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The Federal Ministry of Finance in Nigeria is said to be in discussions with the securities watchdog in the country to create a new digital currency and blockchain facility, Cointelegraph reported. The ministry is working with the Abuja-based Securities and Exchange Commission to provide a “regulatory environment for blockchain” and digital assets, Cointelegraph reported, citing local media. As it currently stands, bitcoin and other digital currencies are seeing increasing use in Nigeria. Digital assets are reportedly seen as commodities and regulated by securities law in the country following an order on the subject in early fall.
In other news, the Australian Border Force (ABF) is holding a blockchain pilot with Singapore, according to an announcement. A pilot project with Singapore Customs and Singapore Infocomm Media Development Authority (IMDA) was launched on 23 November to test digital verification infrastructures. The pilot project will involve the Australian Chamber of Commerce and Industry, Australian Industry Group as well as the financial companies of Singapore. “Businesses and regulators will provide feedback on their experience verifying certificates of origin with the two systems, with the goal of reducing administration costs and increasing business efficiency,” according to the announcement.
On another note, a digital currency fundraising event called “Bitcoin Tuesday” is set for December 1, Cointelgraph reported. The Giving Block reportedly blocked partnerships with over 120 charities and 30 blockchain companies to spearhead the occasion. The digital currency donation company said bitcoin is “in the foreground,” but that users can make contributions with every digital asset supported on Gemini right now, as per Cointelegraph. Groups like the American Cancer Society, No Kid Hungry and Save the Children are among the nonprofits that will be taking part in the occasion. The news comes when the Pineapple Fund, an anonymous bitcoin group, distributed over 5,050 bitcoins to 60 nonprofits.
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NEW PYMNTS STUDY: ACCELERATE THE CURVE OF REQUEST FOR REAL-TIME PAYMENTS – NOVEMBER 2020
Of: Accelerating the demand curve for real-time payments: What banks need to know about what consumers want and need, PYMNTS examines consumers’ understanding of real-time payments and the methods they use for different types of payments . The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.
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