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Nigeria To Launch Digital Currency – CBN Governor Godwin Emefiele

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The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has revealed that Nigeria will launch a digital currency. With this, Nigeria tracks other nations which plan or have launched digital currencies. China is expected to roll out the e-yuan, its digital currency, at scale, later in the year. The United States has also started work on e-dollars.

The apex bank boss revealed this plan during the 279th MPR meeting held today in Abuja- “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria” – Nairametrics reports.

He said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.”

Under cryptocurrency and Bitcoin, Nigeria comes 2nd while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.”

Emefiele voiced his concerns surrounding digital assets using the CEO of Tesla, Elon Musk’s uncertainty as an example.

“We saw the market collapse. Initially, when Elon Musk tweeted around the time when we said our banking and payment facilities are no longer available for cryptocurrency transactions and he tweeted that he will invest $1.5 billion and the price (Bitcoin) went up. He now tweeted and raised a few concerns and the thing (Cryptocurrency) plunged.”

To a large extent, this is what we are asking: if you must ban crypto in Nigeria, provide an alternative to Nigerian youth. Now, CBN has copied, loud and clear. Make it happen, big boss.

From LinkedIn Feed On Topic

Comment: Bold move, but is it truly a right direction in the current state of things? Africa needs a continental currency and if digital the better. China is pegging their new digital currency against their strong Fiat currency, if Nigeria has to peg it’s e currency against the naira, the solution is similar to putting old wine in new skin.

A united Africa being led by one unique currency is what Nigeria should be pushing for and working towards. Not another opportunity to spend money on flamboyant projects that we know technologically our governments cannot maintain effectively.

It is strange, because I do not see any private sector stakeholders giving this move a thumbs up, as it is not in any way going to resolve the import export problems plaguing the Naira. Rather is will only cause more problems for the economy managing two currencies when they cannot reconcile the local black market and the CBN dollar rate for banks.

This is not a smart move by any common sense reasoning based on the current state of things within the nation. My two cents

My Response: Great points. Crypto will not save Nigeria. Factories (old type and modern versions like startups) and warehouses will remain the solutions. Yet, doing nothing is not an option because a new currency is emerging and if we want to predict the future, we have to create it.

 

Florida Plots Trump Return To Twitter and Facebook via Legislation

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It has no chance, but there is no penalty for trying.  On Monday, Republican Gov. Ron DeSantis of Florida signed into law, a legislation that will make it illegal for social media platforms and any of the big technology companies, to ban anyone in Florida. More so,  the legislation says any user who has been de-platformed would be allowed access to retrieve all of their information and content. (Read: we are trying to to bring back former US President Trump to Twitter and Facebook).

People, in American football, they call it hail mary pass; desperation exponential. What do you think?

On Monday, Republican Gov. Ron DeSantis signed into law, a legislation that will make it illegal for social media platforms and any of the big tech, to ban anyone in Florida.

The legislation, termed Stop Social Media Censorship Act, was prompted by allegations of marginalization on social media by conservatives, who believe that the “Big Tech” has been working on the side of the left to silence their members. Thus, it has become illegal for large technology companies to remove candidates for office from their platforms in the run-up to an election. It would also make it easier for Florida’s attorney general and individuals to sue “Big Tech.”

Trump had been banned and suspended by social media giants, Twitter and Facebook, respectively. The state hopefully thinks it can legislate Trump back into the social media universe. With these companies not headquartered in Florida, the regulation does not have any chance. The worst the governor can do is to ask telcos to block Facebook and Twitter in Florida! Because that will not happen, this legal playbook is largely a political showbiz to make the governor who has a presidential ambition appear to be working for the leader of the party, Donald Trump.

Comment on LinkedIn Feed

Comment: It will spur other R state legislatures and governors to create similar bills up until it generates enough pressure for a federal bill to make it through capitol and to the presidents desk. The game is to paint the target and get others to start shooting until something gives.

Response: Florida does not host any of the social media giants. So, nothing will come out of it. The best the governor can do is to ask telcos to block Twitter and Facebook. And that will not happen. Banks block and ban customers. Even the state of Florida suspends voting rights for certain rule violations. So, this is all showbiz politica.

Will Florida’s New Social Media Law Stand?

Will Florida’s New Social Media Law Stand?

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On Monday, Republican Gov. Ron DeSantis signed into law, a legislation that will make it illegal for social media platforms and any of the big tech, to ban anyone in Florida.

The legislation, termed Stop Social Media Censorship Act, was prompted by allegations of marginalization on social media by conservatives, who believe that the “Big Tech” has been working on the side of the left to silence their members. Thus, it has become illegal for large technology companies to remove candidates for office from their platforms in the run-up to an election. It would also make it easier for Florida’s attorney general and individuals to sue “Big Tech.”

“These platforms have become our public square,” DeSantis, who touted the legislation as first of its kind, said at a lectern with a sign that read “STOP Big Tech Censorship,” noting that “Big Tech oligarchs” have censored debates about the pandemic and policies that officials put in place to contain the deadly virus, such as lockdowns.

“Silicon Valley is acting as a council of censors; they cancel people when mobs come after somebody. They will pull them down,” he said.

Under the legislation, users that post content against any platform’s rule would have 30 days to continue using the platform before getting kicked off, DeSantis explained.

The legislation says any user who has been de-platformed would be allowed access to retrieve all of their information and content.

Any platform that removes a candidate without giving them 30 days warning may be fined up to $250,000 per day if those individuals are running for a statewide office and up to $25,000 per day if they are running for any other office. DeSantis said courts may award up to $100,000 in damages for each proven claim.

“We are protecting Floridians’ ability to speak and express their opinions. This will lead to more speech, not less speech because speech that’s inconvenient to the narrative will be protected,” he said.

This move by Republican states to outlaw deplatforming of social media users got a push after Twitter, Facebook, Instagram and YouTube banned former president Donald Trump, and Amazon kicked Parler, a conservative social platform, out of its platform, following the Jan. 6 Capitol insurrection.

A flurry of opposition greeted the decisions of the Big Tech, instigating a move for state laws that will criminalize such actions in the future.

But the legislation, which is likely going to be challenged in court, has a little chance to be enforced.

“This is so obviously unconstitutional, you wouldn’t even put it on an exam,” said A. Michael Froomkin, a law professor at the University of Miami.

Under well established Supreme Court precedent, the First Amendment prohibits private entities from being forced to publish or broadcast someone else’s speech. Prohibiting “deplatforming” of political candidates would likely be construed as an unconstitutional must-carry provision.

“This law looks like a political freebie,” Froomkin said. “You get to pander, and nothing bad happens, because there’s no chance this will survive in court.”

The Section 230 of the Communications Decency Act, a federal law that generally holds online platforms immune from liability over their content moderation decisions, is another reason why Florida’s law may not make it out of court.

Section 230, just like other federal status, makes any state law that conflicts with it void. That means, any attempt to enforce the Florida new law would be futile.

During his presidency, Trump had attempted to quash Section 230 using executive order, after Twitter labeled his tweet prior to his ban. Social media platforms retain the right “to restrict access to or availability of material” as long as they do so in good faith, under the Section 230.

However, there is a question of whether the right to moderate “free speech,” which has been the bone of contention, is protected by the First Amendment.

TechCrunch noted that while there is a great deal of circumstantial precedent and analysis, the problem of “are moderation practices of social media companies protected by the First Amendment” is as yet unsettled. Legal scholars and existing cases fall strongly on the side of “yes,” but there is no single definitive precedent that Facebook or Twitter can point to.

The First Amendment argument starts with the idea that although social media are very unlike newspapers or book publishers, they are protected in much the same way by the Constitution from government interference.

“Free speech” is a term that is interpreted extremely liberally, but if a company spending money is considered a protected expression of ideas, it’s not a stretch to suggest that the same company applying a policy of hosting or not hosting content should be as well. If it is, then the government is prohibited from interfering with it beyond very narrow definitions of unprotected speech (think shouting “fire” in a crowded theater). That would sink Florida’s law on constitutional grounds.

While the new law appears to stand no chance in court, it is likely going to put the First Amendment to test.

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Hyundai Is Launching In-car Payments In The All-electric Ioniq 5

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While payment systems have focused on mobile phones recently, auto disruption or a new taste in payment services seems to on the way.

Hyundai built an in-car payment system that will debut in its next all-electric Ioniq 5 crossover, allowing drivers to discover and pay for EV charging, food, and parking – the latest example of automakers coming up with new ways to generate cash and provide customers with amenities normally associated with smartphones, TechCrunch has the story.

The payments system will start with Dominoes, ParkWhiz, and Chargehub when the car arrives in North America in fall 2021, according to the business. Several new features were revealed during the Ioniq 5’s North American premiere, including an in-car payment system.

The payments feature works through Bluelink, Hyundai’s branded connected car system that gives users control over various vehicle functions and services. Bluelink, which requires a subscription, is offered in three different packages that cover areas such as vehicle maintenance and alerts, remote climate control and unlocking and locking as well as destination search. Bluelink also can be linked to a user’s Google Assistant feature on their smartphone to send information to their Hyundai vehicle.

The in-car payments system will eventually expand to include other companies that fall into the charging, food and coffee on-the-go and parking categories. A company spokesperson said Hyundai will continue to add new merchants regularly via the Xevo Marketplace platform.

The Ioniq 5 is the company’s first dedicated battery-electric vehicle built on the new Electric-Global Modular Platform, or E-GMP platform. This platform is shared with Kia and is the underlying foundation of the new EV6.

If the Ioniq name sounds familiar, it’s because it already exists. In 2016, Hyundai introduced the Ioniq, a hatchback that came in hybrid, plug-in hybrid and electric versions. The Korean automaker is using that vehicle as the jumping off point for its new EV brand.

All of the vehicles under the Ioniq brand will have the E-GMP platform. The Ioniq 5 is based on Hyundai’s Concept 45, a monocoque-style body crossover that the company unveiled in 2019 at the International Motor Show in Frankfurt. Designers of the Concept 45 leaned on some of the lines and characteristics from Hyundai’s first concept, the 1974 Pony Coupe. The “45” name comes, in part, from the 45-degree angles at the front and rear of the vehicle.

The trial, if successful, will mean a wider adoption by the auto industry, where the technology will likely going to be expanded to cover many other areas of payment.