The Central Bank of Nigeria has revealed its plans to create a suitable regulatory framework for stablecoins, which could become a successful means of payment in the country. This and more news in this handy daily digest so that you are always informed with the latest events that occur within the crypto world.
Nigeria to regulate stablecoins
📍The Central Bank of Nigeria has announced that stablecoins could be regulated as a means of payment in the country in the future. As part of its vision for what the payment system will look like in 2025, the country's central bank has said it is considering creating a regulatory framework that allows the use of stablecoins within its territory, highlighting the likelihood that these digital assets will become a successful means of payment.
In its report, the central bank noted the need to develop a regulatory framework for stablecoins. The Central Bank of Nigeria anticipates that this type of crypto asset will be widely used in the country.
Brazil reports new details on the digital design of its sovereign currency
📍Brazil draws inspiration from Ethereum to create its digital currency. The design of Brazil's digital real will be based on smart contracts, according to statements made by the country's central bank director, Fabio Araujo, this week.
Araujo highlighted the financial potential of the Ethereum blockchain, which hosts more than 2.500 decentralized financial applications.
The goal of the Brazilian digital currency developers is to integrate Ethereum's smart contract concept to validate users' identity and schedule payments.
The central bank digital currency that Brazil is designing for retail and wholesale use could be available in 2024.
The dispute between Gemini and Digital Currency Group continues
📍Cameron Winklevoss calls for Digital Currency Group CEO to resign. The conflict between Gemini and Digital Currency Group is far from over. Cameron Winklevoss, one of the co-founders of the Gemini exchange, has published a new letter addressed to Barry Silbert, CEO of DCG, alleging that the venture capital firm and its subsidiary Genesis Global Capital have defrauded the 340.000 investors of its Gemini Earn product.
In the letter, Cameron accuses the companies of misrepresenting information to deceive the exchange and its investors about the solvency of Genesis, which incurred massive losses due to its exposure to failed cryptocurrency fund Three Arrows Capital and bankrupt exchange FTX.
Cameron also noted that the problems that have arisen from Genesis and DCG's debt to Gemini will not be resolved as long as Silbert remains at the helm of the company, calling on DCG's board to remove him from his CEO role.
As reported by this outlet, Gemini has halted withdrawals from its Earn product after Genesis Global Capital halted withdrawals and new loans due to FTX's bankruptcy. Analysts at Arcane Research they pointed out recently DGC could become a catalyst for a crisis in the crypto industry.
Togg to implement Metaco's Harmonize platform to manage digital assets
📍Turkey-based automotive company Togg will use a crypto custody solution to secure its blockchain-based mobility system. Togg has signed an agreement with digital asset custody company Metaco, which will allow it to implement the Harmonize platform to support and secure the custody and governance of its digital assets.
In a statement, Toog outlined its plans to become a blockchain-based mobility provider and use cases, including tokenization of mobility services, carbon footprint assessment, and NFT ownership.
Togg's blockchain platform is based on the Avalanche network.
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