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Former US President Donald Trump Launches An NFT Collection

Donald Trump recently launched a collection of NFT trading cards that claim to come with real-life benefits for buyers, including an invite to a gala dinner with Trump or even a meet-and-greet with the former U.S. president. At the moment, NFT enthusiasts and Trump supporters alike are incredulous over the news.

On Thursday, Trump posted a link to the Collect Trump Cards campaign on his official Truth Social account. According to the post, the Ethereum sidechain network, Polygon, will be used to mint the digital trading cards, which will sell for $99 each and entitle purchasers to compete for a chance to win prizes.

Each card has a drawing of Trump, who is occasionally transformed into a superhero, cowboy, or astronaut. In actuality, the former president resigned from office in disgrace after inciting the attack on the US Capitol on January 6, 2021, and has since been the subject of inquiries into both his involvement in the incidents and allegations of fraud at his firms.

He stated on his social account, “Collect all of your favorite Trump Digital Trading Cards, very much like a baseball card, but hopefully much more exciting, would make a great Christmas gift. Don’t Wait. They will be gone, I believe, very quickly!”

Although there had previously been unofficial efforts, this is the first time that Trump himself has published his own NFT collectibles. Social network Parler, for example, released Trump-inspired NFTs earlier this year. Trump’s collection features 45,000 total NFTs on Polygon, with a per-buyer limit of 100 NFTs.

The backlash on Crypto Twitter was immediate, with NFT personalities reacting to what Trump had promised was a major announcement.

However, others pointed to Trump’s previously stated stance against cryptocurrency. His NFT cards are minted on a blockchain network and can be purchased with crypto, representing the former president’s change in mind.

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Bitcoin Back Above $18,000 For The First Time Since FTX Collapse

For the first time since the collapse of the cryptocurrency exchange, FTX, the price of Bitcoin has once again risen above $18,000.

According to CoinGecko data, the largest cryptocurrency was selling for $18,115 at the time of this writing, up roughly 2% over the previous day. It’s up 6% in the past seven days. 

The last time Bitcoin traded for this much was on November 8 which was the day the FTX bombshell dropped. Since then, it’s mostly hovered between $16,000-$17,000. In early November, things were looking up for the asset, trading above $21,000 and trending upwards, until things took a turn.

When FTX, formerly among the largest digital asset exchanges in the world, filed for bankruptcy last month, it brought with it well-known cryptocurrency firms like BlockFi and the price of cryptocurrencies.

Investors rushed to sell volatile assets after hearing about its collapse, further destabilizing an already chaotic market this year.

Bitcoin hit a two-year low following the news, and the market has been slow to recover as the contagion spreads to companies like Genesis, a crypto lender owned by crypto giant Digital Currency Group.

And though it’s making a comeback now, Bitcoin is still hurting from this year’s brutal bear market: In November last year, it was worth over 73% more than it is now when it touched $69,044.

Ethereum, the second-largest digital asset, is also up today: CoinGecko data shows it’s trading for $1,335, a 5% increase in the past week. 

Other cryptocurrencies aren’t faring too well, though. Dogecoin, the ninth biggest digital asset by market cap, is down over 9% in the past week, priced at $0.09. 

Due to their reputation as “riskier investments”, Bitcoin and other significant cryptocurrencies have mostly followed U.S. stocks this year. Investors typically sell American stocks as well as Bitcoin and other digital assets when the Federal Reserve raises interest rates to bring inflation under control.

And today is no different, the S&P 500 and the Nasdaq 100 are up today on hopes that the Federal Reserve will likely announce that it is slowing the pace of interest-rate hikes at a meeting later this week.

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Visa to invest $1 Billion in Africa

Visa Inc. will invest $1 billion in its business across Africa as the technology giant seeks to push the adoption of digital payments across the continent.

According to Bloomberg, Chief Executive Officer Al Kelly stated during the U.S-Africa Business Forum in Washington, DC, on Wednesday, that the investment will be spread over five years. The forum is now taking place alongside the US-Africa Leaders Summit, which drew about 50 heads of state and senior Government officials from African countries to address issues related to Covid-19, food security, and the climate crisis.

The CEO said in a statement, “Visa has been investing in Africa for several decades to grow a truly local business, and today our commitment to the continent remains as firm and unwavering as ever.” 

For Visa, there’s a business imperative, investors have grown increasingly worried about the firm’s growth prospects in developed markets like the US, where digital payments are already widely adopted. That’s why the firm has sought to increase its presence in emerging markets.

After recently establishing local operations in the Democratic Republic of the Congo, Ethiopia, and Sudan, the company now has 10 offices around Africa. The business also launched its first innovation studio on the continent earlier this year in Nairobi.

“Africa is an enormous opportunity for us. There are about 800 million people in Africa, about 500 million of them are yet to be banked,” President Ryan McInerney, who will take over as CEO next year, told investors last month.

Visa also emphasized that the opportunity lies in the majority of Africa’s adult population who haven’t made or received digital payments yet, as well as the more than 40 million merchants there that don’t accept digital payments. 

Aida Diarra, Senior Vice President for Visa in Sub-Saharan Africa, also commented, “Over the past year Visa has continued growing our investment in Africa. The investment pledge outlines our long-term commitment to Africa.”

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SEC charges former FTX Lead Sam-Bankman Fried for defrauding investors

The former CEO of FTX Sam Bankman-Fried (SBF) was recently arrested after facing multiple charges by the United States Justice Department. Now, as expected, the Securities and Exchange (SEC) of the country has also issued charges against him.

The SEC also shared on Tuesday that they were glad that The Royal Bahamas Police Force arrested SBF. With this, the watchdog revealed that it would file its very own set of charges against the founder of FTX. Furthermore, the SEC announced that SBF is currently charged with orchestrating a scheme to defraud equity investors in FTX.

The SEC disclosed in the announcement that SBF committed fraud for a long period of time.  All of this was done while painting a picture that his exchange was sophisticated. Additionally, FTX also reported to have automated risk measures to protect customer assets.

According to the SEC, the FTX founder also tried to conceal a number of things from the exchange’s investors. This comprised the unrevealed diversion of FTX customers’ funds to Alameda Research LLC. This was followed by the undisclosed special treatment afforded to Alameda on the FTX platform. Undisclosed risk pertaining to FTX’s exposure to Alameda’s holdings of overvalued, illiquid assets was also part of the list.

SBF was accused of breaking the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 as per the SEC’s complaint. The SEC’s complaint calls for disgorgement of SBF’s profits, a civil fine, an officer and director bar, and injunctions against further violations of the securities laws. Along with this, a ban on him from participating in the issuance, purchase, offer, or sale of securities other than for his own account.

Gary Gensler, the SEC Chairperson emphasized,

“We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto. The alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws.”

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Brazil Central Bank Planning CBDC Launch In 2024

The president of the Brazil Central Bank, Roberto Campos Neto, has revealed that the institution is planning for a CBDC launch in 2024. The president relayed the news in a press conference to the Brazilian site, Poder360.

Neto revealed some details, such as the bank’s plan to conduct a pilot program. He also revealed that the program will reportedly be done alongside various financial institutions prior to the varied implantation of the CBDC.

In addition, Campos Neto shared the positives of the implementation of a digital currency issued by the Brazil central bank. Notably, he hinted at the benefits of how digital assets could drive participation.

He said, “I think that this digitized, paid-in, integrated system, with inclusion, will help a lot in the development and inclusion of people in the financial world.”

He added, “Greater inclusion, lower cost, intermediation, competition with reduced barriers to entry, efficiency in risk control, monetization of data, complete tokenization of financial assets and contracts. This is what we see in this digital economy in Brazil.”

This development is occurring after Brazil’s announcement of its development of digital currency back in March. 

Brazil will join the likes of the Bahamas, Nigeria, Jamaica, and the Eastern Caribbean as nations with individual CBDCs.

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Nigerian startup introduces digital wallets as new means of payment

Nigerians can now pay for their airtime, mobile data, energy, and other expenses using cryptocurrency thanks to a new platform launched by Cardify Africa.

Yemisi Solaja, the startup’s marketing assistant stated that with the platform, Nigerians no longer need to first convert their funds into fiat money in order to pay their bills with bitcoin and USDT Solaja also revealed that bills payment for telecommunication networks have been integrated as a service on the Cardify Bills Platform.

“Just the way you spend your fiat currency to make these purchases, we are giving users in Nigeria and Africa at large the ability to spend their crypto without having to first convert it to fiat. Cardify Africa users can choose one of the world’s most popular cryptocurrencies to pay bills. Aside from Bitcoin, those include Ethereum, Litecoin, Dogecoin, DASH, and even stablecoin, USDT,” she said.

The company also stated, “Users will be able to shop across various online e-commerce stores with the voucher offering on the Cardify Bills platform, one of such is Jumia, this means Cardify Africa gives you the option to spend your crypto for everyday purchases seamlessly.”

The company also noted in its statement that it aims to be the largest cryptocurrency retailer in Africa and the go-to location for cryptocurrency users in Nigeria and the rest of the continent to spend their coins.

“Anyone in the world can use Cardify’s goods and services to pay for their daily expenses in cryptocurrency. We offer a selection of gift cards, bill payment options, and prepaid cell refills that can be bought using Bitcoin, USDT, and a number of other well-known cryptocurrencies internationally,” the statement explained.

Cardify Africa’s Chief Executive Officer, Tunde Buremo, also pointed out that customers will need to validate their accounts by completing the KYC requirements on the platform for certain transaction thresholds.

”The service will initially enter the Nigerian market through a waitlist. As the company prepares to welcome new customers quickly, users will first be given access to the product through the company’s web platform, www.cardify.co, then on the mobile apps for iOS and Android,” Tunde said.

According to Cardify, users will be charged a 0.5 percent convenience fee on the total bill paid to cover the cost of delivering and processing each bill payment as those are not discounted by the provider or payee.

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Paxful to delist Ethereum

Ray Youssef, CEO, and co-founder of Paxful, announced plans to remove Ethereum from the platform. He revealed this on Twitter and emphasized that the “revenue is nice but integrity trumps all.”

The statement was in reaction to Jeremy Garcia, the CEO of the Bitcoin education website, who criticized Ethereum as having poor design and not adhering to the fundamentals of bitcoin.

According to Lithium Ventures Chief Product Officer, Tom Littler, the first principles are criteria used to help you differentiate the wheat from the chaff. In brief, these are decentralization or a new system of ownership, incentives to encourage positive social behavior, and no middlemen.

Garcia went on to criticize the project’s complexity, claiming, “ETH will fail due to this complexity and the potential changeability it brings at the fundamental level.”

During the Africa Bitcoin Conference, which ran between December 5 -7, Youssef pointed out that Paxful’s business model is worlds apart from FTX. He also noted that the platform offers trading in Bitcoin, Ethereum, USDC, and USDT.

When asked about Paxful’s ETH volume, Youssef disclosed the amount is “quite small,” but it was initially added due to user demand. However, in light of recent developments, the firm has a bigger responsibility to drop ETH.

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Binance launches crypto education meetups across Uganda

The African crypto sector has offered possibilities to many young Africans previously excluded from genuine income-generating opportunities on the internet. Although some argue that in a legislative quagmire of worry and uncertainty, many Africans still lack the technical know-how to store and use cryptocurrencies properly.  Most of the young people joining the trend are doing so after crypto education. Furthermore, last week, Paxful CEO, Ray Youssef emphasized that there is a need for more efforts in crypto education since there has been an increase in crypto fraud, especially in Africa.

In an effort to implement a deliberate move on disseminating cryptographic knowledge to ensure that the crypto, blockchain, Web3 culture, and economy take root in Uganda, Binance recently hosted community meetups in three major cities to bridge this gap. 

The Binance program which was launched in Jinja, Hoima, and Kampala, started in October and aimed at providing crypto education ranging from trading to career opportunities in blockchain. It was led by Binance community angels who are crypto experts trained under Binance.

According to the crypto exchange’s site, the community meetups hosted over 300 crypto enthusiasts and experts. The Binance community meetup program covered different topics including; the fundamentals of blockchain and cryptocurrency, the concept of peer-to-peer (P2P) trading, the evolution of NFTs in the global market, how to send money and pay for goods using Binance Pay, how to meet their favorite creators in the metaverse and most importantly, career opportunities in crypto.

Commenting on this approach, crypto expert and Skill Haven CEO, Brindon Bamwiine stated that the Binance crypto educating approach works flawlessly because it is beyond customer acquisition, and is long-term.

“Binance goes for the hard work and invests in educating beyond one-time events. Their consistency in the Ugandan audiences with a number of community meetups is more likely to foster more crypto adoption than a one-time big event for a larger number of people,” he said.

He further stated, “I actually commend them for emphasizing peer-to-peer (P2P) trading which is less risky, especially for beginners. I also hope that they also ensure people develop a culture of self custody too to prevent losses through scams and any other risks.”

The issue of education is a significant consideration when it comes to the proliferation of cryptocurrency trading in Africa and luckily, Binance has set the pace in Uganda. However, mistrust and misconception around cryptocurrencies and their perceived use as a means to facilitate illicit activities, still prevail. 

While crypto adoption and use in Uganda and Africa, in general, have grown over time and many of us are interested in cryptocurrencies because we believe that they are more promising than conventional currencies, there is still more need for crypto education.

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Skill Haven in partnership with CLET & Mak. School of Law hold a 3-day blockchain masterclass

On December 9, 2022, Skill Haven, in partnership with the Center for Legal Excellence and Technology (CLET), hosted a 3-day blockchain masterclass for law students at Makerere University. The masterclass was designed to provide students with an in-depth understanding of blockchain technology and its potential applications in the legal field.

The speakers included the guest speaker, Mr. Kwame Rugunda, the Chairman of the Blockchain Association of Uganda and Noah Baalessanyu the Head of Crypto at Crypto Savannah. The host and convener was Mr. Robert Kirunda, a lawyer, lecturer, and blockchain advocate.

During the masterclass, experts from Skill Haven and CLET discussed the basics of blockchain technology, including its decentralized nature and its use of cryptography to secure transactions. The experts also provided insight into how blockchain technology is being used in various industries, such as finance, healthcare, and supply chain management.

Overall, the blockchain masterclass was well-received by the law students at Makerere University. Many students commented on the relevance of the topic and the practicality of the exercises. Some even expressed interest in pursuing further studies in the field of blockchain and its applications in the legal industry.

In conclusion, the blockchain masterclass by Skill Haven and CLET was a valuable learning opportunity for the law student. It provided a thorough introduction to blockchain technology and its potential applications in the legal field, and equipped students with the knowledge and skills necessary to explore this exciting and rapidly-evolving field.

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European Union to put a 10,000-Euro Limit on cash payments; Transactions over €1,000 in crypto will be scrutinized

In order to make it more challenging for criminals to use cash and other alternative currencies like cryptocurrency, the nations of the European Union have announced a set of new directives. The bloc approved a new cap on cash payments on November 6 that will allow up to €10,000 ($10,557) in each of the union’s member nations. However, nations will have the option to lower the cap even further.

With its citizens only being permitted to pay up to €1,000 ($1,055) in cash, Spain currently has one of the lowest restrictions in this area.  The European Central Bank (ECB) disagreed with this, however, and did so back in 2018 when it deemed the measure “disproportionate” because it might restrict the use of cash as a reliable form of legal tender.

This latest set of restrictions will apply to more than just cash payments. The organization will also exert greater control over other industries, such as jewelry and goldsmithing.

Zbynek Stanjur, minister of finance of the Czech Republic, stated “Cash payments of more than 10,000 euros will be impossible. Remaining anonymous when buying or selling crypto assets will be much more difficult. Hiding behind several layers of corporate ownership will no longer work. It will be even more difficult to launder dirty money with jewelry or goldsmithing.”

The bloc will also introduce a new country system classification that will reflect the level of compliance of each one with Financial Action Task Force (FATF) recommendations, including gray and black lists.

Cryptocurrencies will also be incorporated into this group of measures, as Stanjur stated. The Virtual Asset Service Providers (VASPs) that are facilitating cryptocurrency transactions over €1,000 ($1,055) will be required to conduct due diligence checks.

Additionally, VASPs will be subject to the same level of anti-money laundering and counterterrorism financing scrutiny as other financial institutions under the European Union. In order to manage cross-border cryptocurrency payments, these exchanges and custody providers will need to implement risk mitigation strategies when dealing with self-hosted wallets.