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Last updated on September 11th, 2020 at 10:35 pm

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The most discussed issue this week in Nigeria centered on making the country safe from cryptocurrency scam. New measures and plans were discussed to avoid crypto scam in Nigeria. 

This week on our weekly cryptocurrency roundup. We will be looking into the whole event that happened in the space so far. Most exciting news is the Eco single currency for West Africa which was scheduled for launch in 2020.

The ECOWAS single currency for West Africa called Eco currency might not be lauunched next year says Zainab. 

The Nigerian Minister of Finance Zainab Ahmed confirmed this in the ECOWAS meeting on Friday at Abuja. She said that its only Togo that has met all the needed criteria for the possible launch. 

Moreso, during the week South Africa Reserve Bank announced its plans on restricting cryptocurrency transactions across the country. 

The apex bank in South Africa (SA) made the announcement few days after First Rand Bank SA announced its hunt on cryptocurrency exchange accounts. We can recall that last two weeks after Brics Economic Bloc meeting, they announced plans on a single currency for the member countries.

Moreover in Uganda, the popular Dunamiscoin which lured investors into its crypto scam just shut down. Dunamiscoin promised investors 40 percent return on investment made with a registration fee of 20,000 Ugandan shillings worth $5. 

Undisclosed number of investors had put in money into the platform located at Masaka District, Central of Uganda. It was reported that the platform had up to 50 employees with some working as agents around the country.

According to the ‘The Nigerian Bankers’ 2019 Edition by Chartered Institute of Bankers of Nigeria. Particarly in its report on “Legal issues in ecommerce’ , Nigerians tops the user search on bitcoin in Africa. 

This year’s edition confirms that Nigeria appears as the country with the highest search on Bitcoin in Africa. The organization also suggests that a good regulatory measures should be put in place to avoid crypto scam in Nigeria.

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By Tony Chimdiuto

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