City Crime
Crypto Boom Creates New Financial Stability Problems – IMF
The International Monetary Fund (IMF) has said that the steady increase and global boom of crypto currency is posing new problems for financial stability across the globe.
The global financial institution in a blog post at the weekend said that the crypto ecosystem allows for quick and easy payments, innovative financial services, and inclusive access to the unbanked.
The IMF said that the total market value of all the crypto assets had grown by 10-folds ($2tn) since 2020, with the ecosystem flourishing, and replete with exchanges, wallets, miners, and stablecoin issuers, but that many of these entities lacked strong operational, governance and risk practices.
The monetary body said, “Crypto exchanges, for instance, have faced significant disruptions during periods of market turbulence.
“There are also several high-profile cases of hacking-related thefts of customer funds and so far, these incidents have not had a significant impact on financial stability.
“However, as crypto assets become more mainstream, their importance in terms of potential implications for the wider economy is set to increase.
“Consumer protection risks remain substantial, given limited or inadequate disclosure and oversight. For example, more than 16,000 tokens have been listed in various exchanges and around 9,000 exist today, while the rest have disappeared in some forms.
“Many of them have no volumes or the developers have walked away from the project. Some were likely created solely for speculation purposes or even outright fraud. The (pseudo) anonymity of crypto assets also creates data gaps for regulators and can open unwanted doors for money laundering, as well as terrorist financing,” it stated.
According to the world financial institution, crypto adoption is being driven by emerging markets and developing economies, with residents in these countries increasing their trading volumes in crypto exchanges in 2021.
”Looking ahead, widespread and rapid adoption can pose significant challenges by reinforcing dollarization forces in the economy or in this case cryptoization, where residents start using crypto assets instead of the local currency.
“Cryptoization can reduce the ability of central banks to effectively implement monetary policy. It could also create financial stability risks, for example, through funding and solvency risks arising from currency mismatches, as well as amplify the importance of some of the previously mentioned risks to consumer protection and financial integrity.
“Threats to fiscal policy could also intensify, given the potential for crypto assets to facilitate tax evasion. And seigniorage (the profits accruing from the right to issue currency) may also decline. Increased demand for crypto assets could also facilitate capital outflows that impact the foreign exchange market.” the IMF explained.
The Find, however, urged global regulators and supervisors to start monitoring developments in the crypto ecosystem and the risks they create by tackling data gaps.
It added that the use of crypto in emerging economies was as a result of weak central bank credibility, vulnerable banking systems, inefficiencies in payment systems and limited access to financial services.
By: Corlins Walter
City Crime
Withdraw Social Media Bill Or Face Lawsuit, SERAP Tells NASS
SERAP warned that it would institute legal action if the bill is passed in its current or substantially similar form.
The bill, sponsored by Senator Ned Nwoko (APC, Delta North), seeks to compel social media platforms, data controllers and data processors operating in Nigeria to establish physical offices in the country.
It also empowers the Nigeria Data Protection Commission to shut down or prohibit the operations of any entity that fails to comply within 30 days.
In a letter dated July 18, 2026, and addressed to Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas, SERAP said the proposed amendment posed a threat to constitutionally guaranteed rights.
The letter, signed by SERAP Deputy Director Kolawole Oluwadare and issued on Sunday, read in part, “Requirements compelling technology companies to establish local offices would increase government leverage over platforms, facilitate political pressure, make censorship demands easier and expose local employees to retaliation.
“The Bill would create sweeping powers capable of shutting down or excluding social media platforms from the Nigerian market and expose millions of Nigerians to serious violations of their constitutionally and internationally guaranteed human rights.”
SERAP argued that the bill revives previous attempts to regulate social media that attracted widespread public opposition.
“The current Bill revives substantially similar proposals previously introduced by Senator Nwoko, raising renewed concerns that localisation requirements are being used as a vehicle for expanding governmental control over digital platforms and online expression,” it said.
The organisation warned that it would challenge the legislation in court if enacted.
“Should the Bill be enacted into law in its current or substantially similar form, SERAP shall promptly take all appropriate legal actions to challenge its legality in the public interest and to ensure that Nigerians’ fundamental rights are fully protected,” the letter stated.
According to SERAP, the proposed legislation would give the Nigeria Data Protection Commission excessive powers to block digital platforms without adequate procedural safeguards.
“The Bill constitutes a backdoor attempt to regulate social media and increase governmental control over online expression through corporate localisation requirements rather than through transparent and constitutionally permissible regulation,” it said.
The group argued that the bill lacks provisions for prior judicial authorisation, meaningful opportunities for compliance beyond the proposed 30-day period, and safeguards to protect the rights of millions of Nigerians who rely on digital platforms.
SERAP also cited the judgment of the ECOWAS Court of Justice on Nigeria’s suspension of Twitter, arguing that the proposed amendment could produce similar consequences by indirectly excluding social media platforms from operating in the country.
“The Bill also risks recreating the very dangers previously condemned by the ECOWAS Court of Justice. In SERAP and Others v. Federal Republic of Nigeria, the Court held that the suspension of Twitter violated the rights to freedom of expression, access to information and media freedom protected under the African Charter.
“Although the present Bill differs from the Twitter suspension in form, it creates the possibility of achieving the same result indirectly by empowering regulators to prohibit digital platforms from operating in Nigeria.
“The National Assembly should not enact legislation capable of producing, through indirect regulatory means, the very restrictions on fundamental rights that regional human rights law prohibits,” the organisation said.
It maintained that while governments have a legitimate interest in regulating digital platforms, such measures must comply with constitutional guarantees and international human rights standards.
The organisation further warned that mandatory localisation requirements would increase compliance costs for technology companies, startups, educational institutions and artificial intelligence developers.
“The proposed amendment conflicts directly with the objectives of the Nigeria Startup Act 2022 and the National Digital Economy Policy and Strategy.
“Mandatory localisation requirements substantially increase compliance costs, particularly for startups, open-source projects, educational institutions, research organisations, AI developers and smaller technology companies, while reducing Nigeria’s attractiveness as a destination for innovation and investment.
“No major democratic jurisdiction requires every social media platform to establish a physical office as a blanket precondition for providing services.”
SERAP added, “The National Assembly should immediately reject and withdraw the Bill, as it is manifestly incompatible with the Nigerian Constitution and Nigeria’s obligations under the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights.”
City Crime
Nigeria’s World Cup Absence A Big Miss – Terry
England and Chelsea legend John Terry has expressed disappointment over Nigeria’s absence from the 2026 FIFA World Cup, admitting that the Super Eagles will be sorely missed as the tournament started yesterday Tidesports source reports.
Eric Chelle’s side finished second in Group C of the CAF World Cup qualifiers behind South Africa, who secured one of the automatic qualification spots for the tournament.
The Super Eagles kept their hopes alive by defeating Gabon in the playoff semi-finals but saw their dreams shattered after losing to the Democratic Republic of Congo on penalties in the decisive playoff final.
The defeat condemned Nigeria to a second successive absence from the World Cup, having also failed to qualify for the 2022 tournament in Qatar. The Nigeria Football Federation later challenged DR Congo’s qualification, alleging the use of ineligible players during the campaign. However, the appeal was dismissed, ending any hopes of a late reprieve.
Nigeria will be a big miss. This is a World Cup for participants who haven’t had the opportunity to play in the tournament. I would have loved to see a top team like Nigeria there because they’ve got some great individuals. They’re a great nation. So, yeah, they fall under that category for me.
“I think they are a big miss because Nigeria probably would have gone further in the competition, but unfortunately, one side’s loss is another’s gain.
“I know Mikel Obi is very upset that they’re not there. It means he can’t do more commentating on the World Cup. That’s why he was upset.”
The 2026 World Cup officially begins with co-hosts Mexico.
The historic clash, set to take place at the iconic Estadio Azteca, rekindles memories of the opening match of the 2010 FIFA World Cup, which ended 1-1. South Africa took the lead through Siphiwe Tshabalala’s stunning strike before Rafael Márquez salvaged a draw for Mexico with a 79th-minute equaliser.
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