Peer-to-Peer Trade: Nigeria is the 2nd most active country where Bitcoin is traded globally, after China

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Bitcoin trading expanded faster this year in emerging markets than developed ones — and quickest of all in places where authorities tried to crack down. Somewhere, Satoshi Nakamoto is smiling.

After all, avoiding bank and government oversight, and sidestepping the eroding effects of inflation, was what Nakamoto had in mind when he (or she, or they) created bitcoin in 2008.

Google Trends data also hints at growing interest from emerging-market users, according to Bogart. Five out of the six countries where “bitcoin” has the most search interest are developing nations, he says.

Nigeria, which sits atop the Trends’ list, saw peer-to-peer transactions rise almost 1,500 percent this year, as the country went through a foreign exchange market overhaul that led the naira to weaken 12.4 percent this year. An almost 1,000 percent rise came in Venezuela, where bitcoin provided a way to skirt the government’s tightening controls on access to U.S. dollars and spiraling inflation that slashes the value of the bolivar.

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Peer-to-Peer Trade: Nigeria is the 2nd most active country where Bitcoin is traded globally, after China - Brand Spur

Peer-to-peer bitcoin trading in major developing nations outpaced the U.S., the world’s biggest market, according to data from LocalBitcoins. Demand surged in China and Russia, where central banks put a stop to local exchange trading; in Venezuela, where authorities cracked down on bitcoin mining even as hyperinflation drove up demand; and in Brazil and Colombia, where citizens heard dire warnings of cryptocurrencies’ risks.

“The strong interest from emerging-market countries could be reflective of relatively less stable local currencies or a byproduct of greater exposure to financial and economic crises that makes an alternative system like bitcoin relatively appealing,” Spencer Bogart, head of research at Blockchain Capital LLC in San Francisco said.

Cryptocurrencies don’t rely on central banks or financial institutions and are traded on online exchanges and transferred anywhere in the world, allowing holders to skirt currency controls. Bitcoin’s creators also set a limit to the amount of currency that could be created to avoid the inflation that ensues when central banks print money.

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Trading volume in such places remains a fraction of larger markets, even after such explosive growth, amounting to about $115 million in Nigeria and $50 million in Venezuela. Global trading stood at $1.9 billion last year, according to LocalBitcoins.

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Emerging markets’ share of total trading volume in LocalBitcoins is increasing. China and Russia combined account for about 40 percent of the market.

Room for arbitrage?

Surging demand has created price discrepancies. One bitcoin in NairaEx, a local Nigerian exchange, cost 7,230,098 nairas as of Dec. 12. Converted to dollars, the cryptocurrency was more than 15 percent more expensive than a bitcoin in the U.S.

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Prices were also higher at local exchanges in Russia and Argentina than in the U.S., while they were cheaper in Colombia, Singapore and Brazil.

Regulation

While not all central banks in emerging markets addressed cryptocurrency markets with regulations, several have issued warnings.

Brazil’s central bank last month said in a statement, “they are neither issued nor guaranteed by any monetary authority” and therefore, “there is no guarantee that they can be converted to a sovereign currency and they are not backed by any kind of real asset.” Peer-to-peer trading in Latin America’s largest economy rose 450 percent this year.

While Colombia’s central bank has also said virtual currencies aren’t recognized by authorities and bring risks to financial stability, the peso has weakened more than 3 percent in the past three months, increasing cryptocurrencies’ allure. Turkey and India have also cautioned bitcoin users.

Of course, it’s not necessarily true that strict regulation is driving demand for cryptocurrencies. It could be the demand came first, thanks to high inflation or long-standing limits on taking cash abroad, and that motivated people to buy bitcoin. Then came the crackdown.

The surge in bitcoin demand “should at least raise some eyebrows,” given that it doesn’t have the backing of a state and isn’t legal tender, said Agustin Carstens, a general manager at the Bank for International Settlements, and former governor of Mexico’s central bank.

Simon Quijano-Evans, an emerging-market strategist at Legal & General Investment Management Ltd., wrote in a note in early December that emerging-market central banks must quickly deal with the rise of virtual currencies.

“Cryptocurrencies stand as a potential challenge to the millennia of confidence-building measures that have gone into the construction of fiat currency,” he wrote.

 

Culled from: Bloomberg

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Peer-to-Peer Trade: Nigeria is the 2nd most active country where Bitcoin is traded globally, after China - Brand Spur

Mead Johnson Nutrition HK Launches “We CAN Protect the Future” –...

Enabling parents and children to build a greener world by taking their first steps in recycling formula cans

 

HONG KONG SAR - Media OutReach - 10 May 2021 - To encourage Hong Kong citizens to lead greener lives, Mead Johnson Nutrition Hong Kong ("Mead Johnson"), one of the brands under Reckitt Benckiser ("Reckitt"), officially launched its city-wide "We CAN Protect the Future" Formula Cans Recycling Program in early April. Created in partnership with 24-hour online shopping platform, HKTVmall under Hong Kong Television Network Limited ("HKTVmall") and the World Green Organisation ("WGO"), the program aims to raise awareness among the public on the importance of recycling and urge parents to safeguard the future of their children by taking immediate actions to protect the environment and be the role models of green living.


Peer-to-Peer Trade: Nigeria is the 2nd most active country where Bitcoin is traded globally, after China - Brand Spur

According to a recent survey, only around 30% of interviewed parents would recycle the used formula cans in Hong Kong[1]. With collection points at 6 HKTVmall O2O Shops across the city, the Program offers consumers easy access to a reliable channel to recycle and transform their used formula cans into useful raw materials to reduce waste and protect our environment.

The Program accepts cleaned formula cans from all brands and rewards participating parents with HKTVmall e-vouchers that can be used for online purchase[2]. To ensure proper storage and transportation of all collected cans, all brand logos and brand names will be erased before a specialized delivery team transports the cans from HKTVmall O2O Shops to a local recycling plant. The cans will then be destructed and shipped to another facility for further processing. Molten metal will be recycled into raw metal materials for different purposes, such as for construction use.

"Reckitt is driven by its purpose, do the right things, always. Mead Johnson as one for the core brands of Reckitt also upholds this mission, it not only provides high-quality nutrition products, but has been working hand in hand with our consumers to safeguard the environment and nourish the best start in life for more than a century," said Mr. Pankaj Agarwal, Reckitt's General Manager Hong Kong, Taiwan & Cross-Border. "Through the partnership with HKTVmall and WGO to offer a convenient and reliable recycling channel, we hope to empower parents and their children to build recycling habits at an early stage, and hence create a cleaner, healthier world."

Ms. Jelly Zhou, Chief Executive Officer (Hong Kong) at Hong Kong Television Network Limited, added, "HKTVmall is committed to enhancing Hong Kong people's quality of life via innovative technologies. We also highly value social responsibility in promoting a culture of environmental protection and resource conservation. Through this partnership with Mead Johnson and WGO, it not only endows a value to the used items through reducing wastage and promote recycling awareness, but also spread the message of environmental protection to everyone. Let us make changes in our daily lives with everybody's joint efforts, encourage sustainable development for Hong Kong and all over the world." HKTVmall, as co-organiser of the Program, shares their store networks to facilitate the mechanism of the recycling process. It helps mobilizing Hong Kong citizens to join the program in different areas simultaneously and promoting recycling in the city.

WGO acts as the supporting organisation to provide professional advice on improving the overall can recycling experience in this Program. "WGO is pleased to drive the formula cans recycling programme with Mead Johnson and HKTVmall" said Dr. William Yu, Founder & Chief Executive Officer of World Green Organisation. "We look forward to seeing different stakeholders in society, including manufacturers, retailers and the public to join hands and promote recycling, and facilitating a green future for our next generation."

The "We CAN Protect the Future" Formula Can Recycling Programme runs every Monday and Wednesday, from now until 30th June 2021.

For more details, please visit: https://cloud.marketing.hktvmall.com/canrecycle2021


[1] Baby Kingdom Online Survey on formula can recycling habits (2019)

[2] From 7th April to 30th June, participants can redeem an e-voucher (HKTVmall HK$50 Dettol Product or HK$200 Mead Johnson Nutrition Selected Product) for every successful return of a cleaned formula can, up to four e-vouchers per day. Distribution of e-vouchers may vary depending on availability at different shops. E-vouchers are available on a first-come, first-served basis while stocks last and check with the on-duty staff for details on collection day. Offers are subject to Terms and Conditions and can be found here: https://bit.ly/3mtsEJU

About Mead Johnson Nutrition

Mead Johnson Nutrition has been established in 1905. For more than a century, Mead Johnson Nutrition has led the way in developing safe, high-quality, innovative pediatric nutrition products, guided by the mission to nourish the world's children for the best start in life. The brand operates Mead Johnson Pediatric Nutrition Institutes worldwide. These centers connect Mead Johnson Nutrition's researchers to scientists and healthcare professionals around the world, putting the brand at the forefront of pediatric nutrition science.

Mead Johnson Nutrition (Hong Kong) Limited has been landed for a half century, providing Hong Kong parents with high quality, science-based products, various parenting information and professional advice, gaining trust and support from parents.

Mead Johnson Nutrition's scientists and healthcare professionals are paying affords on the formula for children with special nutrition needs and Mead Johnson Nutrition is a very few brands that insists to produce the formula for metabolic disorders' children, giving hopes to them.

For more information visit http://www.meadjohnson.com.hk/

About Reckitt

Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.

Read Also:  India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets

Reckitt is the company behind some of the world's most recognisable and trusted consumer brands in hygiene, health and nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.

Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.

We are a diverse global team of more than 43,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society.

Find out more, or get in touch with us at www.reckitt.com

*Reckitt is the trading name of the Reckitt Benckiser group of companies

About Hong Kong Television Network Limited

Hong Kong Television Network Limited is a Hong Kong-listed company (SEHK: 1137).

Established in 1992, the Group has extensive and successful experience in telecom market liberalization and popularizing advanced technology and applications.

The Company is now developing Hong Kong's largest 24-hour online shopping mall, HKTVmall, which provides one-stop shop services including online shopping, marketing & digital advertising, big data analysis, smart logistics & fulfilment as well as physical O2O stores, and to transform all business operation, trading, retail, finance and daily life onto a single digital online platform. For more information, visit www.hktv.com.hk.

About World Green Organisation

The World Green Organisation (WGO) is an independent non-governmental organisation concerned with environmental conservation and environmentally related livelihood and economic affairs. It provides a holistic approach to a fully integrated three-pronged solution that combines social, environmental and economic dimensions for a paradigm shift towards low-carbon and climate-resilient development pathways.

Through science-based policy research and community projects, the WGO aims to enhance the quality of the environment, promote a greener economy, and improve people's livelihoods. In particular, it will focus on the social concerns of underprivileged groups and on the creation of a green economy, to help realise its vision of sustainable development. For more information, visit www.thewgo.org/website/eng/.

Peer-to-Peer Trade: Nigeria is the 2nd most active country where Bitcoin is traded globally, after China - Brand Spur
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spot_imgspot_img

Latest News

Mead Johnson Nutrition HK Launches “We CAN Protect the Future” – Formula Cans Recycling Program with HKTVmall and World Green Organisation

Enabling parents and children to build a greener world by taking their first steps in recycling formula cans

 

HONG KONG SAR - Media OutReach - 10 May 2021 - To encourage Hong Kong citizens to lead greener lives, Mead Johnson Nutrition Hong Kong ("Mead Johnson"), one of the brands under Reckitt Benckiser ("Reckitt"), officially launched its city-wide "We CAN Protect the Future" Formula Cans Recycling Program in early April. Created in partnership with 24-hour online shopping platform, HKTVmall under Hong Kong Television Network Limited ("HKTVmall") and the World Green Organisation ("WGO"), the program aims to raise awareness among the public on the importance of recycling and urge parents to safeguard the future of their children by taking immediate actions to protect the environment and be the role models of green living.


Peer-to-Peer Trade: Nigeria is the 2nd most active country where Bitcoin is traded globally, after China - Brand Spur

According to a recent survey, only around 30% of interviewed parents would recycle the used formula cans in Hong Kong[1]. With collection points at 6 HKTVmall O2O Shops across the city, the Program offers consumers easy access to a reliable channel to recycle and transform their used formula cans into useful raw materials to reduce waste and protect our environment.

The Program accepts cleaned formula cans from all brands and rewards participating parents with HKTVmall e-vouchers that can be used for online purchase[2]. To ensure proper storage and transportation of all collected cans, all brand logos and brand names will be erased before a specialized delivery team transports the cans from HKTVmall O2O Shops to a local recycling plant. The cans will then be destructed and shipped to another facility for further processing. Molten metal will be recycled into raw metal materials for different purposes, such as for construction use.

"Reckitt is driven by its purpose, do the right things, always. Mead Johnson as one for the core brands of Reckitt also upholds this mission, it not only provides high-quality nutrition products, but has been working hand in hand with our consumers to safeguard the environment and nourish the best start in life for more than a century," said Mr. Pankaj Agarwal, Reckitt's General Manager Hong Kong, Taiwan & Cross-Border. "Through the partnership with HKTVmall and WGO to offer a convenient and reliable recycling channel, we hope to empower parents and their children to build recycling habits at an early stage, and hence create a cleaner, healthier world."

Ms. Jelly Zhou, Chief Executive Officer (Hong Kong) at Hong Kong Television Network Limited, added, "HKTVmall is committed to enhancing Hong Kong people's quality of life via innovative technologies. We also highly value social responsibility in promoting a culture of environmental protection and resource conservation. Through this partnership with Mead Johnson and WGO, it not only endows a value to the used items through reducing wastage and promote recycling awareness, but also spread the message of environmental protection to everyone. Let us make changes in our daily lives with everybody's joint efforts, encourage sustainable development for Hong Kong and all over the world." HKTVmall, as co-organiser of the Program, shares their store networks to facilitate the mechanism of the recycling process. It helps mobilizing Hong Kong citizens to join the program in different areas simultaneously and promoting recycling in the city.

WGO acts as the supporting organisation to provide professional advice on improving the overall can recycling experience in this Program. "WGO is pleased to drive the formula cans recycling programme with Mead Johnson and HKTVmall" said Dr. William Yu, Founder & Chief Executive Officer of World Green Organisation. "We look forward to seeing different stakeholders in society, including manufacturers, retailers and the public to join hands and promote recycling, and facilitating a green future for our next generation."

The "We CAN Protect the Future" Formula Can Recycling Programme runs every Monday and Wednesday, from now until 30th June 2021.

For more details, please visit: https://cloud.marketing.hktvmall.com/canrecycle2021


[1] Baby Kingdom Online Survey on formula can recycling habits (2019)

[2] From 7th April to 30th June, participants can redeem an e-voucher (HKTVmall HK$50 Dettol Product or HK$200 Mead Johnson Nutrition Selected Product) for every successful return of a cleaned formula can, up to four e-vouchers per day. Distribution of e-vouchers may vary depending on availability at different shops. E-vouchers are available on a first-come, first-served basis while stocks last and check with the on-duty staff for details on collection day. Offers are subject to Terms and Conditions and can be found here: https://bit.ly/3mtsEJU

About Mead Johnson Nutrition

Mead Johnson Nutrition has been established in 1905. For more than a century, Mead Johnson Nutrition has led the way in developing safe, high-quality, innovative pediatric nutrition products, guided by the mission to nourish the world's children for the best start in life. The brand operates Mead Johnson Pediatric Nutrition Institutes worldwide. These centers connect Mead Johnson Nutrition's researchers to scientists and healthcare professionals around the world, putting the brand at the forefront of pediatric nutrition science.

Mead Johnson Nutrition (Hong Kong) Limited has been landed for a half century, providing Hong Kong parents with high quality, science-based products, various parenting information and professional advice, gaining trust and support from parents.

Mead Johnson Nutrition's scientists and healthcare professionals are paying affords on the formula for children with special nutrition needs and Mead Johnson Nutrition is a very few brands that insists to produce the formula for metabolic disorders' children, giving hopes to them.

For more information visit http://www.meadjohnson.com.hk/

About Reckitt

Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.

Reckitt is the company behind some of the world's most recognisable and trusted consumer brands in hygiene, health and nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.

Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.

We are a diverse global team of more than 43,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society.

Find out more, or get in touch with us at www.reckitt.com

*Reckitt is the trading name of the Reckitt Benckiser group of companies

About Hong Kong Television Network Limited

Hong Kong Television Network Limited is a Hong Kong-listed company (SEHK: 1137).

Established in 1992, the Group has extensive and successful experience in telecom market liberalization and popularizing advanced technology and applications.

The Company is now developing Hong Kong's largest 24-hour online shopping mall, HKTVmall, which provides one-stop shop services including online shopping, marketing & digital advertising, big data analysis, smart logistics & fulfilment as well as physical O2O stores, and to transform all business operation, trading, retail, finance and daily life onto a single digital online platform. For more information, visit www.hktv.com.hk.

About World Green Organisation

The World Green Organisation (WGO) is an independent non-governmental organisation concerned with environmental conservation and environmentally related livelihood and economic affairs. It provides a holistic approach to a fully integrated three-pronged solution that combines social, environmental and economic dimensions for a paradigm shift towards low-carbon and climate-resilient development pathways.

Through science-based policy research and community projects, the WGO aims to enhance the quality of the environment, promote a greener economy, and improve people's livelihoods. In particular, it will focus on the social concerns of underprivileged groups and on the creation of a green economy, to help realise its vision of sustainable development. For more information, visit www.thewgo.org/website/eng/.

Peer-to-Peer Trade: Nigeria is the 2nd most active country where Bitcoin is traded globally, after China - Brand Spur
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