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tldr; The Central Bank of Nigeria (CBN) is suspected of cracking down on Binance's peer-to-peer (P2P) exchange rates, leading to a drop in the value of USDT against the Nigerian naira (NGN) on Binance. Speculation arises that the CBN is trading on Binance P2P to force the rate of USDT down further. The Association of Bureaux de Change Operators of Nigeria (ABCON) previously called for a ban on Binance, citing pressure on the naira. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; Nigerian crypto platform Bundle Africa has announced that it will be discontinuing its exchange services in order to focus on Cashlink, its payment solution for the Web3 ecosystem. Users are advised to withdraw their funds from Bundle to any exchange of their choice by August 30, 2023, after which remaining funds will be automatically converted to USDT. The decision to cease exchange operations was made by the company's shareholders as part of a restructuring effort. Bundle Africa has achieved significant milestones in the past three years, but has identified a need to prioritize payment solutions that meet the needs of the growing Web3 and blockchain community. The discontinuation of Bundle's exchange services will have implications for users in Nigeria, Ghana, Kenya, and Francophone countries. Nigerian users can withdraw NGN through Cashlink into their bank accounts, while Ghanaian users can withdraw money directly from the app using Cashlink. Users with less than $10 in their accounts are provided with a link to withdraw their funds, but withdrawals of less than $10 are not permitted. After the withdrawal deadline, funds will be automatically converted to USDT. Users will no longer be able to sign up, deposit assets, swap assets (except USDT), or withdraw with Cashlink if they do not have NGN or fiat on Bundle. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
You just need to look at the Nigerian Naira (NGN) and you know why. The currency of Nigeria has lost about 80% against the dollar this month alone.
Sometimes it's good to take a foreigners perspective: * BCT/EUR: +45% YoY * BTC/USD: +50% YoY * BTC/INR: +58% YoY * BTC/CNY: +62% YoY * BTC/KES: +80% YoY * BTC/TRY: +105% YoY * BTC/RUB: +129% YoY * BTC/NGN: +198% YoY The Nigerian Naira lost 80% of its value against the USD alone in the last week. Measured in NGN, bitcoin is just about 5% shy of a new ATH (9% for Turkey).
We aren't buying BTC at some higher rate. The price of BTC is the same anywhere. We're only buying USD at higher rate than official rate. If you were to come down to Nigeria to sell 1BTC, you'll still sell it at the same price elsewhere, so $26.7k not $38k as you stated because the usdt rate is N780/$. The article that made that claim didn't understand that the official USD to NGN rate is pretty much non existent. Everyone has to buy and sell USD at black market price.
[https://wise.com/us/pricing/send-money?sourceAmount=1000&sourceCcy=USD&targetCcy=NGN&tab=0](https://wise.com/us/pricing/send-money?sourceAmount=1000&sourceCcy=USD&targetCcy=NGN&tab=0) If you want to see the fees to use Wise. You get mid market rate in local currency on the receiving side. I use to it send money to about 10 people living in different countries every year.
It hasn’t stalled, The foundation has always been working on the network. They’ve built the most the robust anchor/stablecoin and payments system in the whole space. They’ve processed 3 billion transactions and the United Nations uses Stellar USDC with Moneygram to deliver digital aid to refugees at 0 zero fees. About their new smart contract platform, they’re late to the game but that’s not a bad thing. They are solving the many issues smart contracts face today. The platform solves state bloat, it has a calibrated fee model, batteries included design, contracts are without deserialization/ serialization loops, native building/testing/debugging. It uses Rust instead of solidity and has broader interoperability with rust and WASM. Rust and WASM have an audience beyond blockchain, which means more developers are working on improving the tooling and building the infrastructure. There’s a real world reach, Soroban can use Stellars huge financial network of rails, like USDC, YEN, ARS, NGN, EURO, TZS and all over Stellars assets are available to use on Soroban. The network has always been reliable, fast and secure. Overall the platform is inclusive and thoughtful towards its tech stack, real world reach and access, simplified developer experience, network reliability, and more trust worthy platform to build on. This is only in the early phase of the project since it’s still in futurenet.
But 1NGN is not 1 Naira What's the myth in that