April 19, 2024

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- December Week 4

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With the Central Bank of Nigeria lifting the ban on transacting crypto, new initiatives for digital identity and blockchain integration for Minecraft, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

Central Bank of Nigeria Lifts Ban on Transacting Crypto

The Central Bank of Nigeria (CBN) has reversed its ban on cryptocurrency transactions, allowing financial institutions to begin diving into the industry once more. The CBN emphasized the need to regulate virtual asset service providers (VASPs), including cryptocurrencies and crypto assets, to address concerns related to money laundering and terrorism financing. 

The initial ban, imposed in Feb. 2021, prompted regulatory efforts by the Securities and Exchange Commission. The recent circular from the CBN, dated Dec. 22, provides guidelines for banks and financial institutions regarding crypto-related services.

Digital Identity and Blockchain Integration for Minecraft

Mojang, the developers behind Minecraft, have recently revealed their collaboration with Worldcoin and Microsoft to implement World ID for player authentication. This marks a significant advancement in terms of digital identity and the integration of blockchain technology within the gaming sector.

As cyber threats and hacking incidents targeting online gamers continue to rise, secure player authentication becomes increasingly crucial. By leveraging World ID, players can guarantee that their digital identities are safeguarded and verified. 

CBI Approves Crypto Payment Network Ripple

The Central Bank of Ireland (CBI) has approved the crypto payment network Ripple to operate as a virtual asset service provider (VASP) in the country. In an announcement on Dec. 19, Ripple stated that it has been included in the Central Bank of Ireland’s list of registered VASPs, enabling the provision of specific digital asset services in Ireland.

As per the information available on the Central Bank of Ireland’s VASP register, Ripple is authorized to facilitate transactions on behalf of individuals or entities. Additionally, Ripple can offer cryptocurrency exchange services involving fiat currencies, facilitate exchanges between various cryptocurrencies, and provide custody services, as reported by Cointelegraph.

Litecoin Experiences an Unexpected Surge

Litecoin (LTC), a prominent digital asset, has experienced an influx of over 1 million new addresses generated in a single day. This surge aligns with increased transaction volume and heightened engagement on the network, solidifying Litecoin’s position as a notable player in the cryptocurrency space.

By Lindsey Feth

By Lindsey Feth

Managing Editor, Innovation & Tech Today

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