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Maple Finance Severs Ties With Orthogonal Trading, Alleging It Misrepresented Financial Position

Maple Finance Severs Ties With Orthogonal Trading, Alleging It Misrepresented Financial Position

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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Maple Finance, a big blockchain-based lending platform, severed ties with crypto firm Orthogonal Trading, alleging that it was "misrepresenting its financial position."

The move came after Orthogonal was due to pay back a $10 million USDC stablecoin loan from a credit pool managed by M11 Credit on Dec. 4. Orthogonal has been a significant borrower on Maple, and also was a manager and underwriter of a credit pool on Maple.

M11 Credit has issued a notice of default to Orthogonal for all active loans outstanding on Maple's USDC stablecoin pool, with $31 million of current liabilities in four loans.

Maple said in a statement that Orthogonal has been "operating while effectively insolvent," and didn't communicate that it would be unable to service the debt.

"Misrepresentation like this is in violation of Maple’s agreements, and all appropriate legal avenues to recover funds will be pursued including arbitration or litigation as necessary," according to the statement.

A default by Orthogonal could deal another blow to crypto lending and unsecured credit protocols, still grappling with the fallout of crypto exchange FTX's implosion.

An email from CoinDesk requesting comment from Orthogonal wasn't immediately returned.

M11 Credit wrote Monday in a blog post that it was informed by Orthogonal on Dec. 3 that it "incurred larger losses than previously disclosed" due to funds held on FTX, the crypto exchange which imploded last month, and as a result was unable to repay its debt as a borrower.

"We are extremely shocked and disappointed by the actions of Orthogonal Trading," M11 Credit's statement said. "Purposefully misstating information during the numerous contacts we have had over the last weeks severely impacted our ability to manage our outstanding credit risk."

UPDATE (Dec. 5, 15:50 UTC): Added paragraphs about M11 Credit's statement and Orthogonal's outstanding loans from M11 Credit.


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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.


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Ukraine hit with fresh wave of deadly missile attacks, including Zaporizhzhia suburbs

Ukraine hit with fresh wave of deadly missile attacks, including Zaporizhzhia suburbs

Ukraine said Russia had launched a new round of missile attacks on Monday as the West tried to limit Moscow's ability to finance its invasion by imposing a price cap on Russian seaborne oil.

Air alerts sounded across Ukraine and officials urged civilians to take shelter from what they said was the latest in waves of Russian missile strikes since its Feb. 24 invasion.

"Missiles have already been launched," air force spokesperson Yuriy Ihnat said. There was no immediate word of any damage or casualties but officials were quoted by Ukrainian media as saying that explosions could be heard overhead in some areas as air defence systems went into action.

Russian forces have increasingly targeted Ukrainian energy facilities in recent weeks as they faced setbacks on the battlefield, causing major power outages as winter sets in.

"Don't ignore the alarm," said Andriy Yermak, head of the Ukrainian presidential staff.

What questions do you have about Russia's invasion of Ukraine? Send an email to ask@cbc.ca

Russian missiles crashed into buildings in the southern Ukrainian region of Zaporizhzhia on Monday, destroying several houses and killing at least two people, a senior Ukrainian official said.

Kyrylo Tymoshenko, deputy head of the presidential office, gave no further details of the attacks. A city official said buildings had been hit in the suburbs of the city of Zaporizhzhia and some Russian missiles had been shot down.

The governor of the Kyiv region said air defences were working in the region, and told residents to remain in shelters. An energy provider said power had been knocked out on the northern region of Sumy in the latest missile strikes.

WATCH l Donbas city has faced months-long Russian campaign:

Bakhmut, Ukraine, becomes centre of brutal, drawn-out battle

The Ukrainian city of Bakhmut has been the focus of unrelenting Russian attacks for almost six months, creating apocalyptic scenes of dead soldiers in trenches. As winter sets in, Russian troops are mounting an aggressive counter-offensive to recapture the city.

Russia has said the attacks are designed to degrade Ukraine's military. Ukraine says they are clearly aimed at civilians and thus constitute a war crime.

Ukraine had only just returned to scheduled power outages from Monday rather than the emergency blackouts it has suffered since widespread Russian strikes on Nov. 23, the worst of the attacks on energy infrastructure that began in early October.

Russia cries foul

A $60 US per barrel price cap on Russian seaborne crude oil came into force on Monday. The G7 nations and Australia agreed to it on Friday after European Union member Poland, which wanted it even lower, dropped its objections. Russia is the world's second-largest oil exporter.

The agreement allows Russian oil to be shipped to third-party countries using G7 and EU tankers, insurance companies and credit institutions, only if the cargo is bought at or below the $60 per barrel cap.

Crude oil tankers, including the Troitsky Bridge vessel, lie at anchor in Nakhodka Bay near the port city of Nakhodka, Russia, on Sunday. Australia, Britain, Canada, Japan, the U.S. and the 27-nation European Union agreed on Friday to cap at $60 US per barrel what they would pay for Russian crude oil shipped by sea. (Tatiana Meel/Reuters)

"It took a long time to get here — but this arguably is one of the strongest responses to [Vladimir] Putin's war in Ukraine," tweeted Simone Tagliapietra, an energy policy expert at the Bruegel think tank in Brussels.

Moscow has said it will not abide by the measure even if it has to cut production while Ukrainian President Volodymyr Zelenskyy said $60 was too high to stop Russia's assault.

The Sunday Magazine11:25A child’s diary of war

On the morning of February 24, Yeva Skalietska was woken up by a loud, metallic bang. The 12-year-old girl from the eastern Ukrainian city of Kharkiv rushed to a makeshift bomb shelter with her grandmother, hiding from Russian missile attacks and writing about the experience in her diary. Now, nearly 10 months into the war in Ukraine, Skalietska and her grandmother are living in Dublin, and her diary is being published for the world to read. Skalietska​​​ joins Piya Chattopadhyay to talk about the fear, anxiety and small moments of comfort she documented in her book, You Don't Know What War Is.

Russian Deputy Prime Minister Alexander Novak, who is in charge of energy issues, warned in televised comments on Sunday that Russia won't sell its oil to countries that try to apply the price cap.

"We will only sell oil and oil products to the countries that will work with us on market terms, even if we have to reduce output to some extent," Novak said in televised remarks hours before the price cap came into effect.

India noncommittal on cap

Kremlin spokesperson Dmitry Peskov said Monday it was "obvious and indisputable that the adoption of these decisions is a step towards destabilizing world energy markets."

India has so far not committed to the price cap.

While hosting Germany's foreign affairs minister on Monday, the country's Minister of External Affairs Subrahmanyam said it isn't right for European countries to prioritize their energy needs but "ask India to do something else."

India and Russia have close relations and New Delhi has not supported Western sanctions on Moscow, even though it has repeatedly urged an "immediate cessation of violence" in Ukraine. India, also a major market for Russian-made weapons, has so far abstained from UN resolutions critical of Moscow's war.


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Air Canada’s New Holiday Film Celebrates Togetherness

Air Canada’s New Holiday Film Celebrates Togetherness

  • Animated short film follows a heartwarming story of a baby loon reuniting with loved ones for the holidays

, /CNW Telbec/ - Air Canada is celebrating the holiday season with a new, heartfelt short film to enchant Canadians with a message of togetherness. Launching today across Canada, the animated spot stars a baby loon who gets separated from its family on the annual journey south for the winter. The baby loon finds its way back to its loved ones in an unexpected way that is sure to give Canadians a jolly surprise.

Air Canada is celebrating the holiday season with a new, heartfelt short film to enchant Canadians with a message of togetherness. (CNW Group/Air Canada)

Air Canada is celebrating the holiday season with a new, heartfelt short film to enchant Canadians with a message of togetherness. (CNW Group/Air Canada)

"Together for the Holidays", opens with the baby loon and its family soaring through the Canadian skies as a strong gust of wind pushes the protagonist out of its parents' path. However, all is not lost. With a safe landing in a whimsical new place, the baby loon makes a new friend and life-changing new memories. The final act sees the baby loon reunited with its family, new friend in tow, reminding us togetherness makes the holidays merry and bright.

The spot also features music from two Canadian artists: Where You Are by Tenille Townes, one of Canada's most critically acclaimed country singers and Les échardes by Charlotte Cardin, a four-time 2022 Juno Award winner. Their emotive songs and lyrics add the soundtrack to our story.

"It's been a tradition for us to use magic and wonder in our storytelling when it comes to our holiday ads, as it is one of the most celebrated and heartfelt times of the year," said Andy Shibata, Vice President, Brand, Air Canada. "Air Canada takes great pride in being the airline that plays a role in uniting family and friends to help them celebrate these special times."

"Together for the Holidays", developed with FCB Canada, launches today in multiple forms. A combination of 90-second and 60-second versions will be shown in cinema, 60-second and 30-second versions on televisions across Canada, and 30-second and 15-second versions on social media and digital platforms.

For 85 years, Air Canada has been connecting people across our vast country and beyond. As a global airline, Air Canada flies to six continents. Combined with the networks of its Joint Venture and Star Alliance partners, Air Canada offers customers easy access to virtually any destination in the world.

Visit aircanada.com for more information.

About Air Canada 

Air Canada is Canada's largest airline, the country's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network. Air Canada provides scheduled passenger service directly to 51 airports in Canada, 51 in the United States and 88 internationally. It holds a Four-Star ranking from Skytrax. Air Canada's Aeroplan program is Canada's premier travel loyalty program, where members can earn or redeem points on the world's largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental rewards. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada's passenger flights and cargo-only flights with its fleet of Boeing 767-300 freighters. Air Canada has committed to a net zero emissions goal from all global operations by 2050.

Sign up for Air Canada news: aircanada.com

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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2022/05/c4994.html


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Asia Real Estate People in the News 2022-12-05

Asia Real Estate People in the News 2022-12-05

A director change at a Singapore-listed REIT leads this week’s collection of personnel moves from around the region, as Singapore’s CDL sees the departure of its chief investment officer. There’s also a new finance boss at Hong Kong-listed Kerry Properties, more changes at CIFI Holdings and a few more announcements from around the region.

Frank Khoo CDL

The manager of IREIT Global announced on 30 December that Frank Khoo had stepped down from his non-executive director role with the SGX-listed REIT, with the move coming after Khoo had earlier resigned from his position as group chief investment officer at City Developments Ltd, which controls the REIT manager. From 1 December CDL chief executive Sherman Kwek, 46, has replaced Khoo as a non-executive director on the IREIT board.

Suzanne Cheng Wai Sin

Kerry Properties Ltd announced on 28 November that it has hired Suzanne Cheng Wai Sin as chief financial officer, effective from that same day. Cheng joins the Hong Kong-listed developer from Hutchison Telecom, where she had served as chief financial officer since 2012. The qualified accountant takes over the top financial spot nearly a half-year after Serene Nah had resigned from Kerry’s CFO position, with 31 August having been Nah’s last day on the job.

Ru Hailin CIFI

CIFI Holdings said on 29 November that it has appointed Ru Hailin as an executive director, starting from that same day. Now 48, Ru has been with the financially troubled builder since 2011 and was recently named president of the Hong Kong-listed firm. In the same statement to the stock exchange announcing Ru’s appointment, CIFI also revealed that Chen Dongbiao, who had previously served as president of the company, had resigned from his executive director role and Jiang Daqing had also stepped down as non-executive director.

Ivan Lee Wank Hay HKRI

HKR International said on 1 December that it has appointed Ivan Lee Wank-hay as an executive director on its board with effect from that same day. Now 64, Lee has been with the Hong Kong-listed developer since 2012 and currently serves as general manager for its hospitality division, where he leads the company’s hotel business in Hong Kong, Thailand and mainland China. Prior to joining HKRI, Lee had served with Millennium & Copthorne Hotels, as well as at Pan Pacific Hotels.

Jihong He Huazhu

Nasdaq-listed H World Group Ltd said on 2 December that it has appointed Jihong He (pictured) as chief financial officer with immediate effect, replacing Hui Chen. The appointment shifts He from her role as chief executive officer for international business with the company formerly known as Huazhu Hotels just over one year after she joined the mainland Chinese firm from CapitaLand Group.

Yongsuk_Choi_Empyrion_DC.original

Data centre operator Empyrion DC announced on 1 December that it has named Yongsuk Choi as its chief strategy and infrastructure officer, based in Seoul. At the Seraya Partners-backed firm, Choi is now in charge of developing strategy and planning the expansion of Empyrion’s sustainable data centre platform across Asia Pacific. Choi joins the company from rival Digital Edge, where he had served as chief infrastructure operations officer, and also has previous experience with Facebook in the region.

Troy Tang GLP

Troy Tang has joined GLP in Singapore as part of the team managing the industrial specialist’s GLP Perpetual Fund, according to a statement on LinkedIn. Tang joined GLP recently from Brookfield Asset Management in Singapore where he had served as an investment professional involved in the Toronto-based company’s value-add and opportunistic strategies for Asia Pacific for around one year. He also has previous experience with CapitaLand and Perennial Holdings in Singapore.

If you know of other Asia real estate professionals changing their jobs, getting promoted or just doing something exciting, please contact us here at Mingtiandi.


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CMC Markets Expands ‘Invest’ Offering, Adds Flexible ISAs

CMC Markets Expands ‘Invest’ Offering, Adds Flexible ISAs

CMC Invest, a CMC Market's newly launched stock trading platform, informed on Monday that it had added a new account called Plus Plan. It allows investors to open flexible shares and stocks Individual Savings Accounts (ISAs) along with a currency wallet in US Dollars (USD).

According to the press release, only a small number of providers offer flexible ISAs. In such a form, clients can take money out of their accounts and deposit it again during the same tax year without affecting their ISA allowances.

CMC Invest's new offering is aimed at individual investors who want to invest up to £20,000 in a given year and protect their profits from capital gains tax. The offering seems particularly interesting in light of the dividend allowance and the capital gains tax annual exemption cut from £12,300 to £6,000 in 2023/2024 and £3,000 in 2024/2025.

"We want our customers to feel empowered to make choices that suit their own investment journey. That is why we are excited to be offering these additional features. A flexible stocks & shares ISA isn't typically offered on other investment platforms – we are fortunate with our technology to be able to offer this to clients giving them more flexibility to invest how and when they want," Albert Soleiman, the Head of CMC Invest UK, said.

Those interested in joining Plus Plan must pay a flat custody fee of £10 per month. According to the press release, additional commissions are not charged. In an effort to avoid commissions related to FX conversions, CMC Invest is offering a USD currency wallet, available alongside its main GBP wallet.

CMC's Trading Revenues Went Up 27%

Two weeks ago, CMC Markets published its interim financials for six months, from April to September, reporting a 27 percent yearly increase in its net trading revenue, which came in at £128.4 million. However, the net revenue from investing stream fell by 14 percent to £20.8 million.

The total net operating income was £153.5 million, which grew by 21 percent annually. The financial figures were in line with the company's expectations.

CMC Markets is a publicly-traded company on the London Stock Exchange (LSE), which shares have lost 7 percent since the beginning of the year.

CMC Invest, a CMC Market's newly launched stock trading platform, informed on Monday that it had added a new account called Plus Plan. It allows investors to open flexible shares and stocks Individual Savings Accounts (ISAs) along with a currency wallet in US Dollars (USD).

According to the press release, only a small number of providers offer flexible ISAs. In such a form, clients can take money out of their accounts and deposit it again during the same tax year without affecting their ISA allowances.

CMC Invest's new offering is aimed at individual investors who want to invest up to £20,000 in a given year and protect their profits from capital gains tax. The offering seems particularly interesting in light of the dividend allowance and the capital gains tax annual exemption cut from £12,300 to £6,000 in 2023/2024 and £3,000 in 2024/2025.

"We want our customers to feel empowered to make choices that suit their own investment journey. That is why we are excited to be offering these additional features. A flexible stocks & shares ISA isn't typically offered on other investment platforms – we are fortunate with our technology to be able to offer this to clients giving them more flexibility to invest how and when they want," Albert Soleiman, the Head of CMC Invest UK, said.

Those interested in joining Plus Plan must pay a flat custody fee of £10 per month. According to the press release, additional commissions are not charged. In an effort to avoid commissions related to FX conversions, CMC Invest is offering a USD currency wallet, available alongside its main GBP wallet.

CMC's Trading Revenues Went Up 27%

Two weeks ago, CMC Markets published its interim financials for six months, from April to September, reporting a 27 percent yearly increase in its net trading revenue, which came in at £128.4 million. However, the net revenue from investing stream fell by 14 percent to £20.8 million.

The total net operating income was £153.5 million, which grew by 21 percent annually. The financial figures were in line with the company's expectations.

CMC Markets is a publicly-traded company on the London Stock Exchange (LSE), which shares have lost 7 percent since the beginning of the year.


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The Inevitable Winner of the War in Ukraine

The Inevitable Winner of the War in Ukraine

Foreign Affairs

No matter how the war ends, high finance will win.

Demonstrator,Holding,

“Pay no attention to that man behind the curtain" 

−Oz the Great and Terrible

As war shakes Eastern Europe, combatants on both sides have suffered heavy losses. Despite Ukraine’s tenacity and its latest battlefield gains, a long-term victory will likely be pyrrhic at best. Likewise Russia has acquired new NATO candidates on its northern flank and is burning through resources while its economy contracts. Watching the confrontation unfold it is difficult to envision how anyone could emerge a winner. Or is it? 

The anti-war commentariat has focused primarily on the American arms industry, their voices being joined recently by European leaders who have made public allegations of war profiteering. Granted, there is something to this in light of the billions of dollars of weapons and munitions headed overseas. Still, there is another faction of the American power structure that has been content to stand aside and let the defense contractors take all the heat. 

Recent history offers several important lessons about who benefits from wartime ruin. During the First World War, President Wilson was elected for a second term based on a platform of peace. His famous 1916 campaign slogan was “he kept us out of war.” Of course, that would change. Though the public’s attention at the time was focused on the threat posed by German submarines, a syndicate of bankers led by J.P. Morgan Jr. played a less conspicuous role in changing Wilson’s mind. 

Morgan’s syndicate had financed the Allied war effort to the tune of $1.5 billion and the threat of an Axis victory put the entire American economy at risk. In 1917 the GDP of the United States was around $60 billion. President Wilson knew the score, Morgan and company didn’t need to spell out what would happen if their loans defaulted. And, of course, not being one to miss a golden opportunity, in the aftermath of the war, Morgan extended $10 billion in loans to rebuild Europe. 

It is important to note that the American public didn’t necessarily share President Wilson’s newfound outlook. So the Wilson administration formed the Committee on Public Information (CPI), led by journalist George Creel. The CPI’s mission was to propagandize Americans to build support for military involvement in what was commonly viewed as a Europeans problem. The CPI created the perception that America’s entry in the First World War was necessary to “make the world safe for democracy” and protect Allied civilians from bloodthirsty Huns. Caveat emptor, atrocity stories like this have become part and parcel for media reporting in times of war. 

Decades later, large financial interests would once again use their clout. In the initial stages of the Second World War, the Rockefeller Foundation routed funds to the Council on Foreign Relations to launch the War and Peace Studies, a project that discreetly provided the State Department with foreign policy guidance. American elites predicted early on that, thanks to geography, the United States would be the only industrial and military power left in one piece at the end of the war, meaning that there would be a captive market for American exports and security guarantees. Former world powers, devastated by years of fighting, would be desperate for aid and therefore receptive to American terms. 

American elites were spot on, such that the War and Peace Studies served as a blueprint of sorts for the Pax Americana that ensued. Circa 1945 reconstruction took center stage, and loans were extended to transform allies and enemies alike into “reliable trading partners.” For example, the United States loaned England over $4 billion in 1945, making the once mighty British Empire into a mere junior partner. But the true lynchpin of American dominance was the Bretton Woods Agreement of 1944. That agreement imposed the U.S. dollar as the world’s reserve currency, meaning the dollar would be convertible to gold and other national currencies would be fixed in value relative to the dollar. 

The Bretton Woods Agreement created demand for dollars that, to this day, enables Uncle Sam to borrow at lower interest rates than other countries. This demand for dollars also allows the United States to run an unusually high federal debt, which it then uses to pay for protracted military campaigns like the 20-year War on Terror. Think of it this way: in a business sector where money serves as a raw material, American financial institutions possess a clear and enviable advantage. The Treasury can essentially print money and other countries have no choice but to accept the inflated currency. Another result of the Bretton Woods Agreement was the creation of the World Bank and International Monetary Fund, which were established to extend credit to nations trying to restore their economies. Nearly 80 years later both institutions still exist. In 2021, the World Bank issued debt in excess of $98 billion

Back in 2016 President Obama stressed that Ukraine was “a core Russian interest but not an American one.” So what accounts for the foreign policy U-turn that gave Ukraine a blank check

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The public record yields an assortment of narratives. According the Secretary of Defense Lloyd Austin, the United States has intervened to “see Russia weakened”—an explanation that has some merit as the Russian war machine shows signs of duress. President Biden, opting for glittering generalities, told reporters that we’re “defending freedom and democracy” (sound familiar?) by confronting autocrats. That is an odd stance given his high profile fist bump with the leader of Saudi Arabia. Meanwhile the political screenwriters who inhabit globalist think tanks are warning that Putin wants to “relitigate the end of the Cold War” such that there is no choice but to get involved before Russia moves beyond Ukraine and tries to recover what the Soviet Union lost when it collapsed. That’s an awkward position that entails a degree of cognitive dissonance regarding Article V of the NATO Treaty and the prospect of nuclear war.  

Whatever the intentions of our leaders and the underlying considerations that motivate them, one thing is certain: the longer this war continues the greater the destruction it entails. War strip-mines afflicted regions. When the dust settles, the remnants of Ukraine will need to be rebuilt from the ground up. And that, dear reader, will cost a pretty penny. There will be debt, lots of it, on the same scale as the occupation of Iraq, where the United States spent more than it did in Germany and Japan after World War II. 

President Biden has declared that there is “nothing about Ukraine without Ukraine,” yet at this point it’s hard to view Ukraine as anything other than a client state, bought and paid for with pallets of tax money. When the fighting finally grinds to a halt, Team Zelensky will be desperate for loans—hundreds of billions of dollars of loans. Post-war economic renewal is the biggest of the big-ticket items. Guess who will be there when the time comes for Zelensky to sign on the dotted line? The same financial institutions currently eyeing Ukraine’s markets and natural resources—the institutions that walked away from the Great Recession of 2008 with even more capital and influence. No matter how the war ends, high finance will win.  


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Report: Nigerian Finance Bill Has Provisions Allowing Govt to Tax Crypto Transactions

Report: Nigerian Finance Bill Has Provisions Allowing Govt to Tax Crypto Transactions

A Nigerian finance bill, which seeks to amend the country’s various tax statutes, contains provisions which allow the government to tax cryptocurrency and other digital asset transactions, a report has said. Nigeria is reportedly seeking to join six other countries, including two from Africa, which already levy taxes on digital asset transactions.

Extracting More Revenue From E-Commerce Transactions

According to the Nigerian finance minister, Zainab Ahmed, the country’s 2022 finance bill — which seeks to amend excise and duty statutes — has provisions allowing the government to collect tax on cryptocurrency and other digital currency transactions. The taxation of such transactions fits with the Nigerian government’s broader goal of extracting more revenue from e-commerce transactions, Ahmed reportedly said.

As noted in a report by The Cable, when it starts collecting taxes on cryptocurrency transactions, Nigeria will join fellow African countries like South Africa and Kenya which already do so. Australia, India, the United Kingdom, and the U.S. are the other countries named in the report that also tax digital asset transactions.

Commenting on the bill during a virtual meeting, Ahmed said:

Also the bill contains an amendment under Chargeable Assets stating that ‘subject to any exceptions provided by this Act,’ all forms of property shall be assets for this Act, whether situated in Nigeria or not, including options, debts, digital assets, and incorporeal property generally.

Meanwhile, the report states that after Ahmed ended her presentation, the state governors for Sokoto, Borno, Kaduna, Kebbi, and Ogun all commented on the bill. Their input is reportedly included in the draft bill which must be sent to the Federal Executive Council. After this step, it then goes to the Nigerian national assembly.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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‘Extraordinary situation’ required PM to helm Finance Ministry – Rafizi

‘Extraordinary situation’ required PM to helm Finance Ministry – Rafizi

The “extraordinary” political climate in the country has made it necessary for Prime Minister Anwar Ibrahim to take up the finance portfolio, said newly minted Economy Minister Rafizi Ramli.

Rafizi, in his maiden presser as minister this morning, said the move was to not dissatisfy any component parties within the unity government. 


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Anwar became finance minister to prevent conflict in unity govt

Anwar became finance minister to prevent conflict in unity govt

PUTRAJAYA: Economic Affairs Minister Rafizi Ramli said Prime Minister Datuk Seri Anwar Ibrahim had to take up the finance portfolio in a bid not to dissatisfy other parties within the unity government.

“Every component parties would want the finance minister post. Because it’s an extraordinary situation now, therefore, for me, the right decision at this point is for the prime minister to be the finance minister so there won’t be any issues with other coalitions,“ he told a press conference today.

More to come...


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G7 price cap on Russian oil kicks in, Russia will only sell at market price

G7 price cap on Russian oil kicks in, Russia will only sell at market price

BRUSSELS, Dec 5 (Reuters) - The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.

The price cap, to be enforced by the G7, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain.

It allows Russian oil to be shipped to third-party countries using G7 and EU tankers, insurance companies and credit institutions, only if the cargo is bought at or below the price cap.

Because the world's key shipping and insurance firms are based in G7 countries, the cap could make it difficult for Moscow to sell its oil for a higher price.

Russia, the world's second-largest oil exporter, said on Sunday it would not accept the cap and would not sell oil that is subject to it, even if it has to cut production.

Selling oil and gas to Europe has been one of the main sources of Russian foreign currency earnings since Soviet geologists found oil and gas in the swamps of Siberia in the decades after World War Two.

An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

A source who asked not to be identified due to the sensitivity of the situation told Reuters that a decree was being prepared to prohibit Russian companies and traders from interacting with countries and companies guided by the cap.

In essence, such a decree would ban the export of oil and petroleum products to countries and companies that apply it.

Still, with the price cap set at $60 per barrel, not much below the $67 level where it closed on Friday , the EU and G7 countries expect Russia will still have an incentive to continue selling oil at that price, while accepting smaller profits.

The level of the cap is to be reviewed by the EU and the G7 every two months, with the first such review in mid-January.

"This review should take into account ... the effectiveness of the measure, its implementation, international adherence and alignment, the potential impact on coalition members and partners, and market developments," the European Commission said in a statement.

The cap on crude will be followed by a similar measure affecting Russian petroleum products that will come into force on Feb. 5, though the level of that cap has not yet been determined.

Reporting by Jan Strupczewski; Editing by David Holmes

Our Standards: The Thomson Reuters Trust Principles.


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