Crypto:
29881
Bitcoin:
$68.405
% 1.02
BTC Dominance:
%52.7
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.405
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

Crypto War in Nigeria!

Crypto War in Nigeria

Crypto War in Nigeria! The Central Bank of Nigeria (CBN) caused excitement in the crypto community in Nigeria by announcing that it had lifted the restrictions on cryptocurrency transactions on December 22. The previous ban had highlighted P2P traders but with the new circular, the crypto community is now leaning towards peer-to-peer trading and direct payments.

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Crypto War in Nigeria

Nathaniel Luz, co-founder and CMO of Flincap, stated that the lifting of the ban is a significant plus for the industry, saying, “Crypto-fiat exchanges and P2P merchants will compete in the world’s largest crypto P2P market and the strongest will survive.”

Luz also commented on whether the new regulations would deter exchanges from entering the Nigerian market, saying that obtaining an SEC license could be difficult initially, but it would benefit the crypto industry in the long run.

This development contradicts the CBN’s ban on all financial institutions from providing services to crypto exchanges earlier in 2021. However, the new circular signals the beginning of a new era in the industry, showing the global demand and adoption of crypto shows the restrictions were unjust.


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