The chief marketing officer of the Flincap cryptocurrency exchange is optimistic despite the Nigerian cryptocurrency sector being at risk due to recent governmental raids.
Oladotun Wilfred Akangbe voiced apprehensions in an interview with Cointelegraph regarding the repercussions of these events on Nigeria’s standing in the global cryptocurrency market. Nevertheless, he observed that Nigeria has previously surmounted more formidable obstacles.
In February, the Nigerian government blocked local crypto users from accessing the websites of numerous cryptocurrency exchanges, including Binance, OctaFX, and others using the nation’s telecommunications providers.
Following this, authorities accused Binance of unlawfully transferring $26 billion from the country and invited the company to send representatives to discuss the matter.
In February, Binance executives Nadeem Anjarwalla and Tigran Gambaryan traveled to Nigeria in response to accusations that the exchange manipulated the naira, the country’s fiat currency.
Later, however, they were apprehended and formally accused of five counts of money laundering due to their consultation with Nigerian authorities concerning Binance’s regulatory concerns. Nadeem Anjarwalla eluded apprehension and was arrested in Kenya, where he is currently being extradited.
Akangbe noted that controversies are inevitable in Nigeria’s cryptocurrency industry due to the nation’s expanding cryptocurrency utilization. The speaker underscored Nigeria’s substantial global influence as a user of cryptocurrencies and an adopter of blockchain technology. Despite the obstacles, he maintains a positive outlook on the future of cryptocurrencies in the nation.
“We can turn it around by projecting the fact that we are one of the biggest users of cryptocurrency and adopters of blockchain across the globe. It is normal to have a few controversies in a place where there is so much massive growth. The future remains bright for cryptocurrency in the country.”
Akangbe observed that the prevailing sentiment in Nigeria concerning cryptocurrencies is a mixture of apprehension and anticipation. Amid the enthusiasm surrounding the potential of cryptocurrencies, apprehensions persist regarding regulatory frameworks, the volatility of cryptocurrencies, and the vulnerabilities to schemes and fraudulent activities.
Akangbe expounded that the prevailing uncertainties stem from the ongoing negotiations between the Nigerian government and critical participants in the cryptocurrency industry.
Local cryptocurrency analysts have voiced discontent regarding the government’s antagonistic stance towards cryptocurrencies in addressing the country’s foreign exchange predicament.
