The cryptocurrency and blockchain industry experienced explosive growth in 2021, particularly in its decentralized finance (DeFi) and nonfungible token (NFT) sectors. The year was also marked by continued price volatility, baffling behavior from China, a grand experiment in Central America, escalating institutional interest, and the rise of some faster smart-contract networks — all of which is reflected in this year’s list of industry “winners and losers.” Winners in 2021 Kazakhstan When China effectively banned Bitcoin (BTC) mining operations in May 2021, Kazakhstan rushed in to fill the vacuum, pitching displaced miners and others on its cheap and plentiful coal supply. …

In Nigeria, commercial banks have begun monitoring accounts that appear to be utilized for cryptocurrency trading. The action is in response to an order from the Central Bank of Nigeria (CBN) demanding that all commercial banks freeze accounts belonging to at least two individuals engaged in cryptocurrency trading. According to a report by local publication Leadership, an internal memo in one of the banks instructed employees to start monitoring accounts with significant transaction volumes or those that are believed to be used for cryptocurrency trading. The memo, according to Leadership, reads: “We wish to reiterate that the CBN is strictly …

The Central Bank of Nigeria has reportedly ordered all commercial banks in the country to freeze accounts with at least two individuals engaged in crypto trading. According to a Nov. 7 report from Nigerian news outlet Peoples Gazette, the Director of Banking Supervision, J.Y. Mammanand, issued a notice directing the central bank to close the accounts of two alleged crypto traders and move their funds “in suspense accounts.” Mammanand cited a Central Bank of Nigeria, or CBN, circular issued in February as grounds for the account closures. The crackdown is reportedly part of a larger move by banking regulators to …

The rollout of the world's second central bank digital currency, or CBDC, is off to a rocky start. Last week, Nigeria rolled out its eNaira CBDC after the Bahamas became the first country in the world to launch theirs, known as The Sand Dollar, the year prior. In a statement quoted by local news outlet The Nation, Central Bank of Nigeria, or CBN, Governor Godwin Emefiele said "overwhelming interest and encouraging response". Similarly, President Muhammadu Buhari estimates that the eNaira could generate an additional $29 billion in economic activity over the next decade, citing the possibility of direct government welfare …

Nigerian President Muhammadu Buhari is set to officially introduce the country’s central bank digital currency (CBDC), the eNaira. The Central Bank of Nigeria (CBN) has published a document in which it reaffirmed its intention to introduce the eNaira after previously attempting but failing to do so on Oct. 1. According to the design paper for the eNaira, the CBN now considers itself prepared to implement Nigeria’s CBDC. The CBN is working on a global cryptocurrency that will be used as a means of payment and a store of value in addition to replacing cash. The CBN, in its own statement, …

The Nigerian Federal High Court joins the growing list of regulators across the globe to approve the rollout of a central bank digital currency (CBDC) as a legal tender. Named eNaira, the digital currency will be issued by the central bank and supported by a homegrown eNaira wallet. Nigeria’s CBDC issuance approval was revealed in a federal court hearing held on Oct. 2 led by Justice Taiwo Abayomi Taiwo, according to a report by Voice of Nigeria. The official eNaira website says that the digital version of the Nigerian naira will be made available universally, stating “anybody can hold it.” …

After four years of development, the Central Bank of Nigeria (CBN) is set to roll out its digital currency project. The launch will reportedly happen on the occasion of the country’s 61st Independence Day celebration on Oct. 1. Nigeria’s central bank digital currency (CBDC) project comes amid significant anti-crypto policies from the CBN and negative cryptocurrency sentiments from several government officials. The digital naira is also coming at a time when its fiat counterpart has plunged to new lows, with the central bank enacting even tighter forex restrictions. Details of the eNaira project circulated across commercial banks in the country …

In 2021, financial institutions operating in Nigeria have been the subject of a government crackdown on cryptocurrencies, beginning with February’s notorious ban on lenders that provide services to crypto exchanges by its central bank. With much of the Nigerian crypto market peer-to-peer by necessity, Nigeria’s Securities and Exchange Commission (SEC) now aims to introduce regulations that could regularize the industry and offer investors better protection. According to a Sept. 2 report, the SEC has established a dedicated fintech division tasked with studying crypto and blockchain investments and products — knowledge it could then marshal into a future crypto regulatory framework. …

Barbados-based fintech firm Bitt Inc will be working as the technical partner for the Central Bank of Nigeria for its proposed e-naira digital currency. In a Monday announcement, the Central Bank of Nigeria (CBN) said it had chosen Bitt Inc based on the company’s “technological competence, efficiency, platform security, interoperability and implementation experience.” It also considered the fintech firm’s experience in the development of the Eastern Caribbean Central Bank’s digital currency, DCash, which it launched in April. The partnership announcement comes the same day the CBN issued preliminary guidelines for its central bank digital currency, or CBDC, called the e-naira. …

The Central Bank of Nigeria (CBN) has issued preliminary guidelines for its proposed e-naira digital currency. In a sensitization document sent to commercial banks in the country, the CBN outlined several design features of the central bank digital currency (CBDC). According to the document seen by Cointelegraph, Nigeria’s CBDC is codenamed “Project Giant” and will be pegged to the value of the naira. Thus, the e-naira will offer parity of value but will not be an interest-bearing currency. The e-naira will run alongside the country’s fiat currency, with the CBN responsible for issuing, distributing and redeeming the digital currency among …

Vietnam, India and Pakistan are leading the world in terms of cryptocurrency adoption, underscoring the resilience of peer-to-peer monetary systems in emerging economies. Chainalysis’ 2021 Global Crypto Adoption Index evaluated 154 countries based on three key metrics: on-chain cryptocurrency value received, on-chain retail value transferred and peer-to-peer exchange trade volume. Each metric was weighted by the purchasing power parity. Vietnam received the highest index score for its strong performance across all three metrics. India was a distant second, but still performed exceptionally well for on-chain value received and on-chain retail value received. Pakistan came in third with a strong showing …

Nigerian cryptocurrency adoption continues to rise despite a government crackdown, with peer-to-peer (P2P) trade volume for Bitcoin (BTC) posting its second strongest week on record last month. According to data from Google Trends, Nigeria still ranks No. 1 by search interest for the keyword “Bitcoin” as of this writing. P2P Bitcoin trading denominated in the Nigerian naira has also steadily increased in 2021, with Nigeria ranking behind only the United States as the second-largest market for peer-to-peer BTC trading, according to Useful Tulips. The growing Bitcoin adoption in Nigeria has helped Sub-Saharan Africa emerge as the leading region by P2P …