In an exciting turn of events, Litecoin (LTC), one of the prominent cryptocurrencies, has experienced a significant 5% increase with an uptick in address activity before its expected halving event. Meanwhile, the Terra Classic (LUNC) community is actively engaging in voting for the proposal that envisions Terra Classic (LUNC) reaching the $1 milestone. This unfolds as Sparklo (SPRK) continues to witness a surge in user interest, indicating the vibrant dynamics of the cryptocurrency sphere.

Sparklo (SPRK) Experiences User Surge in Investment

Stepping boldly into the future of digital investments in precious metals, Sparklo is making groundbreaking strides. Known for its innovative offering of fractional NFT ownership, each segment tied to a real-world asset, Sparklo is at the forefront of the investment arena. Alongside this, they grant the unique chance to acquire an entire NFT, resulting in the ownership of the linked precious metal, a proposition stirring significant interest among users.

Currently in its second presale stage, Sparklo’s appeal to potential investors is strong, particularly given its enticing valuation of $0.036. Esteemed crypto experts predict a significant value appreciation, with forecasts illustrating a dramatic 1,500% surge by 2023’s close. This promising outlook drives a considerable user surge, pointing towards substantial returns for those who invest.

Adding to Sparklo’s credibility is its robust smart contract, which has earned the Interfi network’s endorsement following a thorough audit. To ward off rugpull threats, Sparklo has vowed to ensure liquidity for a remarkable hundred years. Considering its well-founded research and appealing prospects, Sparklo stands out as a compelling investment opportunity in 2023, with tokens readily available for procurement.

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Terra Classic (LUNC) Community Votes on Pivotal LUNC “Dollar Vision Plan” Proposal

The Terra Classic (LUNC) community is actively voting on a proposal to rejuvenate LUNC and USTC prices back to the $1 mark. The “Final Vision Plan for LUNC to $1+” proposal is currently undergoing a community vote. The proposal’s advocate, validator JESUSisLORD, seeks to augment the Terra Classic (LUNC) on-chain tax to 1.5%, with a 1.2% burn tax and 0.3% allocated to the community pool.

However, initial voting sentiments suggest that the bid to reinstate the Terra Classic (LUNC) burn tax to 1.2% might falter. Many Terra Classic (LUNC) members and validators, including prominent names like TCB, MAX, and LunaClassic.com, have cast “No with veto” votes. The community now looks forward to the significant v2.1.0 upgrade slated for June 14, which could restore utility to the chain, potentially boosting Terra Classic (LUNC) back to $1.

Litecoin (LTC) Witnesses 5% Surge Prior to Halving

Litecoin (LTC), despite the broader market consolidation, has seen a considerable 5% uptick in the past 24 hours, trading past $95. This surge comes in light of the imminent Litecoin halving event, with anticipation fueling an increase in on-chain transaction volumes and notable whale activity on the Litecoin blockchain.

As the halving event draws nearer, the surge in LTC20 transactions on the Litecoin blockchain has bolstered network activity. The halving event, anticipated in two months, will reduce the per-block reward to Litecoin (LTC) miners from 12.5 Litecoin (LTC) to 6.25 Litecoin (LTC). In addition, data from IntoTheBlock signals that Litecoin has had a robust performance in May 2023, with total Litecoin (LTC) addresses exceeding 8.5 million, surpassing other notable assets such as Cardano, Dogecoin, and Polygon.

Find out about the Sparklo presale using the links below

• Buy Presale: https://invest.sparklo.finance
• Website: https://sparklo.finance
• Twitter: https://twitter.com/sparklo_finance
• Telegram: https://t.me/sparklofinance

A Legal Opinion on the Mass CBN Microfinance Bank License Revocation

The Nigerian Financial Services subsector and the Nigerian public were surprised to receive news of a Federal Government Gazette dated the 22nd of May,2023 (Nos 93 & 94) under the former Mohammadu Buhari administration announcing the revocation of Banking and Finance company licenses issued by the Central Bank of Nigeria (CBN) to about 128 businesses. 

This article will be in the form of a legal explanation on why the CBN took this disciplinary action.

The CBN is by virtue of the Central Bank of Nigeria Act in charge of issuing and revoking business licenses for almost banking and almost financial licenses in Nigeria and regarding Microfinance Banks, is empowered to provide further regulations, in this case the Revised Guidelines For the Supervision  & Regulation of Microfinance Banks, that govern everything from licensing to operations and regulatory compliance requirements.

As a result, the CBN highlighted and revoked the licenses of Microfinance Banks that were discovered to be in breach of the guidelines which prescribe license revocation for :-

– Business Inactivity.

– Insolvency.

– Failure to render regulatory compliance returns to the CBN.

– Closing shop (not actually carrying out any business operations).

– Failing to carry out any type of banking activity for which they were licensed for more than 6 months.

– Operating or carrying out financial services beyond the scope of their licenses e.g. International/Diaspora remittance support services (Digital Banks are most guilty of this practice).

This however does not mean that directors or owners/members of banks with such revoked licenses cannot reapply for new Microfinance licenses or other business licenses from the CBN except where they have committed an infraction of the guidelines warranting a restriction by the CBN from acting as directors in any business licensed by it.

Finance Law/Dispute Resolution :- The CBN Guide on How to Lodge a Customer Complaint

The Central Bank of Nigeria CBN, pursuant to an Automated Teller Machine (ATM) Helpdesk Expansion circular, outlined a new procedure for dealing with and lodging complaints by customers and members of the public against banks, Other Financial Institutions (OFIs), Primary Mortgage Institutions, and/or discount houses.

This article will be focused on outlining this procedure which goes this :-

Step 1– First report the complaint at the bank/branch where the dispute originated & then allow 2 weeks for the issues to be resolved.

Step 2– Where a resolution still has not been reached or the complaint has not been resolved by your bank, you can escalate your complaint by sending (through your lawyer preferably) a petition to The Director, Consumer Protection Department, CBN. 

This step is also necessary when your bank fails to acknowledge your complaint within 3 days or issue a tracking number, or where the bank fails to attend to your complaint within the timelines stated by the CBN Consumer Protection Regulations (CPR).

You can only approach the CBN upon the failure of your bank to attend or resolve your customer complaint.

Step 3 – Your bank or Financial Institution will be contacted by the CBN and an investigation will be conducted into your complaint.

Step 4 – At this point you can then commence further legal proceedings against your bank in a supplementary capacity.

It should be noted that the steps outlined above will not apply when seeking to make a complaint or take legal action against the CBN itself.