Bitcoin Daily: Nigeria Moves To Create Crypto Framework; Australia Holds Blockchain Pilot With Singapore
The Federal Ministry of Finance in Nigeria is said to be in discussions with the securities watchdog in the country to create a new digital currency and blockchain structure, Cointelegraph reported. The ministry is working with the Securities and Exchange Commission located in Abuja to offer a “regulatory environment for blockchain” and digital assets, Cointelegraph reported, citing local media. As it stands, bitcoin and other digital currencies are seeing increasing use in Nigeria. Digital assets are reportedly seen as commodities and ruled by securities law in the country following an order on the topic earlier in the fall.
In other news, The Australian Border Force (ABF) is holding a blockchain pilot with Singapore, according to an announcement. On Nov. 23, a pilot was rolled out with the Singapore Customs and Singapore Infocomm Media Development Authority (IMDA) to experiment with digital verification infrastructures. The Australian Chamber of Commerce and Industry, Australian Industry Group in addition to financial firms in Singapore will participate in the pilot. “Businesses and regulators will give feedback on their experience verifying Certificates of Origin with the two systems – with the aim of reducing administration costs and increasing trade efficiency,” according to the announcement.
On another note, a digital currency fundraising event dubbed “Bitcoin Tuesday” is set for December 1, Cointelgraph reported. The Giving Block has reportedly locked down collaborations with more than 120 charities and 30 blockchain firms to lead the occasion. The digital currency donations company said that bitcoin is “front and center,” but that users can make contributions with each digital asset supported on Gemini as of now, as per Cointelegraph. Groups like the American Cancer Society, No Kid Hungry and Save the Children are among the nonprofits that will take part in the occasion. The news come as the Pineapple Fund, an anonymous bitcoin group, gave away more than 5,050 bitcoin to 60 nonprofits.