By Mark L - Crypto Broker - 01-09-2021
Countries around the world are digitalising their national currencies to create a Central Bank Digital Currency (CBDC). Not to be confused with investing in cryptocurrency, a digital currency can be seen as similar to that of a stablecoin. If you were to buy Tether (USDT), you would own a crypto-to-fiat coin that's pegged to the price of $1 per coin.
Nigeria is another country joining the cashless payment economy in the latest news for further progress on a digital world. The CBN, the Central Bank of Nigeria, has gone public to announce the collaboration with global fintech firm Bitt Inc. In the announcement, the central bank plans to partner with Bitt Inc to build the nation's CBDC, the eNaira. The CBN explained that the fintech company has technical competency, platform security, implementation expertise, and more, making them the ideal CBDC project partners.
Another thing that the CBN considered before partnering with the firm, was that Bitt Inc helped create DCash, which is the CBDC for the Eastern Caribbean. The Central Bank of Nigeria released the announcement on the same day that they also brought out the preliminary guidelines for its CBDC. The central bank digital currency of Nigeria project was titled "project giant," reportedly, this project will establish the CBDC before the end of 2021.
Aside from the CBDC of Nigeria, the CBN has recently made bans on providing crypto services in commercial banks within the country.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards