The UK has a new Prime Minister, Liz Truss, who could be friendly to cryptocurrencies. Also, Nigeria is following in Dubai's footsteps to create virtual free zones to boost the growth and development of cryptocurrency and blockchain businesses in the country and across West Africa. These and more news stories are in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Nigeria to create West Africa's first virtual free zones
📍Nigeria's Export Processing Zones Authority plans to create the first virtual export processing zone in the country and the continent. In a releaseAdesoji Adesugba, Director General of the Free Zones Authority, said that the creation of virtual free zones focused on cryptocurrencies will allow Nigeria to broaden its horizons and open new avenues towards innovation and development of the blockchain industry.
Through these virtual free zones, Nigeria aims to expand economic and technological opportunities for its citizens and the country at large, opening the doors to cryptocurrency companies to build new services and solutions.
Adesugba said these virtual free zones resulted from the example of Dubai, which is converting several of its free zones into integral ecosystems for the responsible development of the crypto industry. According to Adesugba, Nigeria’s goal is to create a thriving virtual free zone to tap into the nearly $1 trillion market that currently exists in blockchain and usher in the new digital economy of cryptoassets.
In 2021, Nigeria ranked as the country with the highest proportion of cryptocurrency users among its population, according to Statista. This year, the West African country has become one of the largest emerging economies for Bitcoin; the leading cryptocurrency on the market that is helping Nigerians protect their money from inflation, despite the denial of the government and the Central Bank.
New UK Prime Minister: Changes Ahead for Cryptocurrencies?
📍The UK has a new Prime Minister who could be crypto-friendly. According to several reports, Mary Elizabeth Truss, known as Liz Truss, who was elected as Prime Minister of the United Kingdom last Monday, has spoken out in favor of cryptocurrencies and digital assets on several occasions.
During her campaign, Truss promised to revive and boost the country's economy, which is currently facing 10% inflation. In this context, some believe that cryptocurrencies and digital assets may have a place in the new government. According to Coindesk, Truss has used a friendly tone the few times she has referred to cryptocurrencies in the last 4 years.
In 2018, when she served as the country's Treasury Secretary, Truss said that the UK should welcome cryptocurrencies without limiting their potential. Similarly, in 2020, when she was the UK's trade minister, she said that blockchain technology could create great opportunities for the country's development and growth.
Poolin warns of liquidity problems
📍One of the world's largest Bitcoin miners has revealed that it is facing liquidity problems. Poolin published a statement to inform the crypto community about a series of actions with which it seeks to address the current liquidity problems in Poolin Wallet.
Although the company claims that its Bitcoin and Ethereum mining services are not being greatly affected by these liquidity issues, it reported that it will take certain actions to stabilize liquidity and operations. These actions include: applying a zero fee to Bitcoin and Ethereum pools, temporarily suspending payment of current BTC and ETH balances, as well as suspending swap services and withdrawals from mining pool accounts, Poolin reported.
Poolin users have been complaining about the platform since last month, having trouble withdrawing their funds. However, according to Coindesk, Poolin CEO Kevin Pan assured via WeChat that the funds are safe and that the company is working on solutions to mitigate its liquidity issues and provide stability to its customers and users.
Continue reading: The 5 characteristics of Bitcoin's energy consumption, according to Arcane Research
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