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House Financial Services Committee Approves Fit Act and Blockchain Regulatory Certainty Act

By
Paul Ugbede Godwin
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0

The House Financial Services Committee has recently approved two bills that aim to foster innovation and regulatory clarity in the blockchain and fintech sectors. The bills are the Financial Technology Protection Act (FIT Act) and the Blockchain Regulatory Certainty Act.

The FIT Act, introduced by Rep. Ted Budd, would establish an independent Financial Technology Leadership Council to combat the use of fintech for illicit purposes, such as money laundering and terrorism financing.

The council would also provide rewards for whistleblowers who report such activities. Additionally, the FIT Act would create a Fintech Innovation Fund to support the development of tools and programs to protect U.S. consumers and businesses from fintech-related threats.

The Blockchain Regulatory Certainty Act, introduced by Rep. Tom Emmer, would provide a safe harbor for blockchain service providers who do not take control of consumer funds, such as node operators and miners. The bill would prevent such entities from being subject to state money transmitter laws, which are often inconsistent and burdensome for the emerging industry.

The bill would also clarify that blockchain service providers are not money transmitters under the Bank Secrecy Act, unless they conduct transactions on behalf of another person.

Both bills have received bipartisan support and endorsement from various industry groups, such as the Chamber of Digital Commerce, Coin Center, and the Blockchain Association. The bills are expected to advance to the House floor for a vote, and then move to the Senate for further consideration.

The approval of these bills by the House Financial Services Committee is a positive sign for the blockchain and fintech sectors, as it shows that lawmakers are willing to work together to create a conducive environment for innovation and growth.

The bills also demonstrate that Congress recognizes the potential benefits of blockchain technology for enhancing security, efficiency, and transparency in various domains, such as finance, trade, health care, and governance.

By providing regulatory certainty and protection for blockchain service providers and fintech innovators, the bills could foster more investment, research, development, and adoption of these technologies in the U.S. and beyond.

Suku Outpaces Twitter with Its Crypto Payments Application

By
Paul Ugbede Godwin
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0

Suku, a blockchain-based platform that connects brands and consumers, has recently launched a new feature that allows users to send and receive payments in cryptocurrency. This feature, called Suku Pay, is integrated with Suku’s existing social media app, which lets users create and share content, earn rewards, and access exclusive deals from participating brands.

Suku Pay is powered by the Stellar network, a fast and low-cost blockchain that supports various types of digital assets. Users can choose from a range of supported cryptocurrencies, such as Bitcoin, Ethereum, USDC, and XLM, to send and receive payments within the app. Users can also exchange their crypto for fiat currency or vice versa, using Suku’s partner service providers.

Suku Pay aims to provide a seamless and secure way for users to transact with crypto, without the need for intermediaries or third-party platforms. Users can also benefit from lower fees, faster transactions, and greater transparency compared to traditional payment methods.

Suku Pay is not the first social media app to integrate crypto payments, but it is certainly one of the most advanced and user-friendly ones. In October 2021, Twitter announced that it would enable users to tip each other with Bitcoin using the Lightning Network, a layer-2 solution that facilitates faster and cheaper transactions. However, Twitter’s tipping feature has several limitations, such as requiring users to have a third-party wallet app, supporting only Bitcoin, and being available only in select countries.

Suku Pay, on the other hand, offers a more comprehensive and accessible solution for crypto payments. Users can use any of the supported cryptocurrencies, without the need for an external wallet app. Users can also send and receive payments globally, without any geographical restrictions. Moreover, Suku Pay is not limited to tipping, but can be used for any type of payment within the app, such as purchasing products or services from brands, donating to causes, or rewarding content creators.

Suku Pay is part of Suku’s vision to create a more inclusive and sustainable economy, where brands and consumers can interact directly and transparently. By leveraging blockchain technology, Suku aims to empower users with more control over their data, identity, and finances. Suku also supports social and environmental causes by donating a portion of its revenue to various charities and initiatives.

What is Twitter Payments Application

Twitter Payments Application is a feature that allows Twitter users to send and receive money through the platform. It is powered by Stripe, a leading online payment processor that handles billions of dollars in transactions every year.

Twitter Payments Application is currently available in select countries, including the US, Canada, UK, Australia, and Japan.

To use Twitter Payments Application, you need to have a Stripe account and connect it to your Twitter profile. You can do this by following these steps:

Go to https://twitter.com/settings/payments.

Click on “Connect with Stripe”.

Follow the instructions to create or log in to your Stripe account.

Choose the currency you want to accept payments in.

Agree to the terms and conditions.

Once you have connected your Stripe account to your Twitter profile, you can start accepting payments from your followers. To do this, you need to create a tweet with a payment link. You can do this by following these steps:

Go to https://twitter.com/compose/tweet.

Write your tweet as usual.

Click on the “$” icon at the bottom of the tweet composer.

Choose the amount you want to charge for your tweet.

Click on “Tweet”.

Your tweet will now include a payment link that your followers can click on to pay you. They will be redirected to a secure Stripe checkout page where they can enter their credit card details and complete the payment. You will receive an email notification from Stripe when someone pays you.

Twitter Payments Application can help you monetize your Twitter presence and offer value to your followers. Here are some of the benefits of using it:

You can create exclusive content for your followers and charge them for access. For example, you can offer premium tips, insights, advice, tutorials, or behind-the-scenes content that only paying followers can see.

You can sell your products or services directly on Twitter. For example, you can offer digital downloads, e-books, courses, coaching sessions, or consultations that your followers can buy with a simple click.

You can collect donations or tips from your followers who appreciate your work. For example, you can ask for support for your projects, causes, or goals and receive gratitude from your fans.

You can increase your engagement and loyalty with your followers. By offering valuable content or products that they are willing to pay for, you can build trust and rapport with your audience and encourage them to interact with you more.

Twitter Payments Application can help you grow your business by expanding your reach, increasing your revenue, and enhancing your brand. Here are some tips on how to use it effectively:

Promote your payment link regularly. Don’t be shy about letting your followers know that they can pay you for your content or products. Use catchy headlines, compelling images, and clear calls-to-action to attract attention and drive clicks.

Offer incentives or discounts. To encourage more people to pay you, you can offer incentives or discounts for early adopters, referrals, reviews, or feedback. You can also create limited time offers or bundles to create urgency and scarcity.

Deliver value and quality. Make sure that whatever you are offering is worth paying for. Provide value and quality that exceeds expectations and satisfies your customers. Follow up with them and ask for feedback or testimonials that you can use to improve or promote your offerings.

Experiment and test different strategies. Try different types of content, products, prices, and promotions to see what works best for your audience and niche. Use analytics tools like Stripe Dashboard or Twitter Analytics to track and measure your performance and optimize accordingly.

Twitter Payments Application is a great way for businesses to accept payments from their followers on Twitter. It is easy to set up, convenient to use, and beneficial for both parties. By using it wisely, you can monetize your Twitter presence and grow your business.

Suku Pay is currently in beta testing and will be available to all users in the coming months. Users can sign up for early access on Suku’s website or download the app from the App Store or Google Play.

Meta Plans to Add More Retention Driving Hooks on Threads to Entice Users Back on The App

By
Ojukwu Emmanuel
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0

Tech giant company, Meta, is looking at adding more retention-driving hooks to its newly launched app Threads, to entice users to return to the app, amid a decline in usage.

Despite the groundbreaking launch of Threads, which recorded 100 million users signing up in less than five days, the app has struggled to maintain daily active users after a burst of sign-ups.

Sensor Tower data revealed a 20% drop in daily active users and a 50% decline in time spent on the app one-week post-launch. Current reports disclose that over half of users have abandoned the platform.

The company’s CEO Mark Zuckerberg, during an internal town hall meeting, while addressing the decline in usage of Threads, said that retention of users on the text-based app was better than executives had expected, though it was not perfect.

“Obviously, if you have more than 100 million people sign up, ideally it would be awesome if all of them or even half of them stuck around. We’re not there yet,” he said.

Zuckerberg further stated that he considered the drop-off normal, and expected retention to grow as the company adds more features to the app, including a desktop version and search functionality.

Among the proposed retention hooks are improved friend-finding capabilities, enhanced features like photo and video sharing, and tighter integration with other Meta apps like Facebook and Instagram.

While Meta is committed to addressing the declining usage of Threads, the success of the retention hooks however remains uncertain. Its major rival platform Twitter is also introducing new features to the app, aimed at retaining users.

Experts have stated that users decline on the Threads app, shows that it will still be an uphill climb for the platform to carve out space in most users’ social network routines.

While there was an initial intense interest during the launch of the app with users checking out the platform, not every one of them has returned to the app, as the hype seems to be fading away.

This change in user behavior emphasizes the difficulties new platforms face in retaining interest once the initial curiosity subsides. Threads face a challenging journey to become an integral part of users’ social media habits.

The backing of Meta and the strategic integration with Instagram gave Threads much higher sign-ups compared to other newly launched apps, however, it will need a much more compelling value proposition to retain users.

Meanwhile, Threads is still in its early days and should not be written off prematurely, as it has a lot to offer users after Mark Zuckerberg during the launch promised that Threads would be a digital town square filled with positivity and connection.

Despite the decline in user engagement on the app, it could still pose a significant threat to its main rival Twitter, as the app continues to improve and add relevant features.

Albeit, it will not be an easy feat, as a Tekedia publication stated that text-based microblogging has already been won by Twitter, noting that this playbook is a first-scaler advantage and winner-take-all. This is to say that, when it comes to micro-blogging, Twitter is the absolute category King.

Why Is Everyone Talking About Pomerdoge (POMD) As Dogecoin (DOGE) And Litecoin (LTC) Continue to See Holders Moving Over

By
TI Partners
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0

Pomerdoge, a rising star in the memecoin scene, is making significant waves among crypto enthusiasts. As this Play-to-Earn memecoin currently offers discounted tokens during the presale phase, it’s seeing a noteworthy influx of holders from Dogecoin (DOGE) and Litecoin (LTC) communities. But what’s causing this shift? Let’s investigate further.

Click Here To Find Out More About The Pomerdoge (POMD) Presale

Pomerdoge (POMD)

Pomerdoge is a promising new entry in the Play-to-Earn (P2E) cryptocurrency landscape, offering a platform where players can interact, compete, and earn. This concept has been built with the objective to create a vibrant economic system where participants can earn while having fun.

The POMD token, an ERC20 utility token, lies at the core of the Pomerdoge ecosystem. It will facilitate transactions and empower the native rewards system within the platform. Notably, early adopters participating in the presale can earn a share of the game’s revenue by holding onto POMD tokens.

POMD is also a meme token that seeks to take on the likes of Pepe (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE). Early speculators believe that POMD captures the essence of a meme token and has the potential to outperform its predecessors, which have all seen tremendous gains since its launch.

The first stage of the Pomerdoge presale is currently ongoing, with tokens available at a bargain price of just $0.007 each. As the presale moves forward, the price is set to increase periodically. This early entry point could provide an excellent opportunity for investors ahead of the token’s listing on exchanges and the subsequent price discovery process.

Dogecoin (DOGE)

Dogecoin (DOGE), an internet meme-turned-digital currency, has built a reputation as the quintessential “people’s coin”. It has gained popularity due to its affordability and accessible nature, making it an attractive choice for new and casual investors.

Tesla and SpaceX CEO Elon Musk played a crucial role in Dogecoin (DOGE)’s remarkable climb to $0.74 in 2021. Musk would regularly tweet about Dogecoin (DOGE) to his 140+ million followers, and the coin enjoyed a surge in price each time.

Dogecoin (DOGE)’s allure is deeply rooted in its meme status, its celebrity patronage, and its speculative nature. It relies on FOMO (Fear of Missing Out) to sustain its price, which is why Dogecoin (DOGE) currently trades at 90% down from an all-time high.

Dogecoin (DOGE)’s struggle to breach the $0.070 barrier is noticeable, signaling the weakening in buying support as Dogecoin (DOGE) holders move over to the newer and more attractive Pomerdoge.

Litecoin (LTC)

One of the earliest cryptocurrencies, Litecoin (LTC), emerged in 2011 and has established a name for itself as a “lite” version of Bitcoin (BTC). Litecoin (LTC) has had a strong presence in the crypto space, with its value twice surpassing the $400 mark, in 2017 and again in 2021.

Recently, Litecoin (LTC) made waves in Q2 2023 as its prices leaped from $69 to a noteworthy $114 within a fortnight. This surge in Litecoin (LTC)’s price can be traced back to the upcoming halving event, which traditionally triggers increased demand and subsequently propels prices upward.

However, despite its impressive Q2 2023 trajectory, Litecoin (LTC) has experienced a wave of selling pressure, causing it to dip below the $100 support and resistance zone. This event left Litecoin (LTC) traders scratching their heads as it deviated from previous trends.

It appears that Litecoin (LTC)’s market impact may not be as impactful globally as it was in past years. As the Litecoin (LTC) halving event approaches, now less than a month away, analysts suggest that the bullish narrative surrounding this event has fizzled out and that the Pomerdoge presale has taken the spotlight.

 

Find out more about the Pomerdoge (POMD) Presale Today

Website: https://pomerdoge.com/

Telegram Community: https://t.me/pomerdoge

I Expect New Changes in Nigeria’s Fuel Subsidy and FX Policies within 6 Months

By
Ndubuisi Ekekwe
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1

Nigeria will either pause the full floating of its currency or return back to fuel subsidy within 6 months. Nigeria’s weakest currency stability point remains that it has to continue importing petrol since it does not have any working refinery. That creates a vicious circle since those importing fuel will mark up prices, to cushion for the next round of import, working to stay ahead of currency deterioration, in a system with no official benchmark. 

In other words, if you bring it in at N760/$, you will likely expect that when you finish selling, you may need N770/$ to get back to parity, and if that unpredictability remains, stabilizing Naira becomes challenging.

So, to solve that problem: the government will have to freeze the floating of the currency, at least partially, or will have to bring back fuel subsidies, or do both. Expect your pick within the next 6 months.

Investors, plan accordingly because we’re going to have more shifts for a new equilibrium point. The stable state is not close because the demand for US dollars remains well higher than the supply in the nation. That lack of parity will drive new policy changes in the nation since we’re import dependent on many things.

I do not like when the government shares money to citizens in Nigeria because it is all an illusion. Why? My village in Ovim, Abia State, has NEVER received any of these funds. And we’re happy that NEMA does not have us in its database. 

In short, during Covid palliative sharing, it is on record that Ovim rejected what the state government shared, noting that its sons and daughters from around the world provided well enough. 

If we have that mindset, Nigeria can just focus on using the “sharing” money to fix and boost our refining capacity.

The Refining Capacity

Note that on full production capacity of Dangote Refinery which has 650,000 barrels per day capacity and NNPC which has a total refining capacity of 445,000 barrels in four refineries, Nigeria should be fine. Post subsidy removal, Nigeria consumes about 45 million liters per day, from more than 60 million liters; that is about 281,000 barrels per day. Indeed, all the core pieces Nigeria needs to strengthen its currency are there if only the national refineries are working. Of course, we expect the Dangote Refinery to begin production soon.

Technically, if those refineries work and Dangote Refinery begins, Nigeria’s balance of payment could improve – and Nigerian Naira will strengthen.

Importantly, if I may add, we must have decency and honour to stop the madness of commissioning projects which are not ready, from bridges to plants, to hospitals, at local, state and federal levels. When we do those things, we distort any sense of reasoning. That deception must end and our press men and women must do their jobs, pointing out those things.

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