News Roundup: The Nigerian SEC Responds to the CBN Crypto Ban + Other Exciting News

Last week went by fairly smoothly but we can’t pretend that we aren’t still feeling the effects of the CBN ban. Even though it has been hectic, the crypto community has given us a few things to be hopeful about. First, we have some news on what the Nigerian SEC thinks about the crypto ban. Next, we talk about crypto crime 🌚, Spiderman, Bitcoin, and the profitable adventures of Tesla. Enjoy!

A short summary of last week’s gist

“Wait First” – The Nigerian SEC

Following the crypto/bank ban by the Central Bank of Nigeria, the Nigerian Securities and Exchange Commission (SEC) has responded. According to Timi Agama, the head of registration, exchanges, market infrastructure, and innovation head of the commission, the crypto market, worth $1.76 trillion, is hard to ignore. With that in mind, the SEC will work with the CBN to regulate the market. Good days are coming. 

Crypto, Not Crime

For the first time in a long time, everything in crypto is rising except crime. Crypto crime fell by 50% in 2020. Also, revenue from crypto crime reduced by 53% in 2020 compared to 2019. To crown it all, only 0.34% of the analysed transactions involved any type of illicit funds. Crime is a stigma that has tried to overshadow the benefits of cryptocurrencies, but not today! 

Spiderman and the Worldwide Web of NFTs 

The last 5 years have shown that in the world of crypto, anything can be a money maker. And Non-Fungible Tokens or NFTs as they are ‘fundly’ called, are making a buzz. In the latest news, Marvel comic artists have entered the game. A spiderman NFT recently sold for 12.5 ETH ($25,000) and isn’t even the most expensive ever. Looks like NFTs are just getting started!

Bitcoin Takes Flight As Usual

In usual fashion, Bitcoin is shooting up to the moon and we’re just as excited as we were last week when it hit $50,000 for the first time. This time, we get to watch Bitcoin blaze through $54,000 (₦31 million) like it’s nothing. Started from the bottom now we’re here. Is $60,000 next? Let’s wait and see.

How Tesla Drove Itself to $1B in Profit 

There’s profit, then there’s PROFIT and Tesla knows the difference. A new report says that Tesla has made a profit of about $1 billion on the $1.5 billion worth of Bitcoin the company bought in January. Apparently, this is more than the total revenue they made from selling cars in 2020. In just 1 month! This may encourage other companies to invest in Bitcoin, eventually giving crypto a bigger push. 

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