We have assembled a few articles that focuses on Cryptocurrency in the Nigerian Space. These articles will aid you undertstand cryptocurrency and the recent developments around them in Nigeria.
Have a good read.
- Cryptocurrencies: Why Nigeria is a global leader in Bitcoin trade.
“More cryptocurrency trading goes on in Nigeria than almost anywhere else in the world, reflecting a loss of faith in more traditional forms of investment, as Ijeoma Ndukwe reports.” Click on the link to read more; https://www.bbc.com/news/world-africa-56169917
- Nigeria: Prohibition Of Cryptocurrency Transactions By The Central Bank Of Nigeria by Aderonke Alex-Adedipe and Olawale Atanda
“On the 5th of February 2021, the Central Bank of Nigeria (CBN)1 released a letter addressed to banks and other financial institutions which stated that dealing in cryptocurrencies and facilitating payment for cryptocurrency exchanges are prohibited. The CBN further instructed all banks and other financial institutions to identify individuals or entities who transact in cryptocurrency or operate cryptocurrency exchanges and close the accounts of such persons or entities….” Click on the Link to read more; https://www.mondaq.com/nigeria/fin-tech/1036556/prohibition-of-cryptocurrency-transactions-by-the-central-bank-of-nigeria
- Legally speaking: Blockchain and cryptocurrency in Nigeria by Yahaya Maikori
“Investment in blockchain faces the danger that when regulation does come, it will come from a dozen different directions with different restrictions stifling crucial technological development before it reaches fruition; while CBN has issued a statement on virtual currencies I believe that it is the duty of National Information Technology Development Agency (NITDA) to set a broad and predictable framework for the underlying technology that will form a basis for other agencies build their peculiar and unique regulations and guidelines around…..” Click on the link to read more; https://www.lawallianz.com/publications/legally-speaking-blockchain-and-cryptocurrency-in-nigeria/
- Nigeria Needs to Regulate Cryptocurrencies, Not Ban Them: Vice President by Chijioke Ohuocha
“Use of bitcoin, the original and biggest cryptocurrency, has boomed in Nigeria in recent years, especially among small businesses, as the weakening naira currency makes it difficult to get the U.S. dollars needed to import goods or services…..” Click on the link to read more; https://www.usnews.com/news/technology/articles/2021-02-26/nigeria-needs-to-regulate-cryptocurrencies-not-ban-them-vice-president
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