In response, Beyonc করেছে temporarily suspended deposits in Nigeria’s Naira – the country’s local Fiat currency. Friday letter The Central Bank of Nigeria (CBN) instructs local banks to identify and close all accounts involved in cryptocurrency platforms or activities.
The CBN letter informed local banking companies that transactions in cryptocurrencies or payment for cryptocurrency exchanges were prohibited. 2017 Notification Statement Bitcoin (BTC) and other cryptocurrencies are not legal tender in the country. Although the move could have an impact on current and off-ramps, most of the country’s crypto trading takes place on peer-to-peer platforms and remains ineffective, according to Nigerian sources.
In this Statement, Benson announced the suspension of deposit services to its Nigerian Nair payment partners from Friday local time (GMT + 1) starting local time evening until further notice, stating that they are closely monitoring the situation.
The statement said, “Withdrawal services will remain normal and processing will continue but may take a little longer than usual.”
As the letter began to circulate on the Internet, Nigerian crypto users tweeted the hashtag #WeWantOurCryptoBack More than 26,000 times, according to data from Sproutsocial.
But crypto space professionals do not believe the panic will last, or that it will have any effect on crypto adoption.
Nigeria based software and blockchain engineer Tosin Olugbenga CBN may issue the directive to allow Nigerians to convert their earnings into cryptocurrencies due to the run-up of bitcoin prices in 2020 and the growing interest in global cryptocurrencies, he told Koynadesk.
“They are taking money from Naira to crypto. This is what the CBN saw and took the matter. It is not banning crypto trading. It’s just telling financial companies not to allow their platforms to buy or sell crypto on exchanges like format, “Olugbenga said.
Olugbenga added that most of Nigeria’s crypto transactions take place on peer-to-peer exchanges, so once the panic is over, the dice-down trade will continue as usual.
“This news has caused panic in the crypto space, especially for new crypto investors, but the real meaning of crypto is decentralization. [The] Most of Nigeria’s crypto businesses are peer-to-peer, ”Arnu Ugochuku, chief executive officer of DFI platform Zendand Finance, told Kindesk via an email.
So far, the CBN has not given an official reason for the sudden order which is sending panic on social media.
Nigeria’s latest government interested in space control: India is once again considering one Private cryptocurrency is prohibited. Meanwhile, European Central Bank President Christine Lagarde, Dr. Bitcoin facilitates questionable transactions and should be regulated worldwide.
Read the CBN letter below: