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- There are reports that Nigeria, a significant country in West Africa, is planning to ban financial institutions from facilitating peer-to-peer (P2P) cryptocurrency transactions.
- This move comes after the country’s National Security Adviser’s Office (NSA) classified cryptocurrency trading as a national security concern.
- Three fintech startups known for enabling P2P cryptocurrency transactions have reportedly been directed to block these transactions and report them to security forces.
Amidst growing concerns over national security, Nigeria is reportedly planning to ban P2P cryptocurrency transactions. This move could significantly impact the country’s fintech startups and the broader crypto market.
Nigeria’s Stance on Cryptocurrency
The speculation about Nigeria’s plan to ban P2P cryptocurrency transactions surfaced just a few weeks after the Central Bank of Nigeria (CBN) was forced to publicly deny a letter claiming to reverse a decision made on February 5, 2021. The country’s stance on cryptocurrency has been influenced in recent months by the NSA’s classification of cryptocurrency trading as a national security issue.
Implications for Fintech Startups
According to anonymous sources, three fintech startups known for facilitating P2P cryptocurrency transactions have been directed to block these transactions and report them to security forces. Tosin Eniolorunda, CEO of fintech startup Moniepoint, suggested that such a classification could indicate that Nigerian authorities are considering banning P2P cryptocurrency transactions. Eniolorunda also shared his views on why Nigerian authorities might want to block P2P transactions. He said, “The NSA found many accounts involved in crypto trading and blocked them. They were worried about fintechs being quick to open accounts and told us to stop opening accounts.”
Future Outlook
While no specific date has been mentioned for the implementation of the ban, an unidentified person quoted in the report claims that the announcement of the ban is expected soon. The potential ban on P2P cryptocurrency transactions in Nigeria could have significant implications for the country’s fintech startups and the broader crypto market.
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Conclusion
As Nigeria reportedly plans to ban P2P cryptocurrency transactions, the country’s fintech startups and the broader crypto market are bracing for potential impacts. With the NSA classifying cryptocurrency trading as a national security issue, the future of cryptocurrency in Nigeria remains uncertain.
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