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People living in Nigeria, India, Vietnam, Argentina and South Africa are the most optimistic about future of Bitcoin

By
Paul Ugbede Godwin
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0

According to a recent survey conducted by Statista, people living in Nigeria, India, Vietnam, Argentina, and South Africa are the most optimistic about the future of bitcoin. The survey asked respondents from 74 countries whether they expected bitcoin to increase or decrease in value over the next year. The results showed that the five countries mentioned above had the highest percentage of people who expected bitcoin to increase in value, ranging from 76% in Nigeria to 66% in South Africa.

Bitcoin is a decentralized digital currency that has been gaining popularity and adoption around the world. But not all countries have the same level of enthusiasm and confidence in the future of this innovative technology.

This optimism reflects the growing adoption and interest in bitcoin and other cryptocurrencies in these regions, where many people face economic challenges, currency instability, and limited access to financial services. Bitcoin offers them an alternative way to store and transfer value, hedge against inflation, and participate in the global digital economy.

Moreover, bitcoin enables them to access innovative applications and platforms built on top of its decentralized network, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and social media.

Why are these countries so bullish on Bitcoin? There are several possible factors that could explain their high expectations. One of them is the economic and political instability that many of these countries face, which makes them seek alternative ways to store and transfer value that are not controlled by central authorities or subject to inflation and devaluation. Bitcoin offers them a way to preserve their purchasing power and access global markets without intermediaries or censorship.

Another factor is the high level of innovation and entrepreneurship that these countries exhibit, especially in the field of fintech and blockchain. Many of these countries have vibrant startup ecosystems and supportive regulatory environments that foster the development and adoption of new technologies that can improve the lives of millions of people.

Bitcoin is one of these technologies that has the potential to create new opportunities and solutions for various sectors and challenges, such as remittances, financial inclusion, e-commerce, education, health, and more.

Finally, another factor is the cultural and social affinity that these countries have with Bitcoin. Many of these countries have young and tech-savvy populations that are eager to learn and experiment with new ideas and trends. They also have strong communities and networks that share information and resources about Bitcoin and support each other in their journey. They see Bitcoin as a way to express their identity and values, as well as a tool to empower themselves and their communities.

These are some of the reasons why people living in Nigeria, India, Vietnam, Argentina, and South Africa are the most optimistic about the future of Bitcoin. They have a vision and a hope that Bitcoin can make a positive impact on their lives and their societies. They are not alone in this belief, as more and more people around the world are joining the Bitcoin movement every day.

Nigeria’s National Broadcasting Commission in Talks With Google And TikTok Over Proposed Social Media Regulation Bill

By
Ojukwu Emmanuel
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The National Broadcasting Commission (NBC) has revealed that it is currently in discussions with tech companies Google and TikTok, concerning a proposed social media regulation bill.

The Director of NBC Francisca Aiyetan, highlighted the commission’s plan to regulate social media, to prevent it from misguiding young Nigerians, amongst other issues.

In her words,

“Every country is making efforts to regulate social media, and Nigeria also is making efforts because we know that there are a lot of things to harness from it. But if not regulated, it can also be a platform that will misguide our young people.

“The level we are now is discussing with stakeholders so to agree that, yes, we need to regulate social media and at that level, there should be legislation; there should be strengthening of the law to factor in all the things that are new in the broadcasting and content-sharing space.

“And then, when you have the power and the enablement by law to do such things, then we can now look at, do we have the way to do it technology-wise? Nevertheless, presently what we do is that we engage the platform owners as a regulator, we engage Google YouTube, and TikTok, so we know the faces behind these platforms.”

NBC is expressing concerns related to social media usage in Nigeria, especially regarding issues like fake news, hate speech, and the dissemination of harmful or inappropriate content.

Recall that earlier, the Director-General of the NBC, Balarabe Ilelah disclosed that the commission had sent a regulation bill to the National Assembly. He described the ills of social media as a “monster”, lamenting that the current law does not give the commission the right to control social media.

Therefore, NBC’s discussions with Google and TikTok may involve exploring the legal and regulatory frameworks governing social media platforms in Nigeria.

The proposed bill might include provisions that impact the operations of these tech companies, and NBC could be seeking their compliance and support in adhering to these regulations.

Content moderation is a critical aspect of social media regulation, hence, NBC may be in talks with Google and TikTok about implementing more robust content moderation and reporting mechanisms to ensure that content shared on their platform aligns with Nigerian laws and regulations.

Overall, the engagement between the NBC and these tech giants represents a significant step in addressing the complex issues surrounding social media regulation, which will foster cooperation, and ensure responsible and safe social media usage in Nigeria.

Wale Edun Confirms Nigeria’s Close to Securing $1.5bn World Bank Loan

By
Samuel Nwite
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The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, said on Saturday that discussions are underway with the World Bank regarding a $1.5 billion concessionary loan to bolster budgetary provisions.

The loan is expected to materialize soon amid concerns over Nigeria’s rising debt profile.

Edun, who is saddled with mammoth responsibility of revitalizing the economy, confrims the development during a press briefing at the annual meetings of the World Bank and International Monetary Fund (IMF). He said that talk about the loan has been going on for long and would be a topic of discussion when the Federal Executive Council (FEC) convenes on Monday.

Nigeria’s public debt stock, which accelerated in the last eight years under former President Muhammadu Buhari, has risen to N87.38 trillion as at June 30, 2023, according to the Debt Management Office. The DMO which describes the debt stock as unsustainable and a threat, said in June that Nigeria’s debt service-to-revenue ratio in 2023 stands at 73.5 percent.

However, Edun who stated that discussions regarding the loan request have been underway for a considerable period, assured that the loan would come with a near-zero interest rate, alleviating concerns about escalating debt service commitments.

“Talks with the World Bank on $1.5 billion budget support, is correct. The World Bank is the number one multilateral development bank for helping developing countries fund own projects and programs. It has free money through International Development Association (IDA),” he said.

“It has this for the poorer countries and right now I think we qualify as one of the countries that are almost in the normal window of the World Bank funding but also some concessionary IDA funding.”

He clarified that this essentially implies an interest rate of zero. Consequently, there would be no negative connotations associated with obtaining World Bank funding to support developmental projects.

“In this particular case, its long been in the pipeline, and we are hoping that that funding will come through soon. A lot of hard work is being done. There’s a Federal Executive Council meeting on Monday that should be able to discuss this as well as other initiatives for financing of reasonable term.

“We’ve talked about the high costs of money, but the World Bank money is the cheapest,” he said.

Abebe Aemro Selassie, the Director of the African Department at the IMF, said on Friday that Nigeria’s current debt situation is sustainable. He also clarified that the country is not in discussions with the IMF about debt restructuring.

This suggests that Nigeria is not in debt trouble for now. However, Selassie advised the government to reduce the burden of servicing and acquiring debts, emphasizing the need to implement tax reforms to enhance revenue generation,

Nigeria has earlier obtained a $3.4 billion emergency financial assistance facility from the International Monetary Fund (IMF) through its Rapid Financing Instrument.

Mastercard Wraps up CBDC pilot with Reserve Bank of Australia; GMX receives largest share of $40M Arbitrum STIP grants

By
Paul Ugbede Godwin
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0

Mastercard, the global payment technology company, has announced the completion of a central bank digital currency (CBDC) pilot project in collaboration with the Reserve Bank of Australia (RBA) and other partners. The pilot tested the feasibility and functionality of using CBDCs for cross-border transactions between different digital currency platforms.

The pilot involved the issuance and exchange of two CBDCs, one denominated in Australian dollars and the other in Singapore dollars, using Mastercard’s distributed ledger technology (DLT) platform. The participants included banks, fintechs, and regulators from Australia, Singapore, and other regions. The pilot aimed to demonstrate how CBDCs can enhance efficiency, transparency, and interoperability in the global payment system.

According to Mastercard, the pilot achieved several key outcomes, such as:

Enabling seamless and secure conversion and transfer of CBDCs between different DLT platforms, without the need for intermediaries or centralized infrastructure.

Supporting various use cases for CBDCs, such as wholesale settlement, cross-border remittance, trade finance, and foreign exchange.

Providing end-to-end visibility and traceability of CBDC transactions, as well as compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

Offering flexibility and scalability for CBDC issuance and management, as well as compatibility with existing payment systems and standards.

Mastercard said that the pilot was part of its ongoing efforts to support central banks and governments in exploring and developing CBDCs, which are expected to play a key role in the future of money and digital economy. Mastercard also said that it will continue to work with the RBA and other partners to further test and refine the CBDC solutions.

Raj Dhamodharan, Executive Vice President of Digital Asset and Blockchain Products and Partnerships at Mastercard, said: “We are proud to have successfully completed this pilot with the RBA and our partners. This is a significant milestone for the advancement of CBDCs in Asia Pacific and globally.

We have demonstrated that it is possible to create a robust and interoperable CBDC ecosystem that can deliver real benefits for consumers, businesses, and governments. Mastercard is committed to being a trusted partner for central banks and governments in their journey towards digital currency innovation.”

The cryptocurrency market has grown exponentially in the past decade, reaching a market capitalization of over $2 trillion in 2021. This has attracted the attention of many traditional financial institutions, who see the potential of crypto as a new source of revenue, innovation and customer satisfaction.

According to a recent survey by KPMG, more than 60% of global banks are either already offering or planning to offer crypto services in the next two years. These services include custody, trading, lending, payments and advisory. Some of the leading banks in this space are JP Morgan, Goldman Sachs, BNY Mellon and Standard Chartered.

The benefits of offering crypto services are manifold. For banks, it can help them diversify their portfolio, increase their fee income, enhance their brand image and attract new customers. For customers, it can provide them with more choice, convenience, security and access to the emerging digital economy.

However, offering crypto services also comes with significant challenges and risks. Banks need to comply with complex and evolving regulatory frameworks, ensure adequate cybersecurity and anti-money laundering measures, manage volatility and liquidity issues, and educate their staff and customers about the benefits and risks of crypto.

To overcome these challenges and succeed in the crypto space, banks need to adopt a strategic and holistic approach. They need to partner with reputable and reliable crypto service providers, leverage their existing infrastructure and expertise, invest in innovation and research, and foster a culture of learning and collaboration. By doing so, banks can position themselves as leaders in the crypto industry and gain a competitive edge in the rapidly changing financial landscape.

Mastercard has completed a central bank digital currency pilot with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre. The project tested how authorized parties, who have gone through know-your-customer protocols, could hold, use and redeem CBDCs.

GMX receives largest share of $40M Arbitrum STIP grants amid Tether Appointing new CEO

GMX, a decentralized exchange (DEX) that supports leveraged trading of perpetual contracts, has announced that it has received the largest share of the $40 million Strategic Treasury Investment Program (STIP) grants from Arbitrum, a layer-2 scaling solution for Ethereum.

According to a blog post published on October 13, GMX received $10 million worth of grants from Arbitrum, which will be used to bootstrap liquidity and incentivize users on its platform. GMX claims to be the first DEX to offer up to 30x leverage on perpetual contracts, as well as the first to support cross-margin trading with stablecoins and wrapped tokens.

GMX said that it chose Arbitrum as its layer-2 solution because of its compatibility with Ethereum, its fast and cheap transactions, and its growing ecosystem of projects and users. GMX also praised Arbitrum for its transparent and fair grant allocation process, which was based on objective criteria such as user growth, TVL (total value locked), and social engagement.

The STIP grants are part of Arbitrum’s initiative to support the development and adoption of its layer-2 network, which launched on mainnet in late August. Arbitrum aims to distribute $40 million worth of grants to projects that build on its platform over the next year, with the first batch of recipients announced on October 12.

Among the other projects that received grants from Arbitrum are Uniswap, SushiSwap, Balancer, Curve, Aave, Compound, MakerDAO, Synthetix, Chainlink, The Graph, and Etherscan. However, one notable project that missed out on the grants was Lido, a decentralized staking protocol that allows users to earn rewards on their staked ETH without locking it up.

Lido’s omission from the grant recipients sparked some controversy in the crypto community, as some users questioned Arbitrum’s criteria and decision-making process. Lido is one of the largest projects in the Ethereum ecosystem, with over $8 billion worth of ETH staked through its protocol. Lido also recently launched its stETH token on Arbitrum, which represents staked ETH on layer 2.

Lido’s team expressed their disappointment and confusion over Arbitrum’s decision on Twitter, saying that they had applied for the grants and had been in contact with Arbitrum’s team. They also said that they had received positive feedback from Arbitrum’s users and that they were looking forward to collaborating with them in the future.

Arbitrum’s team responded by saying that they had received over 400 applications for the grants and that they had to make some tough choices. They also said that they appreciated Lido’s work and that they hoped to work with them in the future. They added that the STIP grants are not a one-time event and that they will continue to distribute grants to more projects in the coming months.

Tether promotes Paolo Ardoino to CEO Role

Tether, the company behind the world’s largest stablecoin, has announced that Paolo Ardoino has been appointed as its new chief executive officer. Ardoino, who has been serving as the chief technology officer of Tether and its sister company Bitfinex since 2015, will take over the leadership role from Jean-Louis van der Velde, who will remain as a board member and advisor.

Ardoino is a veteran in the cryptocurrency industry, having joined Bitfinex as a senior software developer in 2014. He has been instrumental in developing and maintaining the technology platforms of both Bitfinex and Tether, as well as overseeing the integration of Tether with various blockchain networks, such as Ethereum, Tron, Algorand, and Solana. He is also a vocal advocate for innovation and transparency in the crypto space, often engaging with the community on social media and podcasts.

In a press release, Ardoino said that he is honored and excited to lead Tether into its next phase of growth and development. He added that he will continue to work closely with van der Velde and the rest of the team to ensure that Tether remains the most trusted and widely used stablecoin in the world.

Van der Velde, who has been the CEO of Tether since 2016, said that he is proud of what Tether has achieved under his tenure, especially in terms of expanding its market capitalization, user base, and network support. He also praised Ardoino for his technical expertise, vision, and leadership skills, saying that he is confident that he will take Tether to new heights of success.

Tether was launched in 2014 as a digital token pegged to the US dollar, aiming to provide a stable and transparent alternative to fiat currencies in the crypto ecosystem. Since then, Tether has grown to become the dominant stablecoin in terms of market capitalization, liquidity, and adoption, with over $70 billion worth of tokens in circulation across various blockchains. Tether claims that every token is backed by a corresponding reserve of fiat or other assets and publishes regular attestations from independent auditors to verify its reserves.

How to Be More Innovative and Creative in Nigeria

By
Rasheed Adebiyi
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0

Innovation serves as the foundation for invention. However, mere invention, devoid of proper commercialization, falls short in fostering rapid economic growth and its sustainability. Therefore, to foster invention, one must cultivate innovation, which, in turn, relies on creativity. Throughout this process, culture, encompassing norms, values, and traditions related to innovation, creativity, and commercialization, becomes indispensable for achieving sustained economic growth that leaves no one behind.

This analogy underscores the importance of vigilance among Nigerians across various levels of governance, business, and community, in guarding against cultural elements that hinder their capacity for innovation and creativity. Several years ago, Professor Geert Hofstede developed a cultural framework that illustrates how people in various countries, including Nigeria, manifest their cultural norms, values, and traditions in the workplace. Professor Hofstede posits that this framework reflects the national culture of the studied countries.

Collectivism is deeply ingrained in Nigeria’s cultural fabric. Families and communities hold an unbreakable bond, with the collective good often taking precedence over individual desires. However, within this communal spirit lies the potential for innovation. Nigerian families and communities increasingly recognize the significance of education and entrepreneurship in a rapidly globalizing world, nurturing a new generation of individuals eager to make their mark.

Masculinity prevails in Nigerian culture, emphasizing qualities such as assertiveness, competition, and success. While traditional gender roles have played a significant role, the country is experiencing a transformative shift toward greater gender equality. Women are assuming leadership roles in politics and business, contributing to a more diverse and innovative society.

Historically, Nigeria has taken a moderate approach to uncertainty avoidance. While some tolerance for ambiguity exists, there is a preference for clear rules and structured situations. However, in the era of technological advancements and a burgeoning appetite for innovation, Nigerian entrepreneurs and startups are challenging established norms, embracing risk, and pushing the boundaries of what’s possible.

Long-term orientation has not been a dominant trait in Nigeria, with traditions and immediate goals often taking precedence. However, as the country aspires to economic growth and development, there is a growing recognition of the need for long-term thinking. Innovation and sustainable practices are increasingly integral to Nigeria’s vision for the future.

Nigeria’s higher score on indulgence signifies a relaxed attitude toward enjoying life and seeking pleasure. This openness to gratification can fuel creativity and innovation. Nigerians’ ability to celebrate diversity and adapt to changing circumstances fosters an environment conducive to innovation.

Nigeria’s journey toward innovation is not without its challenges, including infrastructure limitations and economic disparities. Nevertheless, the cultural landscape is evolving. Nigeria is a country that embraces its rich cultural heritage while harnessing the spirit of innovation to address contemporary challenges. The fusion of tradition and innovation is shaping a dynamic and promising future for this diverse nation.

Previous analyses by various scholars have demonstrated that national culture has a positive impact on innovation rates. The most conducive conditions for stimulating innovation occur when there is minimal power distance, a high degree of individualism, feminine attributes, a low aversion to uncertainty, a long-term orientation, and a higher level of indulgence.

In our own experience, as illustrated in the figure, culture significantly influenced levels of innovation and creative outputs in Nigeria between 2013 and 2022. During this period, culture was associated with innovation, implying that a one-unit change in culture translated to over 28% of Nigerians, particularly businesses, becoming more innovative.

However, when we analyzed its connection to creative outputs, as measured by the World Intellectual Property Organization in its Global Innovation Index, we found that only 5.3% of the cultural dimensions (including power distance, individualism, collectivism, uncertainty avoidance, indulgence, long-term orientation, short-term orientation, and masculinity) were linked to knowledge creation, dissemination, and impact.

In our observations, we discovered that only 5.3% and 0.3% of culture influenced the levels of innovation and creative outputs between 2013 and 2022. This suggests that Nigerians and businesses were influenced by the negative aspects of Professor Geert’s formulated dimensions, which affected their attitudes and behaviors towards innovation and creativity during that period. In other words, their ability to absorb innovative and creative knowledge, as well as skills, was limited. Consequently, they struggled to develop sustained innovative outputs, failed to create and disseminate impactful knowledge, and generate intangible assets, creative products, and services, whether online or in physical stores.

Source: Global Innovation Index, 2023; Geert Hofstede, 2023; Opolo Global Innovation Analysis, 2023

Beyond the data, it is imperative for ecosystem players to leverage on some cultural advantages for innovation in the country. First, innovation hubs keen on skilling up the youths could take the advantage of the collectivistic culture for collaboration, partnership and sponsorship. This enriches the innovation landscape making indigenous organizations and township associations a strong part of the innovation stakeholders.

Second, the masculine and patriarchal nature is reflected in the composition of the innovation sector which is currently men dominated. For a more inclusive and feminine-sensitive innovation ecosystem, there is a need for more deliberate balanced education and knowledge system that caters for the low presence of women in tech and innovation landscape. This would address prevailing poverty among women. It would also contribute to quality education. Therefore, government agencies, civil societies and other innovation-focused organizations should pay more attention to bridging this gender gap.

Third, there is an increasing confidence among the youth to take more risks leveraging technology, as against the culture of being risk averse prevalent in the country. To unleash this newly found creative and innovative energies of young Nigerians, policy, funding and other support mechanism should be strengthened for entrepreneurs and startups. One of such avenues is the Nigerian Startup Act. The Act is meant to provide a coordinated support system for the tech and innovation ecosystem. A good feature of the Act is its adaptability for the use of sub-national governments. One year after it was signed to law, the NSA is yet to be adopted on higher scale.  The Ministries of Science, Technology and Innovation as well as that of Communication, Innovation and Digital Economy need to close ranks and collaborate for innovation to foster in the country.

Fourth, long term planning and goal setting has to be taken with all seriousness. Measurable goals should be set to benchmark achievements of goals in technology and innovation in the country. We have seen this come to play in the reports shared to the public by the Ministry of Communication, Innovation and Digital Economy with the 1Million Co-Creation of Tech Talents in Nigeria as well as the Strategy document for the ministry. It is hiped this would be a common culture among government agencies in the innovation ecosystem.

Fifth, the country must address infrastructural limitations which prevent the percolation of innovation to the rural areas. Doing this would enable the country to make use of her rich traditional culture and heritage spread all over its 774 local government areas. Using innovation and digital technologies, the country can rake in a lot of money through virtual tourism. People, all over the world, are ready to part with personal resources to see the cultural beauty of the Giant of Africa. This could only happen only if we are ready to invest in digital infrastructure.

In wrapping up this piece, it is critical to say that national culture has a lot of implications on the spread of innovation in any country. It is therefore imperative for Nigeria to plug the cultural gaps and leverage on cultural advantages to not only spread innovation but prosperity that comes with it.

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