai is committed to becoming a pioneer and leader in the development of blockchain technology in China and the world. Shanghai welcomes all kinds of blockchain enterprises, institutions, experts, and enthusiasts to join us in this endeavor. Together, we can create a new era of digital innovation and transformation for Shanghai.

The plan demonstrates Shanghai’s ambition and vision to become a leading city in the global blockchain arena. By developing a blockchain infrastructure system, Shanghai hopes to enhance its competitiveness, innovation and social welfare. Shanghai also hopes to contribute to the national strategy of building China into a blockchain powerhouse.

The Political Economy of Military Coups in West Africa

By
Mutiu Iyanda
-
0

The phenomenon of military coups in West Africa has recently taken center stage as countries like Chad and Mali experience sudden transitions of power. The swift takeover by the military and the subsequent appointment of military commanders as interim leaders raise concerns about the region’s political stability and democratic governance. In this piece, our analyst delves into the political economy of military coups in West Africa, examining the risks and potential implications for the region’s stability and democratic development.

The recurrence of military coups in West Africa has exposed the fragility of democratic institutions in the region. Chad, Burkina Faso, Mali and Niger’s experiences serve as stark reminders of the challenges faced in establishing and maintaining stable democratic governance. The ability of the military to swiftly seize power and its subsequent involvement in governance highlight the need for a deeper examination of the root causes and consequences of military interventions.

In response to the political crises in West African countries, regional bodies like the Economic Community of West African States (ECOWAS) have attempted to intervene and facilitate resolutions. The case of Mali exemplifies ECOWAS’s involvement, pressuring for a civilian-led transitional government after the coup. However, despite these interventions, the presence of military commanders in civilian governments raises questions about the effectiveness of such measures in ensuring lasting democratic stability.
One of the significant dangers stemming from military coups is the potential for democratically elected governments to become reliant on the military for legitimacy and survival. Governments installed through military processes may feel compelled to please the military to maintain their positions, potentially leading to a culture of military influence over democratic governance. This reliance on the military could undermine the principles of democracy and hinder the development of accountable and transparent institutions.

West African nations’ interconnectedness makes military coups in one country capable of causing ripple effects throughout the region. The recent warning from Burkina Faso and Mali against military intervention in Niger demonstrates the potential for regional destabilization arising from political turmoil. The volatility of these situations requires careful consideration and collaborative efforts from neighboring nations to prevent further escalation.

External actors, such as former colonial powers like France and Germany, also play a role in responding to military coups in West Africa. Their actions, including sanctions and interventions, can significantly impact the region’s political landscape. However, striking the right balance between international involvement and respecting the sovereignty of West African nations is essential to ensure a constructive and positive impact on democratic governance.

While the risk of a widespread return to military rule may be relatively low, the presence of military commanders in civilian-led transitional governments demands close monitoring. Regional cooperation and the role of external actors should focus on supporting democratic governance and mitigating the potential destabilizing effects of military coups.

Sustained efforts to strengthen democratic institutions, uphold the rule of law, and promote transparency and accountability will be crucial in safeguarding West Africa’s political stability and economic development. By addressing these challenges proactively, the region can pave the way for a future that upholds democratic principles and fosters sustainable growth and progress.

FTX Confirms Plan to Relaunch the Crypto Exchange

By
Paul Ugbede Godwin
-
0

FTX, has announced its intention to relaunch its platform in the near future. The exchange, which was founded in 2019 by Sam Bankman-Fried, had temporarily suspended its operations in 2022 due to regulatory issues and security breaches. FTX and its parent company Alameda Research plummeted Investor’s assets on its balance sheet and many of its users lost tons of liquidities to the collapse of its native token $FTT.

FTX was launched as a derivatives exchange that aimed to offer innovative and liquid products for crypto traders. The exchange quickly gained popularity and market share, thanks to its cutting-edge technology, low fees, high leverage and diverse product offerings. FTX also pioneered the concept of leveraged tokens, which are ERC-20 tokens that represent a leveraged position in an underlying asset. FTX also launched FTX Pay, a payment service that allows users to send and receive payments in fiat or crypto.

In addition to its core business, FTX has also been involved in various acquisitions and partnerships, such as: Acquiring Blockfolio, a leading portfolio tracking app, for $150 million in August 2020; Acquiring LedgerX, a regulated futures and options platform, for an undisclosed amount in July 2021.

Partnering with Tom Brady and Gisele Bündchen, who became FTX’s global ambassadors and equity holders in June 2021; Partnering with Miami Heat, who renamed their home arena as FTX Arena in March 2021; Partnering with Major League Baseball, who named FTX as their official cryptocurrency exchange partner in June 2021. FTX has also been active in the social and philanthropic sphere, donating millions of dollars to various causes and organizations, such as:

Donating $5 million to Biden’s presidential campaign in October 2020.

Donating $10 million to GiveDirectly’s Africa Response fund in December 2020.

Donating $25 million to OpenAI in February 2021.

Donating $10 million to the Clean Energy for America initiative in April 2021.

Donating $210 million to the University of California, Berkeley for the naming rights of their esports program in August 2021.

According to a blog post published by FTX on August 1, 2023, the exchange has been working hard to address the challenges it faced and to improve its services for its customers. The post stated that FTX has been cooperating with regulators and law enforcement agencies to comply with the relevant rules and regulations in different jurisdictions. It also claimed that FTX has implemented enhanced security measures and protocols to protect its users’ funds and data.

The post revealed that FTX plans to relaunch its platform in September 2023, with a new design, features and functionalities. Some of the new features that FTX will offer include:

A revamped user interface that is more user-friendly and intuitive.

A new trading engine that is faster, more reliable and more scalable.

A new liquidity pool that will provide deeper and more diverse market liquidity.

A new fee structure that will be more competitive and transparent.

A new loyalty program that will reward users for their trading activity and referrals.

A new customer support system that will provide faster and more efficient service.

The post also stated that FTX will continue to support its existing products and services, such as futures, options, spot, leveraged tokens, OTC, NFTs and FTX Pay. It also promised to launch new products and services in the future, such as derivatives on stocks, commodities, indices and ETFs.

The post concluded by expressing gratitude to FTX’s users, partners and supporters for their patience and loyalty during the suspension period. It also invited feedback and suggestions from the community on how to improve FTX’s platform and services.

FTX is one of the most innovative and influential players in the crypto space, with a valuation of over $18 billion as of June 2022. The exchange has been known for its aggressive expansion and acquisition strategy, as well as its philanthropic and social initiatives. The relaunch of FTX is expected to generate a lot of excitement and interest among crypto enthusiasts and investors.

Sam Bankman-Fried stated that FTX is committed to providing a transparent and fair-trading environment for its users, and that it will continue to cooperate with regulators and authorities around the world. He expressed his gratitude to the FTX community for their support and patience during the downtime and assured them that FTX will come back stronger than ever.

“We are very excited to relaunch FTX and welcome back our loyal customers. We have been working hard to make FTX the best crypto exchange in the world, and we are confident that you will love the new features and improvements we have made. We appreciate your trust and feedback, and we look forward to serving you again soon.” Bankman-Fried wrote.

Commencement of Striking off Company Names by Corporate Affairs Commission (CAC) Nigeria

By
Stanley Alieke
-
0
CAC

The management of the Corporate Affairs Commission released a newsletter yesterday, 31/7/2023 notifying owners of companies and the general public that the corporate affairs commission has commenced the process of striking off companies that have consistently failed to file their annual returns with the commission. 

Company owners should know that owning a company does not stop at them incorporating or registering the name with the corporate affairs commission, you are expected as a matter of statutory requirement to file or mark attendance with the corporate affairs commission every year on the company, this is how the CAC is notified that the company is still carrying out operations and this process of marking a yearly attendance is called filing of annual returns. 

“We have compiled the first list of 100,000 companies, and they will be published on our website before the end of this week. They will be giving four weeks.

“Any company that is struck off will forfeit its properties to the government. But they are at liberty to apply and be relisted in the register. If they are not relisted in the next 10 years, whatever assets they have will be forfeited to the government.”

“We know that corruption and other illicit financial flows are carried out, using corporate bodies as vehicles. There is a limit to transactions an individual can carry out. So, most procurement and mining leases are issued or done using companies. The register provides information about the true owners and natural person that controls the companies, so it makes it easier for investigating agencies to search and know the true owners.

“If the company fails to provide the correct information about the ultimate individual that controls that company, at point of registration, that is criminal and attracts a two-year jail term. If they delay in providing the information, it attracts a daily default penalty, minimum of N10,000 per day.”

The corporate affairs commission has been empowered by the Company and allied matters act (CAMA) of 2020 in section 692 of the act to strike off any company which has become defunct or inactive for a number of years. 

There are companies that since its incorporation with the CAC for over 20 years now are yet to file their annual returns. How will the corporate affairs commission know that the company is still carrying out operations; the company will be deemed to no longer be in business hence why the commission has been empowered to strike off such companies from their register. 

The names of the defaulting companies have been published on the official CAC website for the owners of the company to do the needful within the space of 90 days, starting from the 1st of August, 2023 and after the exclusion of the 90 days and such companies still fails to update their records by filing their annual returns then the commission will rightly presume that the company is no longer in existence or the company is no longer in operation and it will then be struck off the register of the CAC 

The implication of a company getting struck off is that such a company becomes officially non-existent and for you to resuscitate the company you will have to re-incorporate it, that is if the name has not been taken by another fellow, if not you will have to choose another name for the re-incorporation. Secondly, If the name of a company is struck off, the directors or owners of the company will no longer be able to access their money in the company account because the company is now nonexistent. 

Consult a lawyer or a CAC agent today and file your annual returns.

 

Safaricom Gets Approval From Stakeholders to Invest Funds Into Kenya’s Tech Startup Ecosystem

By
Ojukwu Emmanuel
-
0

Kenya’s top telecommunications company, Safaricom, has gotten approval from stakeholders to invest funds into Kenya’s robust tech startup ecosystem.

After a recent annual general meeting, reports disclosed that Safaricom was granted the license to push some funds into Kenya’s tech startup ecosystem.

Recall that the telecommunications giant had already established two venture capital firms, as it seeks a bigger share of Kenya’s tech startups, to fuel its growth in the years ahead, as part of its next frontier.

Safaricom’s subsidiaries will focus on seed-stage and growth-stage startups. The seed-stage subsidiary will complement Safaricom’s already existing million-dollar fund, Spark Fund, which launched in 2014 to invest in early-stage start-ups in Kenya.

The second, the growth-stage subsidiary, will invest in well-established start-ups that will be key to accelerating Safaricom’s journey toward becoming a “purpose-led tech company by 2025,” as per the telco’s CEO. The entity will also serve as the primary investment platform for all strategic investments carried out by Safaricom.

In a statement following Safaricom’s approval, the company’s CEO Peter Ndegwa said,

“We are committed to empowering the tech ecosystem in Kenya and beyond, and this strategic move will enable us to broaden our investments, embracing both seed-stage and growth-stage start-ups. Incorporating these subsidiaries is pivotal to realizing Safaricom’s purpose to become a purpose-led technology company.“

Safaricom’s new venture capital firms will have a clear mandate to invest in well-established startups that will be key to accelerating Safaricom’s journey toward becoming a ‘purpose-led tech company by 2025,’ according to the telco’s CEO. Not only that, it will also serve as the primary investment platform for all strategic investments carried out by Safaricom.

By investing in tech startups and initiatives, Safaricom aims to continue transforming lives by connecting people, opportunities, and information, while driving innovation, creating value, and leaving a lasting impact on society.

The telecommunications company has continued to provide significant support to startups in the East African country.

Check Out Some Other Ways Safaricom has Provided Support for Startups in Kenya

  1. Innovation Hubs and Incubation Programs: Safaricom has partnered with various innovation hubs and incubators in Kenya to support startups. These hubs provide a nurturing environment, mentorship, access to resources, and networking opportunities for startups to thrive.
  2. Developer Program: Safaricom has developer programs and APIs (Application Programming Interfaces) that allow startups and developers to integrate their services with Safaricom’s products. This provides startups with access to Safaricom’s vast customer base and services, fostering innovation and creating value-added solutions.
  3. Innovation Challenges and Competitions: Safaricom has organized various innovation challenges and competitions to encourage startups to come up with creative solutions to real-world problems. These challenges often come with cash prizes, mentorship opportunities, and exposure.
  4. Partnerships and Collaboration: Safaricom collaborates with startups on specific projects and ventures, providing them with access to their extensive resources, expertise, and market reach.

Safaricom has continued to show that it is not just a regular telecommunications company, but a company geared towards enabling innovation and creating value in society.

Notably, the company holds the key to fintech innovation in one of Africa’s most recognized fintech ecosystems, with its fintech startup M-Pesa, doing remarkably well in the East African country and beyond.

1...3,9393,9403,941...8,106Page 3,940 of 8,106

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy