Can anyone recall when crypto trading was common with Nigerian banking system? Commercial banks and micro finance banks were constantly engaging on cryptocurrency transactions without restrictions earlier time but things changed.
Nigerian central bank ( CBN ) issued warnings to several banks, restraining them from engaging on crypto trading. Citing that; crypto is the main reason why it's fiat currency ( Naira ) constant devaluation. Such led to further risks surrounding crypto evolving around member to member transactions. Now, it is very difficult to use the local banks in Nigeria to buy/sell crypto, due to regulatory restrictions/guidelines by which CBN set for their customer banks regarding cryptocurrency transactions.
The restriction CBN gave to commercial banks or any banking company in Nigeria affected customers respectively. So, users are staying anonymous here in Nigeria just to involve in crypto trading. And furthermore, CBN government worked hand in hand with Nigerian security and exchange commission ( SEC ) to crack Peer to Peer ( P2P ) exchanges offering Nigerians chance to make use their platform for buying/selling of crypto assets.
Crypto trading doesn't only involve buying and selling, we use crypto for several utility choices, but Nigerian government has seen it like a space fully occupied by scammers. Crypto isn't used for fraudulent practices, only the so-called dark web users often use it for illicit purposes. Crypto has several use cases, which has reduced high rate of unemployment here in Nigeria, lifting lots of people in Nigeria from poverty.
When users confronted the Nigerian Security and Exchange Commission ( SEC ), if crypto is illegal/banned in the country, there response was; crypto isn't banned even if there are several illicit activities going on around the space. We are going to regulate the space, and make it a safe and conducive environment for good Nigerians to trade safely. And hopefully, it will be an added
income generation to the country's finances due to "Value Added Tax" ( VAT ) that will be imposed on crypto exchanges to operate with.
At the moment, crypto is still bright within Nigerian crypto lovers, no love lost via the digital assets. Just that, banks are being strict due to everyday transactions going around their system. Couple with the restrictions by CBN and it's anonymous nature of crypto.
What does the future holds for crypto trading in Nigeria?
Do you think it is going to be scrapped entirely by the Nigerian government as tension grows further due to it's anonymous nature?
Nigerian central bank ( CBN ) issued warnings to several banks, restraining them from engaging on crypto trading. Citing that; crypto is the main reason why it's fiat currency ( Naira ) constant devaluation. Such led to further risks surrounding crypto evolving around member to member transactions. Now, it is very difficult to use the local banks in Nigeria to buy/sell crypto, due to regulatory restrictions/guidelines by which CBN set for their customer banks regarding cryptocurrency transactions.
The restriction CBN gave to commercial banks or any banking company in Nigeria affected customers respectively. So, users are staying anonymous here in Nigeria just to involve in crypto trading. And furthermore, CBN government worked hand in hand with Nigerian security and exchange commission ( SEC ) to crack Peer to Peer ( P2P ) exchanges offering Nigerians chance to make use their platform for buying/selling of crypto assets.
Crypto trading doesn't only involve buying and selling, we use crypto for several utility choices, but Nigerian government has seen it like a space fully occupied by scammers. Crypto isn't used for fraudulent practices, only the so-called dark web users often use it for illicit purposes. Crypto has several use cases, which has reduced high rate of unemployment here in Nigeria, lifting lots of people in Nigeria from poverty.
When users confronted the Nigerian Security and Exchange Commission ( SEC ), if crypto is illegal/banned in the country, there response was; crypto isn't banned even if there are several illicit activities going on around the space. We are going to regulate the space, and make it a safe and conducive environment for good Nigerians to trade safely. And hopefully, it will be an added
income generation to the country's finances due to "Value Added Tax" ( VAT ) that will be imposed on crypto exchanges to operate with.
At the moment, crypto is still bright within Nigerian crypto lovers, no love lost via the digital assets. Just that, banks are being strict due to everyday transactions going around their system. Couple with the restrictions by CBN and it's anonymous nature of crypto.
What does the future holds for crypto trading in Nigeria?
Do you think it is going to be scrapped entirely by the Nigerian government as tension grows further due to it's anonymous nature?
