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Will Crypto come to life in Nigeria?

Will Crypto come to life in Nigeria

Godwin Emefiele is the Central Bank of Nigeria governor. He expressed confidence that cryptocurrencies like Bitcoin will be legal. According to a Business Insider report on Wednesday, he attended the 279th meeting of the monetary policy committee in Abuja.


However, he did not directly mention a decision to reverse the CBN’s February ban. The ban of Institutions from buying and selling Crypto. Instead, he made a note that the bank has been investigating the industry.


CBN


In addition, he said that they are committed to the CBN. Moreover, can assure everybody that digital currency will come to life even in Nigeria. Moreover, Nigeria stands second in cryptocurrency and Bitcoin while it stands at 27th on the economy’s global side.


He also said that the Nigerian government would do its best to prevent Crypto from financing illicit activities. However, he also added that a substantial percentage of people are getting involved in cryptocurrency. This may not be the best.

According to him, there might be some illegitimate transactions. He also spoke about the concerns over the Crypto market crash in mid-may. Emefiele said that the Elon Musk, the CEO of Tesla has primary attribution in the collision. He decided to suspend Bitcoin payment for cars, and further criticized BTC.


Second Biggest Source

He also said that there was a market collapse. According to previous reports, Nigeria has emerged as the second-biggest source of Bitcoin trading volume in Africa as of August 2020. It is also becoming one of the fastest-growing Crypto markets in the world.


According to Bitcoin P2P Marketplace Paxful data Nigeria is ranked second to the United States. This place is in trading volume as of December 2020.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.