1. Cryptocurrency in Nigeria. 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. Paul is the current Chairman of SIBAN (Stakeholders in Blockchain Technology Association of Nigeria). However, Crypto Assets were defined in the Statement as: World Nigeria's cryptocurrency crackdown causes confusion. Definition and Categorization of Cryptocurrency. Nigeria — the world's second-largest Bitcoin market after the United States — has banned the trading of cryptocurrencies. Government concerned about protesters using donations collected from Bitcoin Just recently, the Vice President of Nigeria, Yemi Osinbajo became the most important voice in the government on the side of the crypto market.. During a presentation at the Bankers Committee conference, he suggested that the country’s financial regulator, the Central Bank of Nigeria (CBN) may be acting in fear rather than knowledge in putting prohibitions … Nigeria’s interest in cryptocurrency hit a peak during the summer of last year (of about $20,504.50), touching the highest peak since early 2018. Why Cryptocurrency Most people invest in crypto for 2 reasons, to make money, and to hedge against the banks. In other news, WITHIN NIGERIA reported that Governor of the Central Bank of Nigeria (CNB), Godwin Emefiele on Tuesday appeared before the Senate to defend the ban on cryptocurrency trading in the country. https://africancryptonews.com/2020/07/15/cryptocurrency-in-nigeria Cryptocurrency matters in Nigeria, today, cannot be discussed without having Paul Ezeafulukwe at the forefront. Trading in cryptocurrency in Nigeria is becoming very popular and can be a profitable idea for investment; we even have full time crypto traders who … Nigeria former Vice president Atiku Abubakar and odas don react to di Central Bank of Nigeria order to close Cryptocurrency traders account. Cryptocurrency was not defined by the Statement, so until regulations regarding cryptocurrency have been published by the Commission, the general description of cryptocurrency still applies In Nigeria 5. In 2020, Bitcoin (BTC) trading volume in Nigeria, was twice as large as that of the entire Eurozone. In 2020, Nigerian citizens traded over $400 million worth of cryptocurrency on various domestic exchange platforms. The first reason is self-explanatory, but the second reason is why there has been a massive crypto boom in Nigeria. Lagos, Nigeria – When the Central Bank of Nigeria (CBN) issued a circular in early February warning banks and financial institutions that “facilitating payments for cryptocurrency … Nigeria is the second global leader after the United States in terms of cryptocurrency trading, and the digital currency industry is booming in Africa's giant economy.
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