Local Osuntedo Osun news, Nigeria
DIAMOND STANDARD—WHY BUY A RING WHEN YOU CAN BUY TOKENS?
Q&A with Douglas Borthwick
Feel pressure to propose this Holiday? Instead, stuff your loved one’s stocking with diamond coins that have the potential to grow as much as your love!
Word on Wall Street is that INX Limited will unveil the world’s first diamond commodity with the Diamond Standard Coin. Eyes will sparkle with the Coin, which is both a digital and physical asset: a standardized set of diamonds with a wireless chip.
The availability of the Coin on the INX platform is pending regulatory approval for the $25 million initial public commodity offering. A letter of intent has already been signed—which means everyone’s cryptocurrency wallet may be shining brighter this Holiday season.
We recently caught up with Douglas Borthwick, Chief Marketing Officer and Business Development Officer of INX Limited, and asked him questions to offer insight into cryptocurrencies and the bright future of finance that lies ahead in 2021.
Why invest in cryptocurrencies?
Cryptocurrencies are limited in number. The local currency you currently use in your daily life is infinite. Indeed whenever your government wants to keep the economy running, or pay for a new social program, it simply prints more currency. This has been exacerbated by COVID, where government safety nets are not being paid for by higher taxes, but rather by higher money printing.
Investors in cryptocurrencies see them as life rafts for wealth. If you have your savings in your bank, the purchasing power is decreasing by the day, and you make little to no yield. Indeed in some countries a negative yield. Meanwhile if you move your wealth into cryptocurrencies, you see your wealth remain afloat. You can earn a solid yield, and the purchasing power is increasing. Best of all, there is no government interference and there is limited supply.
What is a smart investment for people who are unfamiliar with investing more than just mutual funds and 401Ks?
Many investors are dipping their toes into crypto through investment vehicles like GBTC. This is a Trust company that purchases Bitcoin, and then via an investment vehicle offers exposure to its price moves to investors.
How can people dip their toes into investing in cryptocurrencies without risking too much?
The best way to not 'risk too much' is to only invest that which you are happy to lose. If the position size makes you uncomfortable, then reduce the position size.
If a person invests in a cryptocurrency, how can they "cash out" on the investment when ready?
That is simple. Once you have purchased cyrptocurrency, you will be holding it in an electronic wallet, perhaps on an exchange. You would go to that exchange and sell out of that cryptocurrency, reversing the original transaction. It's like when you go to the bank and buy EUROS for your vacation. After the vacation you come back to the bank and sell them back the EUROS.
Can cryptocurrency be used to purchase products?
In the US, you can buy a SEC registered security (INX Limited is the first), and a myriad of shops, hotels and products now accept them as payment. Indeed, even PayPal now offers their customers the ability to buy and sell crypto through their app.
Where is cryptocurrency heading in 2021?
Cryptocurrency adoption is just getting started. There is a limited supply, with an exponential growing demand from institutions, retail and corporations. The more people learn about them, and the more they look to allocate their investment, then the higher in price the cryptocurrencies will go.
DIAMOND STANDARD—WHY BUY A RING WHEN YOU CAN BUY TOKENS?
Q&A with Douglas Borthwick
Feel pressure to propose this Holiday? Instead, stuff your loved one’s stocking with diamond coins that have the potential to grow as much as your love!
Word on Wall Street is that INX Limited will unveil the world’s first diamond commodity with the Diamond Standard Coin. Eyes will sparkle with the Coin, which is both a digital and physical asset: a standardized set of diamonds with a wireless chip.
The availability of the Coin on the INX platform is pending regulatory approval for the $25 million initial public commodity offering. A letter of intent has already been signed—which means everyone’s cryptocurrency wallet may be shining brighter this Holiday season.
We recently caught up with Douglas Borthwick, Chief Marketing Officer and Business Development Officer of INX Limited, and asked him questions to offer insight into cryptocurrencies and the bright future of finance that lies ahead in 2021.
Why invest in cryptocurrencies?
Cryptocurrencies are limited in number. The local currency you currently use in your daily life is infinite. Indeed whenever your government wants to keep the economy running, or pay for a new social program, it simply prints more currency. This has been exacerbated by COVID, where government safety nets are not being paid for by higher taxes, but rather by higher money printing.
Investors in cryptocurrencies see them as life rafts for wealth. If you have your savings in your bank, the purchasing power is decreasing by the day, and you make little to no yield. Indeed in some countries a negative yield. Meanwhile if you move your wealth into cryptocurrencies, you see your wealth remain afloat. You can earn a solid yield, and the purchasing power is increasing. Best of all, there is no government interference and there is limited supply.
What is a smart investment for people who are unfamiliar with investing more than just mutual funds and 401Ks?
Many investors are dipping their toes into crypto through investment vehicles like GBTC. This is a Trust company that purchases Bitcoin, and then via an investment vehicle offers exposure to its price moves to investors.
How can people dip their toes into investing in cryptocurrencies without risking too much?
The best way to not 'risk too much' is to only invest that which you are happy to lose. If the position size makes you uncomfortable, then reduce the position size.
If a person invests in a cryptocurrency, how can they "cash out" on the investment when ready?
That is simple. Once you have purchased cyrptocurrency, you will be holding it in an electronic wallet, perhaps on an exchange. You would go to that exchange and sell out of that cryptocurrency, reversing the original transaction. It's like when you go to the bank and buy EUROS for your vacation. After the vacation you come back to the bank and sell them back the EUROS.
Can cryptocurrency be used to purchase products?
In the US, you can buy a SEC registered security (INX Limited is the first), and a myriad of shops, hotels and products now accept them as payment. Indeed, even PayPal now offers their customers the ability to buy and sell crypto through their app.
Where is cryptocurrency heading in 2021?
Cryptocurrency adoption is just getting started. There is a limited supply, with an exponential growing demand from institutions, retail and corporations. The more people learn about them, and the more they look to allocate their investment, then the higher in price the cryptocurrencies will go.
Rapists To Get Life Imprisonment In Osun State
The Osun State House of Assembly has passed into law a bill recommending life imprisonment for rapists in the state.
Speaker of the Assembly, Timothy Owoeye, who made the disclosure, also said a 14-year jail term now awaited anyone, who attempted rape in the state.
He said the passage of the bill into law was to assist in curtailing the spate of rape that had become rampant in the state.
According to him, the bill having passed through evaluation at a public hearing was later considered by the House Committee before passing the third reading for approval.
He observed that the bill would charge the law enforcement agents to prosecute rape cases logically and implore the youth to desist from the ugly practice.
Obafemi Awolowo University Students Protest Rising Rape Cases In Nigeria, Demand Justice For UNIBEN Student Sexually Abused, Killed Inside Church
Some students of Obafemi Awolowo University, Ile-Ife, Osun State, on Tuesday took to the streets to protest incessant rape cases across Nigeria.
The students under the platform of "Concerned Great Ife Students" also used the opportunity to submit petitions to the Area Commander of Moore Area Command in Ile-Ife and the palace of Ooni of Ife, Adeyeye Ogunwusi.
According to the students, the rising spate of sexual violence in Nigeria was becoming alarming especially because most cases of sexual violence are not properly investigated and prosecuted.
Convener of Movement, Dunsin Olowolafe, during the protest said the students believed strongly that previous cases of sexual violence that had been swept under the carpet due to influence of authorities was partly responsible for the rising spate of sexual violence in the country.
Olowolafe said, "As recently seen some days ago when a 100-level student of the University of Benin, Uwaila Omozuwa, was violently raped in a church where she had gone to read while sustaining serious complications that later led to her death, we strongly believe that the reason why her rapist-killers could have been brazen in committing such atrocity was because of their knowledge of the poor record of the Nigerian security agencies and authorities in responding to and unravelling atrocities of such degree.
“A typical recent example is that of Olabisi Olaleye, a lecturer in the Department of International Relations, Obafemi Awolowo University, Ile Ife, who was accused by students of sexual harassment.
"Till now, the only thing that has been heard is a claim of his suspension by the university authorities with promise to intimate the public about the final verdict of the disciplinary panel.
"On this note, we call on the Nigeria Police Force to immediately take a prompt action on the need to end rape culture in Nigeria and we also demand that the rapist-killers of Uwaila Omozuwa be immediately brought to book. In order, to serve as a deterrent to other rapists that are still lurking around and a template of justice for rape victims."
A female student, who took part in the protest, Shallom Rotimi, said she was happy that the march held despite threats by security operatives.
She said, "I want to say that I am glad youths took the initiative to embark on the protest. There is need for more sensitisation about rape, what constitutes rape and consent. The law as regards rape must be amended and enforced.
"It is sad that till date the ratio of conviction compared to report are not balanced. People need to understand that the only cause of rape is the rapists. There is no excuse. Let's stop victim shaming and ultimately take steps to put a stop to the menace."
Abass Oyeyemi, who spoke for Reaching Minds Foundation, condemned the late reaction of the Ministry of Women Affairs to rape cases and general matters affecting women and young girls in the country.
He said, "This can be seen in the case of Uwaila. There's a need for non-governmental organisations to start orientating young boys and men that rape is as grievous as murder. We call on other NGOs to join us in this fight against rape."
Moore Area Commander received a petition from the students on behalf of Osun State Commissioner of Police, Undie Adie.
