DeFi News Official TheBitTimes.com

FCF Pay’s X account finds itself in a state of suspension due to the rampant spread of misinformation regarding its supposed “partnership” with Honda, an alliance that has never materialized. Honda, the prominent automobile manufacturer, does not accept cryptocurrency payments directly. However, individuals can still employ cryptocurrencies like Bitcoin as a means to acquire a Honda vehicle through third-party intermediaries. In early October, various publications erroneously claimed that Honda had begun embracing cryptocurrency as a valid payment method. Contrary to these reports, a Honda spokesperson clarified to Cointelegraph, saying, “American Honda does not accept cryptocurrency as a form of payment. The recent reports suggesting a shift in this policy are inaccurate.” When queried further about their stance on cryptocurrency or any prospective plans for integrating crypto payments, Honda chose not to provide additional comments. Despite the unavai...

Despite the hype surrounding cryptocurrencies, few people are using the digital asset for its intended purpose — payments. Cryptocurrencies offer several advantages to traditional money, including lower costs, faster transfers, and decentralized systems that do not collapse at a single point of failure. Despite these benefits, many people don’t consider digital currencies practical for everyday use. Moreover, the currently available crypto debit card solutions often require tedious transfers and incur high fees, making the process unfeasible for everyday users. Leading crypto exchange Bybit wants to change that, promising to make using cryptocurrencies more convenient and rewarding for users. There are more and more companies accepting crypto currencies as a form of payment . While there has been some institutional interest, it hasn’t been enough for most businesses to start accepting digital currency transactions. As a result, it is difficult for a cryptocurrency user to make purch...

The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. Nearly 18 months after launching its in-house central bank digital currency (CBDC), eNaira, Nigeria witnessed its massive adoption as national fiat reverses face severe shortages.  The acute Cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. While developing nations were among the first to acknowledge the importance of a CBDC in revamping fiat capabilities, the idea is yet to materialize. However, in the case of Nigeria, the lack of physical cash forced citizens to opt for the eNaira. In a country where cash accounts for about 90% of transactions, the value of eNaira transactions increased 63% to $47.7 million (22 billion naira), revealed a Bloomberg report. Moreover, according to Godwin Emefiele, governor of the Central Bank of Nigeria, the total...