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Top 10 Countries Adopting Cryptocurrency, USA not #1

By
Paul Ugbede Godwin
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1

Cryptocurrency is a digital form of money that is decentralized, secure and transparent. It can be used for various purposes, such as online payments, remittances, investments and more. Cryptocurrency adoption is the measure of how widely and easily people can access and use this innovative technology in their daily lives.

In this blog post, we will rank the top 10 countries that are leading the way in cryptocurrency adoption, based on factors such as the number of crypto users, the volume of crypto transactions, the availability of crypto services and the regulatory environment. We will also explain why the USA, despite being a global superpower and a hub of innovation, is not number one on this list.

10. South Korea

South Korea is one of the most technologically advanced and internet-savvy countries in the world, with a high penetration of smartphones and broadband. It is also home to some of the largest and most active crypto exchanges, such as Bithumb, Upbit and Coinone. According to a survey by Finder, 30% of South Koreans have invested in cryptocurrency, making it the country with the highest percentage of crypto investors in the world. South Korea also has a supportive regulatory framework for crypto, allowing licensed exchanges to operate legally and offering tax incentives for blockchain companies.

9. Japan

Japan is another Asian country that has embraced cryptocurrency with enthusiasm. It was the first country to recognize Bitcoin as a legal form of payment in 2017, and it has since established a comprehensive set of rules and standards for crypto businesses to ensure consumer protection and compliance. Japan also has a large and active crypto community, with over 3.5 million crypto users and over 20% of global Bitcoin transactions. Japan is also the birthplace of some of the most influential crypto projects, such as Bitcoin itself (allegedly created by the mysterious Satoshi Nakamoto), Cardano (founded by Charles Hoskinson) and Monacoin (a popular meme coin).

8. Switzerland

Switzerland is known for its tradition of banking secrecy, financial stability and innovation. It is also one of the most crypto-friendly countries in Europe, offering a favorable tax regime, a supportive legal system and a vibrant ecosystem of crypto startups and organizations. Switzerland hosts the Crypto Valley, a cluster of over 900 crypto companies and institutions located in the canton of Zug, which is dubbed as the “Silicon Valley of Crypto”. Switzerland also boasts some of the most progressive crypto initiatives in the world, such as the Swiss National Bank’s pilot project to test a digital version of the Swiss franc, and the city of Zug’s e-voting system based on blockchain.

7. Singapore

Singapore is a small but wealthy city-state that has established itself as a global hub of finance, trade and innovation. It is also one of the most crypto-friendly countries in Asia, offering a clear and flexible regulatory framework for crypto businesses, a low-tax regime and a strong support for blockchain development. Singapore has attracted some of the biggest names in the crypto industry, such as Binance (the world’s largest crypto exchange), Huobi (a leading crypto platform) and Bitmain (a major crypto mining company). Singapore also has a high level of crypto adoption among its population, with over 20% of Singaporeans owning some form of cryptocurrency.

6. United Kingdom

The United Kingdom is one of the most influential and developed countries in the world, with a strong economy, a diverse culture and a leading role in global affairs. It is also one of the most crypto-friendly countries in Europe, offering a balanced and pragmatic approach to crypto regulation, a supportive environment for crypto innovation and a high level of crypto awareness and usage among its citizens. The UK has over 8 million crypto users, making it the country with the highest number of crypto users in Europe. The UK also hosts some of

the most prominent crypto companies and organizations, such as Coinbase (a leading crypto exchange), Blockchain.com (a popular crypto wallet) and CryptoUK (a self-regulatory trade body for the UK crypto industry).

5. Germany

Germany is the largest and most powerful economy in Europe, with a reputation for excellence in engineering, manufacturing and innovation. It is also one of the most progressive and open-minded countries in terms of cryptocurrency adoption, offering a legal recognition for Bitcoin as a form of private money, a tax exemption for long-term crypto holders and a robust framework for security token offerings (STOs). Germany also has a large and active crypto community, with over 4 million crypto users and over 40% of Germans expressing interest or curiosity about cryptocurrency.

4. Turkey

Turkey is a transcontinental country that bridges Europe and Asia, with a rich history, a diverse culture and a dynamic economy. It is also one of the most enthusiastic adopters of cryptocurrency in the world, with over 16% of Turks owning some form of digital currency. Turkey has seen a surge in crypto usage in recent years, as a result of its volatile currency, high inflation and strict capital controls. Turkey also has a growing crypto industry, with several local exchanges, such as BTCTurk, Paribu and BtcTurk, and blockchain projects, such as BiLira (a Turkish lira-backed stablecoin) and Colendi (a decentralized credit scoring platform).

3. Nigeria

Nigeria is the most populous and the largest economy in Africa, with a young and entrepreneurial population. It is also one of the most active and innovative countries in the crypto space, with over 1.1 million crypto users and over $400 million worth of crypto transactions in 2020. Nigeria has embraced cryptocurrency as a means of financial inclusion, empowerment and opportunity, especially for its large unbanked and underbanked population. Nigeria also has a vibrant crypto ecosystem, with several local exchanges, such as Quidax, BuyCoins and Luno, and blockchain projects, such as Bundle (a social payments app) and Kudi (a digital banking platform).

2. China

China is the world’s most populous and the second-largest economy, with a dominant role in global trade, manufacturing and technology. It is also one of the most influential and controversial countries in the crypto sphere, with over 7 million crypto users and over 60% of global Bitcoin mining power. China has a complex and ambivalent relationship with cryptocurrency, as it has banned crypto exchanges and initial coin offerings (ICOs) since 2017, but it has also embraced blockchain technology and launched its own digital currency, the digital yuan. China also has some of the most innovative and successful crypto projects in the world, such as NEO (a smart contract platform), VeChain (a supply chain management platform) and Binance Smart Chain (a decentralized application platform).

1. El Salvador

El Salvador is a small Central American country that has made history by becoming the first country in the world to adopt Bitcoin as legal tender. This means that Bitcoin can be used as a medium of exchange, a unit of account and a store of value in El Salvador, alongside the US dollar. El Salvador’s president, Nayib Bukele, announced this bold move in June 2021, as a way to boost the country’s economy, attract foreign investment and provide financial access to millions of Salvadorans who lack bank accounts or remittance services. El Salvador also plans to use its abundant geothermal energy to power Bitcoin mining operations using volcanoes.

Why is the USA not number one?

The USA is undoubtedly one of the most important and influential countries in the world, with a strong economy, a powerful military and a leading role in politics, culture and innovation. It is also one of the pioneers and leaders in the crypto industry, with over 40 million crypto users and some of the most renowned crypto companies and organizations, such as Coinbase (the first crypto company to go public), MicroStrategy (the first publicly traded company to hold Bitcoin on its balance sheet) and the Bitcoin Foundation (the oldest non-profit organization dedicated to promoting Bitcoin).

However, the USA is not number one on this list for several reasons. First, the USA has a low level of crypto adoption relative to its population size and economic power. According to a report by Chainalysis, the USA ranks only 8th in terms of global crypto adoption index, behind countries such as Vietnam, India and Pakistan. Second, the USA has a complex and uncertain regulatory environment for crypto, with different federal agencies having different views and approaches to crypto regulation.

For instance, the Securities and Exchange Commission (SEC) considers most cryptocurrencies as securities subject to its oversight, while the Commodity Futures Trading Commission (CFTC) considers them as commodities subject to its jurisdiction. Third, the USA faces increasing competition from other countries that are more proactive and supportive of crypto innovation and adoption, such as China, Switzerland and El Salvador.

Atiku’s Spokesman Unveils 10 ‘Big Lies’ of Tinubu’s Nigerian Presidency

By
Samuel Nwite
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0

Phrank Shaibu, who serves as the Special Assistant on Public Communication to former Vice President Atiku Abubakar, has revealed ten significant falsehoods that he believes define the administration of Bola Tinubu so far.

This is coming days after the presidency’s false claim that Tinubu is the first African President to ring the NASDAQ bell stirred backlash, forcing them to issue a corrigendum.

In a statement over the weekend, Phrank Shaibu asserted that the recurrent falsehoods were clear evidence that Bola Tinubu’s primary strategy was to employ propaganda to mislead Nigerians, rather than engaging in effective governance to rescue citizens from the prolonged period of poor governance experienced over the past eight years, along with the additional 117 days of the All Progressives Congress (APC) administration.

Phrank Shaibu, an aide to Atiku, cautioned Nigerians not to be swayed by the apology issued by Chief Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, and other members of Tinubu’s team. He suggested that their apologies were prompted by exposure rather than genuine remorse.

Shaibu highlighted the fact that Tinubu had more media aides than economic and security advisers, which he believed was indicative of a policy reliant on propaganda within his administration.

He described the situation as “the height of deception and wickedness,” warning Nigerians to be deceived.

These are the 10 lies of the Tinubu regime I have compiled so far:

1. The first lie that was told by Bola Tinubu was in his inaugural speech, where he stated that the petrol subsidy was gone. With oil prices now at $94 per barrel and the naira exchanging at N1,000/$1, the price of diesel has risen to about N1,000 per liter while petrol remains at about N620 per liter. It is obvious to the discerning mind that petrol is now being subsidized, a position which all oil marketers have espoused. Nigerians should not be deceived. Tinubu’s claim that there is no subsidy is a lie from the pit of hell, and the fact that they are even hiding the information means there is no transparency, and the money is probably being stolen again.

2. The second lie told by these charlatans was that the United Arab Emirates had lifted the visa ban on Nigerians immediately and that all Nigerians were free to visit Dubai. This lie was well celebrated by many undiscerning Nigerians whose only crime was to believe the deceptive words of an illegitimate government. UAE authorities later confirmed to CNN that it was all a lie. What a national embarrassment!

3. A third lie told by this deceptive government is that Tinubu was the first African President to ring the NASDAQ bell. It has since been established that Malawian President, Jakaya Kikwete, rang the bell on September 21, 2011.

4. Another lie was a statement issued by Ajuri Ngelale on August 27, 2023, where US Presidential Envoy and Assistant Secretary of State for African Affairs, Ambassador Molly Phee, was quoted as saying, “President Joe Biden is asking to meet with you on the sidelines of UNGA and you are the only African leader he has requested to meet. It is a mark of his high regard for your leadership.” Well, this has turned out to be another embarrassing lie as Tinubu has departed UNGA and never met President Biden.

5. A fifth lie was a claim made by Tinubu on the floor of NASDAQ where he stated that “We have retooled the exchange rate to a reliable, dependable one figure floating of the naira. You are free to take in your money and bring out your money.” But this is another lie from the pit of hell. The exchange rate on the I&E Window is about N780/$1, while the rate at the parallel market is about N1,000/$1. Besides, foreign airlines still have over $600m in funds stuck in Nigeria. Tinubu, therefore, lied when he said “you are free to take in your money and bring out your money.”

6. On August 14, 2023, the Nigerian government said on its official Twitter handle that the Nigerian Air Force struck terrorists gathering at Kurebe in Shiroro LGA in Niger State. The government claimed that the terrorists were neutralized. Well, Premium Times has now revealed in its latest report that this is nothing but propaganda, as those who were killed were innocent civilians. Is it not tragic that the Bola Tinubu administration has now infected the military with its lies? Indeed, once the head of the fish is rotten, the body cannot escape corruption.

7. As part of Bola Tinubu’s propaganda programme, the Central Bank of Nigeria said on September 6, 2023, that within two weeks, it would inject $10 billion into the foreign exchange market to clear the FX backlog. Days after the deadline passed, not a single cent has been injected into the system as the naira continues its free fall. The institution that Tinubu’s leadership cannot destroy does not exist.

8. In his inaugural speech, Tinubu said, “As your President, I shall serve with prejudice towards none.” But this has turned out to be another bare-faced lie. Tinubu has been running a government of the clannish, by the clannish and for the clannish, with all key appointments in every sector going to a section of the country, including CBN, FIRS, customs, army, police, and immigration while he himself is the petroleum and gas minister. Tinubu appointed 10 ministers from the southwest and only five from the southeast. If this isn’t prejudice, I don’t know what it is.

9. Last month, the Nigerian National Petroleum Company Limited claimed they had obtained an Afrexim loan of $3bn, which would help stabilize the naira. We raised the alarm that it was all a ruse to deceive Nigerians. Now, we have been justified as the naira is now trading at $1/N1,000 on the black market, while Afrexim Bank has refused to speak on it. This was just audio money.

10. Perhaps the biggest scam and deceit of the Tinubu administration was the Student Loan Act, which he signed on June 12. The new law provides loans for students’ tuition only. It doesn’t cover any other educational expenses. After the law was signed, all federal government schools began increasing school fees. But Dele Alake, the Special Adviser on Media as he then was, said in a statement that tuition in all government schools remains free and that the only fees that were increased were accommodation, laboratory, library, and other costs. So if tuition is free and the Student Loan Act covers only tuition fees, that means the Student Loan Act is pointless, and no money will be released. In essence, Tinubu’s government has prodded government schools to increase fees while no loans will be given to the students. This is the height of deception and wickedness.

Signed:
Phrank Shaibu
Special Assistant (Communication) to Atiku Abubakar
September 24, 2023

Circle, Portofino, US SEC, Aptos, Chainalysis and Other Crypto News

By
Paul Ugbede Godwin
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0

Circle, a leading global financial technology firm, has announced the launch of its native USDC stablecoin on the Polkadot network. USDC is a digital currency that is pegged to the US dollar and backed by reserves of fiat currency. Circle claims that USDC on Polkadot will enable faster, cheaper and more scalable transactions for users and developers of decentralized applications (DApps) on the Polkadot ecosystem.

Polkadot is a multi-chain platform that allows interoperability and innovation across different blockchains. Circle says that USDC on Polkadot will benefit from the security, governance and innovation of the Polkadot network, as well as the trust and transparency of the USDC reserve attestation process.

The recent price fluctuations of Bitcoin have led to different behaviors among its investors. While some short-term holders are taking profits or cutting losses, others are accumulating more coins for the long run. This suggests that there is a divergence of expectations and strategies in the crypto market. A possible explanation is that short-term holders are more sensitive to news and events, while long-term holders are more confident in the fundamentals and potential of Bitcoin.

Portofino, a cryptocurrency trading platform, has argued that its legal dispute with Citadel Securities, a market maker, should be resolved in England and not in the US. The dispute stems from a contract between the two parties that was signed in London in 2019, which granted Citadel Securities access to Portofino’s liquidity pool and trading data.

Portofino claims that Citadel Securities breached the contract by using the data to trade against Portofino and its clients, causing significant losses. Citadel Securities denies the allegations and has filed a lawsuit in New York, seeking to enforce an arbitration clause in the contract. Portofino contends that the arbitration clause is invalid and that the English courts have jurisdiction over the matter.

A new report by Chainalysis, a blockchain analysis company, reveals that North Korean hackers are using Russian intermediaries to launder their stolen funds. According to the report, the hackers have been targeting cryptocurrency exchanges and other financial institutions since 2017 and have amassed over $300 million worth of digital assets.

The report claims that the hackers use a network of Russian-based accounts and services to convert their illicit funds into fiat currency, and then transfer them to other jurisdictions. The report also suggests that the hackers are motivated by the economic sanctions imposed on North Korea by the international community and are seeking to evade them by using cryptocurrencies.

A senior official at the U.S. Securities and Exchange Commission (SEC) has warned that more cryptocurrency exchanges could face enforcement actions in the near future, according to a report by Bloomberg. The official, who spoke on condition of anonymity, said that the SEC is closely monitoring the activities of crypto platforms that offer trading or lending services without registering as brokers or dealers.

The official added that the SEC is also concerned about the lack of transparency and investor protection in the crypto market, especially in relation to initial coin offerings (ICOs) and decentralized finance (DeFi) projects. The report comes amid a heightened regulatory scrutiny of the crypto industry in the U.S., as the SEC has recently filed lawsuits against several crypto firms, including Ripple, Coinbase and Uniswap Labs.

Aptos Labs, a leading provider of crypto wallet solutions, has announced that it has integrated Coinbase Pay, a new payment service from the popular cryptocurrency exchange. Coinbase Pay allows users to easily send and receive payments in various digital currencies, such as Bitcoin, Ethereum, and Litecoin, without having to deal with complex addresses or fees. Users can also access their Coinbase account balance and transaction history from within the Aptos Labs app.

With this integration, Aptos Labs aims to offer its customers a seamless and secure way to manage their crypto assets and payments. The company believes that Coinbase Pay will enhance the user experience and convenience of its crypto wallet, as well as attract more users who are interested in exploring the world of decentralized finance. Aptos Labs co-founder and CEO said: “We are thrilled to partner with Coinbase and bring their innovative payment service to our crypto wallet. We share a common vision of making crypto more accessible and usable for everyone, and we believe that Coinbase Pay will help us achieve that goal.”

Timeline for H2 2023 Tekedia Capital Syndicate Investment Cycle (Oct 2 – Nov 14, 2023)

By
Ndubuisi Ekekwe
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0

Greetings! We’re announcing the timeline for the next Tekedia Capital Syndicate which begins Oct 2, 2023 to close Nov 14, 2023 as follows:

Startups Posted: Monday, Oct 2, 2023 (we will publish the startups including Tekedia Capital Overview videos, pitch decks, valuations, and other supporting materials. Members will go through them to understand the startups for possible considerations).

The direct link is here once logged in. Please do not share or discuss the startups in Tekedia Capital WhatsApp Group or outside our community until we have invested and closed with the startups. If you have any questions, email us.

Startup Demo Day: Saturday, Oct 14, 2023 at 4-6pm WAT (all the startups will attend, pitch and and also answer your questions. The Zoom link for Demo Day is available here . We will send a reminder before that date; you’re free to invite your investing partners, associates, families, etc or any person that you reply upon when making investments. The session is fully recorded for members who may be unable to make the session)

Payment Transfers, Agreement Signings, etc: Oct 2 – Nov 14, 2023: We encourage members to indicate interests as early as possible. Payment accounts would be provided on Oct 2, 2023.

Check Access to Active Member Area: Login into the Active Member area at capital.tekedia.com here with your email and password, to confirm that you could see the startups, when they become available. If you do not have access therein, please renew your membership here or join. 

Thank you for your partnership. And please, we’re here to provide support in case you have questions. Great startups are coming; in one you would double your investment on execution, as it has raised at 2x the amount we concluded.

Tekedia Capital Team

Join Tekedia Capital

Join us and co-invest in Africa’s finest startups. For 4-cycle membership, the amount remains $1,000 or Naira equivalent (we will be changing the rate soon possible).

The Basic Solution To The Abuja Scorging Traffic Congestion

By
Stanley Alieke
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0

I remember back in the days when one of the bragging rights Abuja residents had over Lagosians was that there is no traffic in Abuja and the roads are always free but this is no longer the case. Some parts of Abuja are now so congested that there are more traffic jams in those places than in Lagos. Places like Inyanya/ Mararaba, some parts of Lugbe, some parts of Kubwa Express etc. are always densely congested in the early hours of the morning on a typical working day.

The Abuja of the early 2000s used to be a dreamland; broadway, serene and clean city, affordable housing and most importantly, free flow of traffic.

In this piece, I will be making a recommendation that I arrived at through commonsense as an Abuja resident which I strongly believe that if adhered to could ease the traffic congestion that is becoming a plague in the Abuja metropolitan city.

The number one basic recommendation is the decongestion of the city Centre by relocating some of the ministries and agencies of the government to some other parts of the federal capital territory. The federal secretariat complex in the central area houses almost all of the ministries and as expected, Abuja being a civil service town, all roads from different parts of the FCT that leads to the central area get choked up in the morning and in the evenings. The airport road gets choked up, the Gwarimpa/ Katampe Expressway gets choked, and the Mararaba axis gets choked up etc. because most people are traveling from places like Bwari, Kubwa, Masaka, Inyanya, even from deep Nasarawa state to their places of work at the Abuja city centre which should not be so.

This is why some of these ministries and agencies need to be relocated out of the city to ease the traffic pressure in the city centre.

For instance, the Ministry of Agriculture has no business being in the city centre, the Ministry of Interior should be somewhere close to the airport, and the list goes on.

Same with Industries. Industries should never be allowed to site their production sites in the city centre and those already in the city centre like Wuse, Maitama, Garki etc. should be relocated out. Their administrative offices could be in the city but their production sites should be relocated out. 

I totally understand that the core reason or excuse some of the ministries may give for them not to be relocated out of the city centre is security but some agencies are already out in some outskirts suburbs of Abuja and they are quite safe. JAMB and the Nigerian Law School for instance are in Bwari which is a suburban town in Abuja and it has been safe. 

The added advantage is if some of these ministries and agencies are relocated somewhere else it will not just expand development to other suburbs and rural parts of Abuja it will also reduce the pressure on the demand for housing which is making prices of accommodation go through the roof in city centres 

Abuja already has a good and broad roads network, so expansion of roads will not be the solution to this traffic congestion that keeps adding up, it will help but the ultimate solution is decongesting the city centre by relocating some of these ministries out of the city centres. 

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