Binance, the world’s largest cryptocurrency exchange, has restricted the personal accounts of 281 Nigerian users, citing compliance with international money laundering laws.
Binance CEO Changpeng Zhao said in a January 29 letter to clients in Nigeria that the decision to restrict some individual accounts was made to ensure user safety, while more than a third of the affected accounts were requested by international law enforcement agencies and limited.
As the company announced, they have resolved 79 cases and continue to work with others. Furthermore, all non-law enforcement-related issues will be resolved within two weeks.
Despite the central bank ban, Nigerians turn to crypto businesses to protect their savings when the naira currency depreciates and send payments abroad, as dollars are often difficult to obtain locally.
Internet Computer will Launch BTC And ETH Integration By The End Of The Year
Internet Computer has released a roadmap for 2022 and beyond. The company plans to roll out integrations with Bitcoin and Ethereum at the end of the year with the roadmap.
The Internet Computer is a public blockchain and protocol that allows developers to install intelligent contracts and decentralized applications directly on the blockchain. After years of development, it was incubated and launched in May 2021 by Zurich-based non-profit Dfinity.
Direct Bitcoin integration will be available as part of Dfinity’s planned “Chromium Satoshi Release” scheduled for Q1 2022. It will add smart contracts to the Bitcoin blockchain using chain-key cryptography, replacing the need to use a bridge that can open the network to malicious actors.
Smart contracts on internet computers will be able to hold, send and receive bitcoins without the need for private keys.
Meanwhile, the integration with Ethereum is planned to release the Vanadium Vitalik version in Q3 2022.
What Is The Goal Of Dfinity’s Integration With Crypto?
Less explained that Dfinity chose to prioritize these integrations to help advance its vision for a “multi-chain future.”
Last December, Dfinity enabled intelligent contracts called “pots” in its ecosystem to hold its ICP token balances. ICP currently supports 250,000 queries per second, executed with transaction finality of one to two seconds.
On Friday, the internet computer blockchain welcomed its first decentralized exchange (DEX), Sonic, with at least two others in the pipeline.
The upcoming Polychain Capital-backed DEX InfinitySwap appears to be positioning itself to take advantage of the forthcoming integration with Bitcoin. According to Lee, users will stake their Bitcoin (BTC) as a liquidity provider.
At the beginning of the year, a string of positive news saw the ICP token surge 56%; however, it is one of the worst-performing crypto-assets in 2021, down 97% from its all-time high in May. On January 4, Binance announced that it would list a financial instrument that will allow traders to exchange ICP for Ether (ETH) directly, Ethereum’s native token.
Ethereum technologist Dominic Williams has inspired the idea of a permanent world computer. He later became the co-founder and chief scientist of Dfinity.
Singapore Firm Uses Crypto To Fight Fake COVID-19 Vaccine
Singapore-based healthcare provider Zuellig Pharma uses a blockchain-based network to track COVID-19 vaccinations to prevent practitioners from using expired vaccines.
Zuellig Pharma said its new “eZTracker” management system helps prevent the use of improperly stored or counterfeit vaccines. The app allows its customers to instantly verify the origin and authenticity of their vaccines through a mobile app.
With the app’s help, Singapore will avoid accidents involving expired or improperly stored vaccines.
eZTracker uses SAP Blockchain to capture, track and trace multiple data points to increase supply chain transparency.
SAP Blockchain operates as a Blockchain-as-a-Service (BaaS), allowing customers to develop customized blockchain extensions for their existing applications. According to SAP, 77% of global transaction revenue involves one of their systems.
In 2020, Zuellig partnered with pharmaceutical company MSD to deploy the eQTrakcer in Hong Kong to track a vaccine against the human papillomavirus Gardasil.
As the vaccine moves through various junction points in the supply chain, the product’s data points load into eZTracker’s secure blockchain ledger. Additionally, it ensures no one can tamper it with.
Founded 100 years ago, Zuellig is one of Asia’s largest healthcare service providers. Zuellig also has a product called eZVax. This product specializes in end-to-end vaccine administration for governments, local health authorities, and the private sector.
According to the United Nations Office on Drugs and Crime report, Southeast Asia is a hotbed of counterfeit medicines, with $520 million and $2.6 billion spent annually on counterfeit medicines.
El Salvador President Predicts Bitcoin’s Huge Price Rise
El Salvador President Nayib Bukele made yet another bullish Bitcoin (BTC) prediction. His prediction came shortly after the International Monetary Fund urged his government to remove Bitcoin’s status as legal tender.
Bukele predicted on Twitter on Monday that Bitcoin will eventually see a massive price increase due to its limited supply of just 21 million digital coins.
Citing the scarcity case of Bitcoin, the president emphasized that there are more than 50 million millionaires in the world. If everyone wants to own at least 1 Bitcoin, Bitcoin is not enough.
Bukler’s comments came shortly after the International Monetary Fund (IMF) urged El Salvador to end its recognition of bitcoin as legal tender due to financial stability and consumer protection risks. According to market data, the International Monetary Fund reported that BTC lost around $10,000 in value between Jan.
The recent Bitcoin crash caused significant dollar-denominated losses to El Salvador’s Bitcoin reserves. The El Salvador government made its first purchase of 200 bitcoins on September 6. At that time, bitcoin was trading at around $52,000. On October 27, when the market price of bitcoin was above $58,000, the government bought 420 bitcoins. El Salvador later bought some Bitcoin for around $54,000 in November and more BTC for $49,000 in mid-December.
BTC is now trading at $37,159, down about 45% from its all-time high above $68,000 set on November 9.
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