This Week In Crypto | 26th August 2022

Hello everyone!

Welcome to another episode of crypto weekly, where you get updated on the significant events shaking the cryptoverse over the past few days.

In today’s episode of crypto stories and happenings, we bring you the following;

  • US Parents Want Crypto Taught In Schools
  • Singapore Creates Blockchain-Based Digital Records Storage
  • NITDA Restates Commitment To Blockchain Technology Advancement

Let’s jump right in;


1. US Parents Want Crypto Taught In Schools

Over 60 percent of parents in the United States have expressed interest in their children being taught about cryptocurrency.

The report said that it had aggregated the data from 884 American parents and 210 college graduates.

These respondents, it said had significant knowledge of cryptocurrency.

64% of parents responded in the affirmation that cryptocurrencies should be taught in schools.

Parents who had crypto investments represented 68% and they had supported their children’s education with an average of $766 earned as profit from their investments.

When asked what was the best time to start crypto education, 24% of the parents representing the majority noted it’s best to start right from high school.

67% of college students who participated in the study confirmed that they had crypto investments and had contributed an average of $1,086 to their education using profits from crypto.

2. Singapore Creates Blockchain-Based Digital Records Storage

A blockchain Platform that enables the storage of digital academic records has been developed in Singapore.

The initiative was jointly developed by SkillsFuture Singapore (SSG),

the Government Technology Agency (GovTech), Ngee Ann Polytechnic (NP),

and the Ministry of Education (MOE).

Reports indicate that the initiative was piloted in 2018 with the first batch of digital certificates issued to graduating cohort in 2021.

Announcing the development, the Minister for Education, Ong Ye Kung while speaking at Temasek Polytechnic’s Graduation Ceremony said that the initiative will allow employers to verify the educational qualifications of employees and job candidates who have graduated from local universities, polytechnics, and other educational institutions.

This will also simplify the verification process and also reduce administrative processes and physical paperwork for employers.

Having created a ‘MyskillsFuture’ account for candidates, their digital certificates will be stored individually in their Skills Passports.

This will avail for quick and easier verification of digital certificates through OpenCerts (opencerts.io).

The Chief Executive, GovTech, Mr. Kok Ping Soon, said

“OpenCerts is another example of how the Government is harnessing technology to deliver secure and easy-to-use digital services for citizens and businesses.

We see enormous potential for deploying the OpenCerts technology to develop secure and reliable certificate verification and issuance regimes in other sectors.

We look forward to collaborating with industry and government agencies to develop further use-cases.”

3. NITDA Restates Commitment To Blockchain Technology Advancement

The National Information Technology Development Agency (NITDA) says that Nigeria is committed to adopting Blockchain Technology in the country.

The Director General of the agency, Kashifu Inuwa stated this at the BSV Global Blockchain Convention.

The 3-day event which was held at the Grant Hyatt Hotel, Dubai, United Arab Emirates drew participants from various countries to discuss ways of upscaling the public Blockchain ecosystem.

Speaking when he joined as a panelist in the session themed “Blockchain for Digital Transformation of Nations”,

Inuwa identified the implementation of Nigeria’s National Digital Economy Policy and Strategy,

and the development of a draft bill on the National Blockchain Adoption Strategy as part of efforts aimed at creating an economically productive and viable Digital Nigeria using blockchain technology.

This document, he said outlines the country’s strategies for achieving its digital transformation agenda while also developing the Blockchain Technology Industry.

Inuwa who acknowledged the impact of blockchain technology on the nation’s digital transformation said that

“Blockchain technology allows for a secure distributed ledger platform for seamless transactions which will acquaint people with vast opportunities, enhanced security, and easier traceability.”

He said that Nigeria is using it as a platform to sustain the country’s digital economy.

He noted that Nigeria’s President, Muhammadu Buhari was committed to the adoption of emerging technologies in its bid to diversify the economy.

“As a government, we have the responsibility to make sure Nigerians harness the full potentials of blockchain technology while avoiding its perils”.

4. Nigeria’s eNaira Record N4 Billion Worth Of Transactions

The Central Bank of Nigeria (CBN) has disclosed that eNaira, its digital currency, recorded 200,000 volumes and N4billion value of transactions since its inauguration in 2021.

The CBN’s Governor, Mr Godwin Emefiele, made this known in Abuja while speaking at the grand finale of the “eNaira Hackathon”.

Emefiele said that over 200,000 volumes of transactions were recorded on the eNaira platform.

The CBN boss said that there are currently over eight million active users on the eNaira Platform.

Recall that the CBN inaugurated Nigeria’s digital currency, in late 2021.

The inauguration made the country the first to develop a CBDC in Africa, leading the way for other African countries to follow suit.

Speaking at the event, Emefiele said that the initiative would accommodate unbanked Nigerians with its distinct features.

“When we launched the eNaira, we promised to increase the level of financial inclusion in the Country because just like the Naira, the eNaira is expected to be accessible to all Nigerians.

“I am pleased to inform you that by next week, Nigerians, both banked and unbanked,

will be able to open an eNaira wallet and conduct transactions by simply dialing *997# from their phones.”

He noted that the eNaira would accelerate Nigeria’s participation in the digital economy and promote further development of its FinTech ecosystem.

This he said is in addition to enhancing financial inclusion, supporting poverty reduction, enabling direct welfare disbursement to citizens,

supporting a resilient payments ecosystem, and improving the availability and usability of the Central Bank of Nigeria’s money.

“The eNaira will also facilitate diaspora remittances, reduce the cost of processing cash, and also reduce cost and improve the efficiency of cross-border payment.”

“The eNaira will make a significant positive difference to Nigeria and Nigerians.

“It was also developed to provide Nigerians with a cheap, safe, and trusted means of payment.

“It is unlike the offline payments channels like agent networks, USSD, wearables, cards, and near field communication technology.

“The eNaira would give access to financial services to underserved and unbanked segments of the population,” he said.

5. FCA Grants Approval To Crypto.com To Operate In The UK

The Financial Conduct Authority (FCA) has approved the operations of “crypto.com’, a Singapore-based cryptocurrency firm in the United Kingdom.

Announcing the development in a statement released on Wednesday,

the firm said that the approval will allow the firm to operate in a country experiencing rapid crypto adoption by residents.

Crypto.com’s CEO, Kris Marszalek, in the statement described Britain as a strategically important market for the firm.

As reported by Reuters, this development gives crypto.com the license to offer crypto asset services and products to customers in the United Kingdom in compliance with the UK’s anti-money laundering and “terrorist” financing rules.

“As authorities around the world are grappling with how to regulate the crypto sector, firms are racing to register with financial watchdogs.

Cryptocurrencies are not regulated in the United Kingdom and there is no compensation for consumers who lose their digital assets.

“The FCA had earlier denied several crypto firms of licenses, drawing huge backlash from players in the industry.

“Its argument has heavily been on the need to protect consumers from risks associated with the industry,” Reuters reports.

6. Ukrainian Government Tracks Crypto Wallet Funding Russian Operations

The Ukrainian Security Service (SBU) has said that it had halted the transactions on a cryptocurrency wallet said to be linked to a Russian citizen.

This, the government said was done with the aid of a cryptocurrency business abroad.

It was reported that the crypto wallet was used to fund the campaigns of the Russian military.

A statement released by the SBU in this regard said that the owner of the wallet, traced to be a Russian citizen,

had disguised as a volunteer and had been collecting donations to support the Russian military in its operations.

The SBU stated that the wallet, which had collected cryptocurrencies worth about $22,000 has been confiscated.

The SBU added that efforts are ongoing to now track all transactions linked to the wallet, in a bid to transfer custody to Ukraine.

According to the SBU, a significant amount of the donated cryptocurrency was used to purchase military supplies for the self-proclaimed Luhansk and Donetsk People’s Republics.

The use of cryptocurrencies has been at the forefront of the fundraising efforts by the Ukrainian government since the war with Russia started.

Recently, the country’s Minister of Digital Transformation, Mykhailo Fedorov, disclosed that the government has been able to raise about $54 million in cryptocurrency through its Aid For Ukraine campaign.

A bulk of these funds, the government said had been used to purchase body armour, pharmaceuticals, night vision goggles, and even vehicles for the Ukrainian army.


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Conclusion

BTC Daily Chart

Looking at the BTC price pattern on the daily chart. See that zone of support?

Now slap on the Bollinger Bands and RSI, what do you see?

Heavily oversold, almost as if it’s the perfect time to buy the dip and HODL On!

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