Cryptocurrency Archives - Wontumi Online

24 Oct

Nigeria Drops Money-Laundering Charges Against Cryptocurrency Boss

wontumionlineBusinessCryptocurrency, money laundering

Nigeria’s anti-corruption agency has dropped a money-laundering case against a top cryptocurrency executive to allow him to get medical treatment abroad. Tigran Gambaryan, a US citizen, was arrested on a business trip to Nigeria in February and later charged alongside his company Binance with laundering $35.4m (£28m) - which they denied. The 40-year-old was in charge of financial crime compliance at Binance, the world's largest crypto exchange that Nigeria blames for much of its recent economic turmoil. It accused the digital platform - where investors can buy, sell and trade cryptocurrencies - of fixing exchange rates and currency speculation leading…

28 Feb

Bitcoin Surges To $60,000, Approaching Record Highs

wontumionlineBusinessBitcoin, Cryptocurrency

Bitcoin has reached $60,000 for the first time since November 2021, edging close to a new record high for the cryptocurrency. The price of one Bitcoin rose to $60,519 on Wednesday afternoon, following several days of significant increases. This surge brings Bitcoin within reach of its all-time high of $67,077, recorded on November 9, 2021, when many individuals turned to digital assets during the pandemic. After experiencing a sharp decline in late 2022, Bitcoin has seen a resurgence, largely attributed to new products in the US that allow people to monitor Bitcoin's value without directly owning it, known as exchange-traded…

10 Jul

Crypto Poses Significant Tax Problems—And They Could Get Worse – IMF Researchers

wontumionlineBusinessCrypto, Cryptocurrency

Crypto assets that can be used as instruments of payment have proliferated into more than 10,000 variants since the 2009 debut of Bitcoin, the first and still the largest. The bewildering speed with which they have developed and the pseudonymity they can provide have left tax systems playing catch up. In a new paper, we discuss how governments can address the emerging challenges of taxing these crypto assets while its use is still limited so that they prevent a leakage in tax revenue and protect the integrity of the tax system. Classifying crypto Views of crypto assets are diverse and held…

05 Jul

Cryptocurrency Ban Remains In Effect – Finance Ministry Cautions

wontumionlineBusinessCryptocurrency, Dr. Mohammed Amin Adam

Despite the crusades on cryptocurrency and it being the next financial outlet, government has reiterated the ban on the digital monetary channel remains in effect. Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, made the announcement when he answered questions on the floor of Parliament. The minister again cautioned that financial institutions have been told not to participate in cryptocurrency transactions until a proper framework has been established by the Central Bank. “The government will continue to allow associated technologies, such as blockchain and distributed innovations in a sun box, as we explore the development of a framework.…