Nigeria is The Bright Face of Cryptocurrencies in Africa

in HODL2 months ago

A senior official in the Central Bank of Nigeria "CBN" denied allegations that the bank had prevented the flow of forms of cryptocurrency, as indicated by the media of the neighborhood.

The bank protected the financial district from cryptocurrency, and did not restrict the path towards the exchange of computerized monetary standards themselves.

The explanation comes more than a month after the Central Bank of Nigeria contacted all banks to quickly drop their administrations for customers buying, selling or exchanging forms of cryptocurrency, with the justification for this choice is murky.

CBN has not placed restrictions on the use of forms of cryptocurrency, nor do we prohibit individuals from exchanging it.

What we just did is prevent cryptocurrencies in the financial sphere.

However, these words should not be taken as the Nigerian government for forms of cryptocurrency.

Dan Holdings, head of the Coins App, the speculative organization, explained that the National Bank has no jurisdiction over who can exchange digital forms of money from the start.

The digital currency movement in Nigeria is based on the Nigerian Securities and Exchange Commission website.

Last September, the Nigerian Securities and Exchange Commission announced designs to manage the cryptocurrency zone by scanning digital currencies as a safeguard until something else was revealed.

Despite administrative weakness, Nigeria is often called the Bitcoin Nation of Africa as the amount of digital money in the country exceeds most of the different countries on the planet.


Nigerian cryptocurrency industry after the boycott:

It has been somewhat more than a month since the Central Bank of Nigeria imposed the ban on monetary organizations operating cryptocurrency organizations.

However, the Nigerian cryptocurrency industry is not dead.

The work demonstrated adaptability and rapid diversity through the creation of distributed phases of exchange.

This is not an easy thing to accomplish in one to two months.

Despite the Central Bank of Nigeria's explanation, arrangements are still advancing and developing rapidly, so the boycott has not completely affected the exchange of digital money in Nigeria.


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What coins are being used in Nigeria? I would expect that BTC is only used as a store of value and not as a means of exchange; the same for eth.

I would love to be aware of any token or coin that would take off in an India or Nigeria. To paraphrase another saying: "If a coin could make it there, it could make it anywhere."