How Ukraine’s Superhuman Centre is helping war heroes walk again

A story still telling 20 years after, By Azu IshiekweneCan Nigerian workers afford to keep working?, By Mohammed Dahiru AminuHow Ukraine’s Superhuman Centre is helping war heroes walk again

How Ukraine’s Superhuman Centre is helping war heroes walk again

LEADERSHIP: A story still telling 20 years after, By Azu Ishiekwene

Can Nigerian workers afford to keep working?, By Mohammed Dahiru Aminu

The merit of these concerns cannot be dismissed, but there is a consensus among stakeholders that the government’s past approach to cryptocurrency enforcement has been ineffective. A regulatory framework that clearly defines the interaction between regulators and the industry was sorely needed. There were high hopes that the new administration would usher in a more pragmatic approach, and the Central Bank of Nigeria under Olayemi Cardoso took a promising first step.

While USDT is pegged to the US dollar and is designed to mirror its value, it is fundamentally different from the USD. USDT is a digital token issued by the Tether Foundation and backed by a reserve of USD-denominated assets, including US treasuries, corporate bonds, precious metals and even other cryptocurrencies. However, the stability of USDT is based entirely on trust in the Tether Foundation’s ability to maintain this reserve.

While USDT is pegged to the US dollar and is designed to mirror its value, it is fundamentally different from the USD. USDT is a digital token issued by the Tether Foundation and of USD-denominated assets, including US treasuries, corporate bonds, precious metals and even other cryptocurrencies. However, the stability of USDT is based entirely on trust in the Tether Foundation’s ability to maintain this reserve.

While USDT might have attributes of the dollar in terms of its mirror pricing , the extent to which it is foreign exchange as defined by the Foreign Exchange Act ends there. Moreover, other stablecoins, such as DAI and FRAX, are not backed by USD reserves at all. DAI, for instance, is collateralised by other cryptocurrencies, making it far more volatile and susceptible to de-pegging during market downturns.

It is crucial that we get this right — not only to protect Nigeria’s financial system from potential risks like financial fraud, money laundering, capital flight, and tax evasion, but also to foster innovation and position the country as a leader in the global digital economy evidenced by a whole-of-government approach to digital asset regulation and enforcement.