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Nigeria’s crypto future: Striking a balance between innovation and regulation

Opinion by: Mohammed Idris, Minister of Information of Nigeria

Nigeria has emerged as one of the most active and dynamic crypto markets in recent years. From bustling tech hubs in Lagos to grassroots communities in smaller cities, young Nigerians have turned to cryptocurrencies to address fundamental economic challenges, from hedging against inflation to accessing global markets in a way traditional finance often does not allow.

As minister of information, I have seen firsthand how digital innovation has become crucial to the Nigerian story. Cryptocurrencies, blockchain technology and other digital assets are no longer on the fringes of our economy; they are fast becoming central to how our people transact, create and build.

This rise in crypto adoption has not, however, come without challenges. Questions around regulation, consumer protection, security and misuse of digital assets have fueled debates in Nigeria and globally. I write to clarify Nigeria’s position: We are committed to fostering an inclusive digital asset ecosystem that is both innovative and responsible.

Nigeria is a crypto hub

According to several international reports, Nigeria consistently ranks among the top countries in terms of crypto adoption. Our population — over 200 million strong, with a median age under 20 — is naturally inclined toward new technologies. Crypto has become more than a speculative tool; it’s a lifeline for freelancers, small businesses and families receiving remittances.

Yet despite the widespread use of cryptocurrencies, Nigeria has wrestled with how to regulate this sector effectively. Earlier approaches included restrictions on financial institutions from facilitating crypto transactions, which inadvertently pushed much of the activity underground, away from proper oversight.

Nigeria moves toward robust regulation

Under the administration of President Bola Ahmed Tinubu, Nigeria is reassessing its approach. We are moving away from blanket restrictions toward thoughtful, balanced regulation that acknowledges both the risks and the transformative potential of crypto and blockchain technologies.

Our objective is to create a regulatory framework that fosters innovation, ensures market integrity and protects Nigerian consumers. This involves active engagement with stakeholders from crypto startups and blockchain developers to international partners and regulatory bodies.

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Nigeria’s stance is simple. We support innovation that benefits our people, but we will not allow misuse that harms them.

We recognize the legitimate use cases for cryptocurrencies, including:

  • Financial inclusion for the unbanked and underbanked.

  • Cross-border payments and remittances that avoid high fees.

  • Access to global markets for Nigerian entrepreneurs and freelancers.

  • New digital economies, such as decentralized finance (DeFi) and non-fungible tokens (NFTs), offer opportunities for wealth creation.

At the same time, we are determined to address concerns around fraud, money laundering, terrorism financing and other illicit activities. Effective regulation, rather than prohibition, is the path forward.

Nigeria and blockchain

Nigeria sees blockchain technology as more than just crypto trading. Blockchain can be a powerful governance, transparency and service delivery tool.

Already, conversations are underway on how blockchain can improve public systems, such as:

  • Land registries to reduce fraud and strengthen property rights.

  • Identity management systems to enhance financial inclusion.

  • Supply chain monitoring to improve food security and public procurement.

A collaborative approach 

Nigeria is not navigating this journey alone. As we develop new policies and frameworks, we look to global best practices and seek collaboration with international platforms and regulators.

We invite crypto companies, investors, innovators and advocates to engage with us. We aim to create a transparent and predictable environment where businesses can thrive while ensuring Nigerian citizens are protected from undue risks.

Nigeria’s approach to crypto is evolving, and with good reason. The potential for digital assets and blockchain to contribute to economic growth, job creation and financial empowerment is too significant to ignore.

To realize these benefits, we must build trust in the system through effective regulation, education and international cooperation.

To the global crypto community, I say this: Nigeria is open to innovation, but we are equally committed to ensuring that such innovation operates within a secure, transparent and inclusive framework.

We look forward to working together — for the benefit of Nigerians and the global advancement of responsible crypto adoption.

Opinion by: Mohammed Idris, Minister of Information of Nigeria.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bhutan launches tourism crypto payments with Binance Pay and DK Bank

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Bhutan launches tourism crypto payments with Binance Pay and DK Bank

Bhutan launches tourism crypto payments with Binance Pay and DK Bank

Bhutan, known for investments in cryptocurrencies like Bitcoin, has launched a tourism crypto payment system in partnership with Binance Pay and DK Bank.

The system allows Bhutan travelers with Binance accounts to pay for services like tickets, hotel stays, tour guides and other products using at least 100 different crypto assets, including Bitcoin (BTC), USDC (USDC) and Binance-backed BNB (BNB).

The initiative also opens a payment gateway for businesses in Bhutan, enabling them to accept crypto payments through a QR code on a phone, according to an announcement by Binance on May 7.

“This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” said Damcho Rinzin, director of Bhutan’s tourism department.

Benefits for small businesses in remote areas

The partnership specifically targets small businesses in Bhutan, such as vendors and rural artisans who may never have had access to card terminals or payment infrastructure.

“Even Bhutan’s most remote businesses can now accept crypto through a phone, gaining access to international travelers with just a QR code,” the announcement said.

Bhutan launches tourism crypto payments with Binance Pay and DK Bank
Source: Binance

Binance said tourists will be able to pay for services without needing local currency or cash.

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“No need to pack your wallet — hop on a journey of innovation and inclusion with just your Binance App,” Binance said in a post on X.

“World’s first national-level crypto tourism payment system”

Binance and Bhutan’s tourism department referred to the initiative as the “world’s first national-level crypto tourism payment system.”

“Bhutan’s model is the first to offer a fully integrated, end-to-end crypto payment system at the national level,” Binance’s announcement said, adding:

“It also addresses previous limitations by offering real-time confirmations, near-zero fees, and a fully licensed local bank handling settlements on the ground.”

Binance CEO Richard Teng emphasized that the system advances crypto payments in travel and “sets a precedent for how technology can bridge cultures and economies.”

Bhutan launches tourism crypto payments with Binance Pay and DK Bank
Source: Bhutan’s tourism department

“This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences,” Teng added.

Bhutan holds multiple crypto assets

Bhutan’s launch of the payments system aligns with its broader embrace of digital assets.

The country has been working to set up a strategic crypto reserve as part of a new economic hub, while the government has been reportedly mining and investing in Bitcoin since at least 2019.

According to Arkham, Bhutan’s commercial arm, Druk Holding and Investments (DHI), has added 374 Bitcoin to its stash since early January, increasing holdings to 12,062 BTC. Additionally, the entity holds modest amounts on chains like Polygon, BNB Chain and Base.

Bhutan launches tourism crypto payments with Binance Pay and DK Bank
Crypto holdings of the Royal Government of Bhutan (DHI). Source: Arkham

While Bhutan has grown increasingly friendly to crypto adoption, regulating cryptocurrencies remains a legal gray area.

In 2020, Bhutan’s central bank, the Royal Monetary Authority (RMA), issued a warning against the Pi cryptocurrency, urging the public to exercise caution when investing in any crypto asset.

“The RMA would like to remind the general public to exercise due caution in making any investment in Pi or any other cryptocurrency as the implications, risks and use cases on the economy and financial systems are still to be ascertained,” the authority wrote.

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Red Wall Labour MPs urge Sir Keir Starmer to ‘act’ over winter fuel change ‘before it’s too late’

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Red Wall Labour MPs urge Sir Keir Starmer to 'act' over winter fuel change 'before it's too late'

Red Wall Labour MPs are demanding ministers “act now before it’s too late” and reverse the unpopular cut to winter fuel payments.

A number of MPs in the Red Wall – the term used to describe Labour’s traditional heartlands in the north of England – reposted a statement on social media in which they said the leadership’s response to the local elections had “fallen on deaf ears”.

They singled out the cut to the winter fuel allowance as an issue that was raised on the doorstep and urged the government to rethink the policy, arguing that doing so “isn’t weak, it takes us to a position of strength”.

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The group, thought to number about 40 MPs, met last night following the fallout of local election results in England, which saw Labour narrowly lose the Runcorn by-election, as well as control of Doncaster Council, to Reform.

In addition, Nigel Farage’s party picked up more than 650 councillors and won control of 10 councils in Labour strongholds such as Durham.

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Although Labour narrowly held on to mayoralties in Doncaster and the West of England, it lost control of Doncaster Council – the only local authority it had control of in this set of elections – to Mr Farage’s party, which also gained its own mayors in Greater Lincolnshire and Hull and East Yorkshire.

The MPs said the poll was the “big test for the prime minister” but that the party’s voters had “told us loudly and clearly that we have not met their expectations”.

Following the results, Sir Keir Starmer said the message he was taking away from the results was that “we must deliver that change even more quickly. We must go even further.”

His response has drawn an angry reaction from some Labour MPs who believe it amounted to ignoring voters’ concerns.

One of the MPs who was present at last night’s meeting told Sky News there was “lots of anger at the government’s response to the results”.

“People acknowledged the winter fuel allowance was the main issue for us on the doorstep. There is a lack of vision from this government, and residents don’t see it.”

Another added: “Everyone was furious”.

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‘I get it’, PM tells Sky News

Elsewhere in the statement, the MPs urged the party leadership to “visit our areas, listen and rebuild the social contract between government and the people”.

“The prime minister has shown strong leadership internationally, which must now be matched at home,” the statement read.

“The demands raised by new MPs from post-industrial towns where infrastructure is poor, with years of underinvestment, must be taken off the too-difficult-to-do list. Breakaway from Treasury orthodoxy, otherwise we will never get the investment we desperately need.”

It added: “The government needs to improve its messaging by telling our story and articulating our values in the language that resonates and is heard.

“Labour cannot afford to lose the Red Wall again as it reopens the route to a future of opposition and an existential crisis. Without red wall communities, we are not the Labour Party.

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“The government has to act now before it’s too late.”

The government has also drawn criticism for the winter fuel policy from outside Westminster.

On Tuesday, Welsh First Minister Baroness Eluned Morgan called for the cuts to winter fuel allowance to be reviewed in a landmark speech.

However, Downing Street has ruled out a U-turn on means testing the winter fuel payment.

The prime minister’s official spokesman said: “The policy is set out, there will not be a change to the government’s policy.”

They added that the decision was necessary “to ensure economic stability and repair the public finances following the £22bn black hole left by the previous government”.

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Orsted pulls plug on Hornsea 4 windfarm, blaming a surge in challenges

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Orsted pulls plug on Hornsea 4 windfarm, blaming a surge in challenges

The developer of the Hornsea 4 windfarm expansion has “discontinued” the project, blaming a surge in challenges including higher costs.

Orsted made the announcement while revealing a bigger than expected rise in first quarter profits despite increased headwinds facing its offshore wind interests.

The Danish firm secured funding for both Hornsea 3 and Hornsea 4 under the government’s auction of renewable energy “contracts for difference” last year.

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The projects, when combined, would have more than doubled the size of the existing Hornsea windfarm off the East Yorkshire coast – already the world’s largest.

It had the potential to add 2,400 MW of peak capacity – enough to power 2.6 million homes.

But the company said on Wednesday that Hornsea 4 was no longer viable in its current form.

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It cited “several adverse developments relating to continued increase of supply chain costs, higher interest rates, and an increase in the risk to construct and operate Hornsea 4 on the planned timeline for a project of this scale”.

It added: “Orsted will evaluate options for future development of the Hornsea 4 project given the continuing seabed rights, grid connection agreement and Development Consent Order.”

Image:
The existing Hornsea development is already the world’s largest by area

The decision represents a blow to the government’s green energy ambitions.

It wants to eliminate the UK’s reliance on natural gas for energy security which, it says, will erase the country’s exposure to price volatility, bring down bills and bolster the fight against climate change at the same time.

Orsted boss Rasmus Errboe said: “We remain fully committed to being an important partner to the UK government to help them achieve their ambitious target for offshore wind build-out and appreciate the work they’ve done to deliver a clear framework to support offshore wind.

“However, our capital allocation is based on a strict and value-focused approach, and after careful consideration, we’ve decided to discontinue the development of the Hornsea 4 project in its current form, well ahead of the planned Final Investment Decision later this year.”

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A Department for Energy Security and Net Zero spokesperson responded: “We recognise the effect that globally high inflation and supply chain constraints are having on industry across Europe, and we will work with Orsted to get Hornsea 4 back on track.

“We have a strong pipeline of projects to deliver clean power by 2030 and our mission-led approach ensures we can steer our way through global pressures and individual commercial decisions to reach our targets.

“Through our mission we will deliver an energy system that brings energy bills down for good and bolsters Britain’s energy security as part of our Plan for Change.”

Dhara Vyas, the chief executive of industry body Energy UK, responded: “In 2024, wind overtook gas as GB’s largest source of power. Along with the broad range of technologies we have, wind has already and will continue to play a significant role in reducing our reliance on foreign fossil fuels, and building a resilient energy system powered predominately by British sources.

“Not only will this boost energy security, it will grow our economy and bring down bills in the long-term.

“The loss of such a big project will raise the stakes yet further for the forthcoming Contracts for Difference auction round, AR7.

“Whilst Orsted has been clear this is not a result of government policy, with offshore wind playing such a critical role in our future energy ambitions it’s vital that the government doubles down to ensure AR7 is a success.”

Greenpeace UK’s head of climate, Mel Evans, said: “It is a tragic irony that gas-driven inflation is threatening the very thing that promises to bring down the soaring cost of energy, which has sent inflation and manufacturing costs through the roof. Getting off volatile and expensive gas and making renewables the backbone of our energy system has never been more necessary than it is right now.

“Post-COVID supply chain breakdowns have also made everything much harder to build, on time or on budget.

“This is why the government must double down on its commitment to clean power and invest heavily in domestic wind manufacturing. This would help to overcome the supply chain issues faced by companies like Orsted and lower costs, which would be good for the government’s clean power plan, good for jobs and good for Britain.”

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