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Russia to Implement New Digital Payment Systems For Cross-Border Transactions

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Russia’s President Vladimir Putin, shares the necessity for a new digital payment system for international settlements. The new payment system is said to be independent of third-party involvement and banks.

The details were revealed by local media outlets. As mentioned, the new digital payment system can be curated using distributed ledgers and digital currency technology.

Putin, shared the news while speaking at an artificial intelligence conference hosted by Sberbank. Gas prices have officially fallen below the levels they were at before Putin invaded Ukraine, falling 2.5 cents per gallon.

“International settlements” = central banks mostly trading currencies. It’s a trillion dollar market, Bitcoin and Ethereum blockchain can’t really handle this. Russia & Co could build a better blockchain, however. And if they all create digital currencies it could succeed theoretically. Currency only has value if anyone wants to use it and it can be traded for other currencies.

Putin, emphasized the Need For New International Payment System Based on Digital Currency Technologies, He however criticized the monopoly in global financial payment systems and dependence on big banks.

The President gave the nod to the hawala remittance system, which works in parallel to the banking system. He believes that digital currency and distributed ledger technology will make cross-border payments “much more convenient.”

Putin’s comments at a Sberbank AI conference are a victory for the pro-crypto Finance Ministry figures. It could also place Putin on a collision course with the Central Bank chief Elvira Nabiullina who opposes Crypto and almost resigned over the war.

German Gref, noted that the country’s- business tech community is providing an excellent example of self-organisation. An alliance of companies has been established in artificial intelligence, Ethical principles for the development and introduction of this technology have been drafted at its initiative. Over 120 participants have already joined this Code of Ethics.

Vladimir Putin: There, two years ago. I am pleased to note that this alliance is working. I will mention several times in my speech how well it is working. We took a very important step towards creating the right atmosphere. I consider you, my colleagues, reliable and effective partners of the state on technological development issues. I am confident it will be so in the future as well. Owing to our joint work, we are making rapid progress in all areas of the National Strategy for the Development of Artificial Intelligence, supporting education and science, introducing measures to support companies, and adjusting legal regulation. These efforts are producing practical, tangible results.

Vladimir Putin succinctly said; Businesses should not incur large costs in the process of introducing innovations. To avoid this, starting from January 1, 2023, businesses buying and deploying Russian-made solutions, including AI-enabled ones, can take advantage of tax incentives and direct additional funds to technological upgrades. For example, an amount 50 percent greater than the company actually spent on advanced Russian systems will be excluded from its income tax base.

Court Sentences Nigeria’s Inspector General of Police to Three Months in Prison for Contempt

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The Inspector General of Police, Usman Baba, has been sentenced to three months in prison for contempt of the court.

The ruling was handed down by Justice Mobolaji Olajuwon on Tuesday, in response to a suit filed by Patrick Okoli, a former police officer who was unlawfully and compulsorily retired from the Nigerian police force in 1992, according to the affidavits supporting the suit.

A Bauchi High Court had in February 19, 1994, quashed the compulsory letter of retirement in a judgment delivered in favor of Okoli. The high court also ordered that the applicant be reinstated with all rights and privileges.

In accordance with the High Court’s ruling, the Police Service Commission (PSC) in a letter dated October 13, 2004, directed the then-IGP to reinstate the applicant and issue a recommendation for his promotion.

But the Nigerian Police failed to obey the order of the High Court and didn’t follow the recommendation of the PSC, prompting Okoli to file a lawsuit.

In a suit marked FHC/ABJ/CS/637/2009 at the Abuja federal high court, Okoli prayed for an order of mandamus to compel the enforcement of the order of the Bauchi state high court and the directives of the PSC. And once again, on October 21, 2011, the Abuja High Court delivered its judgment in favor of the applicant.

Efforts by the office of the IGP to quash the case were unsuccessful. The office of the IGP’s appeal to the judgment of the Abuja High Court was dismissed yet it did not honor the judgment, prompting the applicant to take further steps by approaching the House of Representatives and as a last resort, hired a law firm to commence a committal proceeding against the respondent.

Based on these series of contempt by the office of the IGP, Justice Olajuwon ruled that the IGP should be committed to prison until he obeys the judgment of the court.

“It is unfortunate that the chief enforcer of the law is one who has deliberately refused to comply with the same law. It is important to state that obedience to orders of court is fundamental to the good order, peace and stability of a nation.

“It is a duty which every citizen, who believes in peace and stability of the Nigerian state, owes the nation and the court has a duty to commit the individual who has failed to carry out the order of the court for contempt, so as to prevent the authority and administration of law from being brought to disrespect and to protect the dignity of the court.

“The terms of the Orders of this Court are clear and unambiguous. This court is satisfied that the respondent (presently and those before him) has had proper knowledge of the Orders of this Court, there is no denial of such knowledge and the receipt of Forms 48 and 49.

“The respondent filed a counter affidavit, was duly represented in court by different counsel, who stated how they had written several legal opinions which were not attended to.

“The refusal and failure of the respondent to comply with the orders of this court has been proved in this case. The respondent, in this case, the inspector-general of police, in the person of Usman Alkali Baba, is to be committed to prison and detained in custody for a period of three months or until he has obeyed the order of this court, made on the 21st October, 2011, in all things that are to be performed, whichever period is shorter.

“If at the end of the three months, the contemnor remains recalcitrant and still refuses to purge his contempt, he shall be committed for another period and until he purges his contempt,” the judgment said.

The ruling comes the same month that the chairman of Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, was sentenced to prison for contempt of court.

But like Bawa, who appealed the judgment that committed him to prison and was pardoned on the ground that he was not the EFCC’s chairman at the time of the ruling, the IGP is expected to be acquitted following an appeal.

However, the courts’ judgments denote a shift from the Nigerian judicial system, which previously seldom committed prominent public office holders, especially in the executive, to prison.

How To Earn Crypto For Free Playing In-App Games

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Play-to-earn (P2E) games have become more popular as the crypto world has emerged. You can make money playing free online games, as many of the early internet users had feared.

Playing a blockchain-based game is a great way for you to get your hands on NFTs, as your in-game assets are registered on the blockchain. You will need these items if you want to continue playing the game, but you can probably sell them if you decide you no longer want to.

NFT and blockchain games can be excellent investment vehicles and revenue generators for this very reason. Players can earn money by playing free online games and receive payment in virtual currency under this business model.

What Are Play To Earn Games?

Native tokens support the game economies in these unique games. These in-game currencies are used to buy, sell, trade, and play. Some games, on the other hand, are free to play, while others are paid for in advance.

When compared to traditionally top-level PlayStation and Xbox titles, the graphics in most of these games look like they are still in the early stages of development. So if you are hoping for a visually appealing cryptocurrency game, you’ll have to wait a few more years.

But if you keep your eye on the bottom line, the rewards can keep you coming back for more.

Steps To Start Earning Crypto For Playing Games

  • Create a crypto wallet
  • Sign up for free for crypto games
  • Advance in rank, level, or stage
  • Reach minimum token withdrawal limit
  • Withdrawal of accumulated crypto earnings to your wallet
  • Convert tokens to Bitcoin or Ethereum
  • Withdraw crypto into your local bank account

1. Create A Crypto Wallet

Cryptocurrency wallets are a safe place to keep your winnings from gaming.

A few of the most popular types of cryptocurrency wallets include hosted wallets, non-custodial wallets, as well as hard drive-based storage devices.

Depending on what you plan to do with your cryptocurrency and how much security you need, you may want to use one or the other.

This guide will show you how to create a non-custodial wallet so that you can withdraw your winnings directly from the gaming platform.

How To Set Up A Non-Custodial Wallet

  • Download a wallet app
  • Create a personal account
  • Ensure to write and keep your private key: this is presented in the form of a 12-word phrase. Ensure that it is kept in a safe place. You won’t be able to access your crypto if you misplace or forget this 12-word phrase
  • Transfer crypto wallet into your wallet: when buying crypto with a non-custodial wallet, you may not be able to use fiat currencies (such as US dollars or Euros), so you will have to transfer crypto from another location

2. Sign Up Or Download For Free To Earn Crypto Games

The term “play-to-earn” refers to a type of cryptocurrency game in which players can earn virtual currency by simply playing the game.

Completing tasks such as missions and battles are all part of the process. Tokens earned on Defi can be exchanged for cryptocurrencies like Bitcoin, Dogecoin, Ethereum, etc.

You can use the money you earn from playing these games to fund your bitcoin wallet or to make additional purchases in-game.

Use them to buy non-fungible tokens (NFTs). Some of these games also use NFTs as their in-game currency.

The best and highest-paying P2E crypto games are as follows:

  • Battle of Guardians
  • Plant Vs. Undead
  • Defi Kingdoms
  • MetaWars
  • Axie Infinity

3. Advance In Rank, Level, And Stage

This step comes with the play of any P2E game you have downloaded and installed.

Meanwhile, you will have to climb through the hurdles of different stages, have a weapon upgrade, fight little battles, improve beyond ranks, and be victorious in battles against villains to progress in the game.

The amount of tokens you receive for completing each of these tasks is determined by the difficulty of the level, rank, battle, and/or villain.

4. Reach Minimum Withdrawal Limit

For the most part, P2E crypto games have a minimum withdrawal threshold.

Depending on the game, this could be anywhere from 500 to 1500 tokens. Tokens can only be obtained by defeating monsters, capturing new territory, progressing through the game’s levels, and rising through the ranks.

To proceed to the next step in this guide, you must first meet the gaming platform’s minimum token withdrawal limit.

5. Withdraw Accumulated Earnings

A withdrawal can be made into the crypto wallet you created earlier in this guide once you’ve amassed enough tokens to do so.

This number can range from 500 to 1500 tokens, depending on the platform. Withdrawal policies vary from platform to platform. A 48-hour withdrawal period is possible under some of these rules. To make a withdrawal, you must wait at least 48 hours.

However, once you withdraw your tokens from these platforms, you will be able to see your money in your wallet.

Why Most Nigerians Remain Poor Despite Nigeria Earning $742 Billion in 21 years from Oil

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Nigeria leaders

Check most faded ancestral kingdoms, they failed not because of lack of resources, rather, due to the poor utilization of their people. Typically, the people become enterprising, build wealth and after passing an inflection point, they pause – and lose their minds. Over time, another kingdom takes over.

As early as 1961, most European countries have written out any support to Nigeria because they saw a nation with a dynamic and pragmatic agricultural policy which if built upon could make it a respected nation in the world. In Belgium, they argued that any financial help to Nigeria was stupidity as the nation was already in a virtuoso cycle to greatness. Unfortunately, that did not happen and has not happened. Let me take you to economic systems for why:

Country A generates aggregate economic output (GDP) via agriculture of $5 billion but employs 1 million doing that. But it does not have a lot of money, just $0.5 billion, in the foreign reserves.

Country B generates output of $1 billion via crude oil sector but employs 100,000 people doing it. But  it has $20 billion in foreign reserves from the sale of the oil. 

Many people will say that Country B is in a better shape. Possibly, if that $20 billion is not mismanaged or stolen. But structurally, Country A has a stronger positioning provided it can keep getting more productive. It has found a way to employ its 1 million citizens and it has a decent reserve.  

In Country B, the citizens are under stress with largely zero economic participation, implying that risk is concentrated on what leaders do with that $20 billion. When you have bad leaders, you have the Nigerian case. When you have better ones, you have UAE (Dubai).

This explains why Nigeria has 133 million extremely poor people despite having earned $741.48bn  from oil & gas in 21 years. The curse of oil is not that oil is bad. The curse is that you can be partying in Abuja, drinking kunu, eating nkwobi and amala, and your bank balance will be growing in New York via oil sales. But when you look around, only few are in that party with the majority dying of the real curse: poverty in a land of plenty.

A National Bureau of Statistics (NBS) report has revealed that 63% of persons living in Nigeria (133 million people) are multidimensionally poor: “65% of the poor (86 million people) live in the North, while 35% (nearly 47 million) live in the South. Poverty levels across States vary significantly, with the incidence of multidimensional poverty ranging from a low of 27% in Ondo to a high of 91% in Sokoto.”

Nigeria Earned $741.48bn From Oil and Gas in 21 Years – NEITI

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Nigeria earned $741.48 billion from oil and gas over a period of 21 years covering 1999 and 2020, according to Nigeria Extractive Industries Transparency Initiative (NEITI).

This was disclosed by the Executive Secretary of the organization, Dr Ogbonnaya Orji, during a stakeholders’ engagement forum on the implementation of the Petroleum Industry Act (PIA) in Abuja. Orji said the reports involve 25 cycles of audit of the oil and gas sector.

“The 2021 oil and gas sector audit is currently ongoing and will soon be released.

“This is guided by a five-year strategic plan (2022-2026) which will enable the agency to establish a presence and operate at sub-national levels to support government’s revenue growth plan and resources mobilization,” he explained.

The Nigerian oil sector is riddled with corruption and malfeasance that have enabled revenue shortfalls for years, particularly in 2022, when the country’s oil production was halved by oil theft. Consequently, there have been calls for the government to ensure transparent operation in the industry.

Orji said that he is delighted that NEITI’s reports had led to the recovery of several billions of dollars by the government from companies operating in the sector. He added that the recommendations made by NEITI in its reports have also triggered huge reforms in the sector.

Recently, President Muhammadu Buhari signed the Petroleum Industry Act (PIA), aimed at sanitizing the industry. The PIA which birthed the Nigerian National Petroleum Corporation Limited (NNPCL), has not been fully implemented. Orji said that NEITI, being a member of the Presidential Steering Committee (PSC), would provide the information and data in the oil and gas sector that would help to effectively implement the PIA.

“As an agency charged with promoting transparency and accountability in the extractive sector, NEITI has responsibility to facilitate and strengthen participation by diverse stakeholders for a successful implementation of the PIA.

“Therefore, the implementation of the Act and full operationalisation of its provisions are of great interest to NEITI and its stakeholders.

“NEITI has been working with relevant stakeholders and leveraging on our experience and exposure in the oil and gas sector to ensure that the implementation of the PIA delivers its objective and desired results,” Orji said.

He explained that NEITI has pioneered a programme designed to provide platform for stakeholders, and state and non-state actors to discuss and engage with the process of PIA implementation. In addition, he said that the platform will serve as a platform to update the public and galvanize the needed public support for the implementation of PIA.

“As an agency with the mandate to promote transparency and accountability in the extractive sectors, with a multi-stakeholders platform for dialogue on natural resources governance, NEITI has a huge responsibility to facilitate and strengthen the participation of diverse stakeholders for a successful implementation of the PIA.

“So far, NEITI has conducted and published 25 cycles of audit reports in the oil and gas sector, covering the period 1999-2020. From the report, a total of $741.48 billion was recorded as revenue earnings to government coffers from the sector.

“Besides, NEITI reports have led to the recovery of several billions of dollars by the government from companies operating in the sector. Recommendations of our reports are also triggering huge reforms in the sectors, one of which is the PIA we are discussing here today,” he added.