The Central Bank of Nigeria (CBN) has lifted its ban on cryptocurrency transactions for banks in the country.
Pan-African cryptocurrency trading platform Yellow Card Exchange is looking into obtaining a license in the most populous country in Africa, following the Central Bank of Nigeria’s (CBN) decision to lift the restriction on cryptocurrency transactions for banks operating within the country.
Yellow Card Exchange is a trading platform seeking to take over Africa. As such, it is looking at ways to obtain licensing in order to capitalize on the first-mover advantage.
Though Yellow Stone is a major player in Africa and provides experiences akin to Jack Dorsey’s Cash App, its presence in Nigeria has been restricted due to unclear regulatory frameworks.
The exchange’s director of product management, Ogochukwu Umeokafor, has stated that this tendency is about to alter. “You’ve waited for something and it has come true and we’ll jump on it immediately,” Ogochukwu said in a phone interview with Bloomberg.
“We want a regulated environment because it’ll help the business move; it will help people have more confidence in doing business with us.”
The exchange has begun requesting permission from the Nigerian Securities and Exchange Commission (SEC) to conduct business; however, this action has been delayed since the company needed to keep a working corporate account, which was not feasible according to the previous position of the CBN.
Commercial banks in the nation can now create accounts for Virtual Assets Service Providers (VASPs) after the restriction was lifted, and cryptocurrency dealers won’t have to worry about their assets being taken as was previously the case.
In addition to Yellow Card Exchange, other trading platforms may enter the Nigerian market to take advantage of the country’s extremely tech-savvy populace.
Nigeria Will Take Back the Lead in CryptoNigeria may now genuinely assume the lead as the principal hub for cryptocurrency trading on the African continent, as the restriction has been lifted. Various reports compare Nigeria’s cryptocurrency trading figures to those of other major worldwide hubs, such as Brazil and Indonesia.
In keeping with the nation’s inclinations toward the rapidly developing cryptocurrency space, the CBN was the first major bank in Africa to introduce the e-Naira, or Central Bank Digital Currency (CBDC).
The general public’s favorable attitude toward Bitcoin has drawn a number of humanitarian initiatives to the massive West African platform. These trends are here to reposition the country as the true pioneer in the crypto ecosystem.
