Global Crypto Owners Expected to Surpass One Billion This Year: Crypto Moves

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RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, falling 3.38% to $36,519 at 1:34 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,435, down 2.45%, according to data from Coindesk.

Other news:

The number of crypto owners worldwide is expected to exceed one billion by the end of the year, according to a report by Crypto.com.

Crypto.com released its “Crypto Market Sizing” report last week which presents an analysis of cryptocurrency adoption around the world.

The global crypto population grew by 178% in 2021, from 106 million in January to 295 million in December.

“Nations can no longer afford to ignore the growing public push for crypto. We can in many cases expect a friendlier stance towards the crypto industry,” the company said.

The report shows that cryptocurrency adoption in the first half of 2021 was impressive, adding that the main driver of growth was bitcoin.

“We expect developed countries to devise clear legal and tax frameworks for crypto assets,” Crypto.com said.

More countries facing high inflation and devaluation economies could adopt cryptocurrency as legal tender, such as El Salvador.

Despite the IMF’s stance on bitcoin, several people have predicted that more countries will make the cryptocurrency legal tender this year, including Salvadoran President Nayib Bukele.

Financial giant Fidelity recently said it expects more sovereign nation states to acquire bitcoin this year as a form of insurance.

Regulate the crypto industry

The head of the Nigerian Blockchain Association, Senator Ihenyen, has implored lawmakers in the country who are currently pushing for an overhaul of the Securities Act to consider crafting laws that regulate the crypto industry. .

As Nigerian lawmakers debate a bill that proposes a ten-year prison term for Ponzi scheme operators, the leader of a Nigerian blockchain lobby group, Senator Ihenyen, has urged lawmakers of the country to consider drafting a law to govern the cryptocurrency industry.

He argued that the unregulated crypto space is in no one’s interest, Bitcoin.com reported.

Ihenyen, who heads the Stakeholders in Blockchain Technology Association of Nigeria, known as SIBAN, admits that while the proposed bill does not expressly mention or refer to digital currencies, crypto Ponzi schemes are included in what lawmakers call the prohibited stratagems.

The SIBAN chief’s remarks follow reports that Nigerian lawmakers had passed a bill to repeal and reactivate the country’s Capital Markets, Investment and Securities Act for a second reading.

“The bill prohibits Ponzi/Pyramid schemes and other illegal investment schemes and provides for a prison term of at least 10 years for promoters of such schemes,” said Ibrahim Babangida, one lawmakers who led the campaign to change the law. .

In addition to asking for a custodial sentence, lawmakers also want the new law to grant the Nigeria Securities and Exchange Commission the power to stop Ponzi schemes.

Lawmakers also insist that the current law is not compatible with current trends in capital market regulation, hence the need to revamp the law.

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