Key Takeaways
- The country's central bank is keeping tabs on individual accounts with substantial multi-day inflows and outflows.
- Zimbabwe is now conducting discussions about the increased interest in crypto and the associated concerns.
- A court in Caracas, Venezuela's capital, has overturned the confiscation of more than 1,000 Bitcoin miners owing to procedural flaws.
Following an order from the Nigerian central bank (CBN) to freeze the accounts of two persons who are involved in cryptocurrency trading, the Nigerian government has taken this move.
Leadership said that an internal document from one of the banks directed workers to begin monitoring accounts with substantial transaction volumes or those that are thought to be utilized for cryptocurrency trading. In the document cited by Leadership, the following is stated:
All bitcoin accounts will be closed if they do not comply with the CBN's order to do so, and any non-compliance will be punished with a high-impact regulatory punishment." We urge all employees to close any cryptocurrency exchange accounts they may find in their systems promptly in light of the information provided above.
The statement made it clear that workers who knowingly fail to declare the participation of a particular account in bitcoin trading will face disciplinary action. To ensure that the bank is completely compliance with CBN rules, all employees must engage in a monitoring of accounts, transactions, and clients, according to internal correspondence.
Companies with huge volumes of transactions without a payment license or those that incorporate cryptocurrency in their memorandum of business might be detected.
Large multi-day inflows and outflows of money from personal accounts as well as small businesses whose daily sales exceed the norm should be highlighted as suspicious. In addition, accounts that receive a lot of money from various payees and make repeated payments to multiple beneficiaries will be scrutinized.
According to the letter, which was circulated on social media less than a week after eNaira's debut, the accounts are being used for cryptocurrency trading and so violate the central bank's Feb. 5 decree, which the CBN states in the letter.
One of the leaders of Nigeria's Blockchain Technology Association, Senator Ihenyen, tweeted that the CBN's move was unlawful and unethical in a statement. According to Ihenyen, only the Nigerian legislature has the power to regulate Bitcoin (BTC).
Cryptocurrency is becoming more popular among Zimbabweans, which is seen as a potential source of economic progress. In addition, the nation is open to regulating the whole industry.
According to local media reports, the Zimbabwean government is contemplating accepting Bitcoin (BTC) as legal tender to help fulfill the country's burgeoning demand for the currency and to take advantage of the technology it represents.
The head of the e-government technology section in the office of the president and cabinet, retired Brigadier Colonel Charles Wekwete, has stated that conversations with firms are already taking place.
Unregistered cross-border transactions, money laundering, and ill-gotten wealth flow into future illegal or unethical activities are among Wekwete's concerns about the decentralized ecosystem.
According to him, new policies are being developed to safeguard consumers and the country's financial future. The administration has thus solicited advice from several industries before implementing substantial policy changes.
Seizure of more than 1,000 Bitcoin miners in Venezuela has been overturned by the country's highest court
Third-party contractors were responsible for maintaining the equipment confiscated, according to court papers. Court-ordered seizure of these machines by the national crypto watchdog, Sunacrip.
Sunacrip, the country's official cryptocurrency watchdog, has been ordered by a Venezuelan court to reverse a seizure that was carried out last month. Due process and property rights were breached in a cooperative effort by the country's scientific police force, as well as the Sunacrip pharmaceuticals firm, in an operation carried out by both parties.
More than 1,500 power supplies and 1,500 Antminer S9-S9Is were taken into custody by the operation, which examined the third-party service providers. It was not specified by Sunacrip, however, where these miners were to be detained.
The court further remarked that this kind of process allows for the submission of relevant papers within a 15-day timeframe. However, in this instance, the equipment was confiscated by the police on the same day.
What are your thoughts on the Nigerian government's watchdog system?
