Nigerians Seek Crypto Clarity
Hey folks.
Concern and optimism have been expressed over Nigeria's cryptocurrency sector. Industry participants have expressed that throughout the past year, the policies and actions of President Bola Tinubu's administration have left the sector unclear.
President Tinubu, in his campaign manifesto, pledged to legalize cryptocurrency and blockchain technology for Nigeria’s banking and finance sector. Because of its potential to give support to the fragile economy of the country, this decision was approved.
However, the recent actions by the administration against the crypto sector in the country have made the young population in Nigeria feel more bewildered.
An analyst at Quantum Economics, Olumide Adesina, shared in a statement, that there is a need for support and clarity to unlock the industry's potential.
Adesina stressed that the business has been briefly negatively portrayed by recent events, such as the crackdown on peer-to-peer (P2P) trading, the arrest of a Binance executive, and claims of currency manipulation by state officials. This is in spite of the high level of interest in Nigeria's young and dynamic population.
As previous presidents did with the banking sector, President Tinubu has a unique opportunity to shape Nigeria's emerging crypto sector, according to Nathaniel Luz, CEO of Flincap, a liquidity platform for cryptocurrency exchanges.
According to Luz, the crypto industry is maturing, and it is up to President Tinubu to decide how to proceed. Luz also stated that the administration hasn't done enough and more is expected.
Back in May 2023, the country's Securities and Exchange Commission published digital assets regulations, proposing the authorities were looking for a middle ground between a ban and a lack of regulation.
The Nigerian government started drafting new legislation in May 2024 that forbade P2P cryptocurrency exchanges that used the country's currency, the naira.
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