Key Takeaways
- The Nigeria Central Bank has advised financial institutions and fintech businesses to create and offer products built on the e-naira.
- Following Jack Dorsey resignation, there is speculation that he would devote more time to crypto-related ventures.
- The South Korean Parliament has postponed by a year the proposed taxation of earned income from crypto assets.
The Central Bank of Nigeria (CBN) has urged financial service providers, financial institutions, and fintech businesses to create and offer products built on the e-naira in order to increase its acceptance.
This statement was made by Rakiya Mohammed, the CBN's director of the IT department, when she briefed financial institutions and fintech businesses during the central bank's one-day meeting, as per the Vanguard.
Mohammed is said to have informed attendees at the conference that the central bank is not in competition with banking institutions or other payment system operators. Instead, Mohammed stated that the CBN is open to comments or ideas that meet users’ needs or contribute positively to the e-naira.
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Mohammed is also said to have encouraged payment service operators in the nation to develop new means of assisting members of the public with the onboarding process. She also urged service providers to develop solutions that enable offline e-naira functionalities, such as cards, wearables, and USSD, among other things.
At the Bitcoin Conference in June, Dorsey said that he would be involved in Bitcoin if he was not working at Square or Twitter.
The resignation of Jack Dorsey as CEO of Twitter Inc. has sparked speculation concerning the future of the tech pioneer, who is largely regarded as one of the most vocal supporters of bitcoin and cryptocurrency.
Dorsey announced his departure from the famous social media network on Monday, and his successor will be Parag Agrawal, the firm's existing chief technology officer.
Following the announcement, a slew of concerns arose in the cryptosphere: What does his departure signify for Twitter's connection with cryptocurrency? What does this mean for Square Inc., the payment processor where Dorsey now serves as CEO? What is Dorsey's strategy for crypto assets and blockchain in the long run?
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Dorsey has driven forward various crypto-related projects at Twitter and Square as an ardent bitcoin enthusiast.
As per sources, Twitter's next CEO, Agrawal, has the same aim for decentralising social networks with Dorsey, easing worries that the company will become less crypto-friendly. In 2019, Agrawal was tasked with hiring a team head for Bluesky, an initiative that intends to create a "decentralized social media standard."
Following stepping down as Twitter's CEO, some speculate that Dorsey would devote more time to crypto-related ventures.
South Korea plans to postpone crypto taxes for a year, starting in 2023
According to the ministry of finance, the Parliament of South Korea enacted a measure on Tuesday to delay by a year the proposed taxation of earned income from crypto assets.
Starting January 2023, if the plenary session approves the measure, the government will impose a 20% capital gains tax on any yearly earnings of over 2.5 million made through cryptocurrency trading.
The administration had previously said that taxes would begin in January of the following year.
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The plenary session of the National Assembly is scheduled for December 2.
What are your thoughts about these developments?
