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It seems a little bit of florals are beginning to plant vines back to the Nigerian social fabric and crypto space.
It was only a couple of days ago when the so not heart warming love letter rip a hole through the hearts of the crypto community in Nigeria, rolling out a memo through its Apex financial arm, the Central Bank of Nigeria restricting Crypto-USD pegged exchange organisations and individuals alike from depositing into and withdrawing Fiat money from crypto trading.
The world has gone big on cryptocurrency adoption and even multi-facet financial institutions are biting into the dip, with major e-commerce and peer to peer payment merchants like PayPal, MasterCard and Visa currently biting into the steak. It will be unwise to be blind to the huge potentials it holds for the government in outsourcing for foreign investments and developments.
Besides the Asian market, Africa happens to be the next largest demographic to gain a lot from the utility and use cases of the blockchain technology and cryptocurrency.
There is no doubt that the poverty rate in Africa with Nigeria inclusive have been so high and mooning since the last millennium and doubled with the presence of the covid-19 outbreak and lockdowns.
Invariably adding to one of the reasons why there are reduced foreign investment activities, it is of no doubt that in the past a lot of foreign firms who looked into Nigeria as an investment Haven ran scared of the incessant limited supply of electro-power, kidnaps of foreign expatriates and the inflating price tag on it's alternative source of electro-power supply, PETROL. It would be really bad to get a second chance at it, and completely just wave it off.
And i believe these are some salient points that has led to the Nigerian government in taking a pause on the regulation of the cryptocurrency market in it's residing economy.
In a recent report, the Nigerian Security And Exchange Commission has come to the realization that they can not afford to ignore the $1.74 Trillion cryptomarket. And stated that it has been part of their desires to provide a regulatory framework to address the existing and rising challenges. And they see crypto as a vehicle to drive in foreign direct investment.
If all of these isn't just pillow talk of sweet nothings and more of a foreplay to stare up interest for foreign direct investment and all round development then there is a lot of blissful mornings to wake up to.
Bitcoin has already had a lot of mural paints on cathedral windows in Africa depicting epistles of testimonies kissed by God's grace, turning stories into success excel powerpoint slides.
And it's no doubt that it's hard fork token Bitcoin Cash has been following religiously in it's crusade. If you a citizen of noise.cash and read.cash you can already attest to such uplifts.
And with IOHK and Emurgo's SMART Africa initiative to be powered by Cardano, there is definitely a lot to look forward to.
In the hearts of Ethiopia, inspiration from Cardano's Atala PRISM has helped to birth a more advanced facial and ID recognition biometric system for the Ethiopian government. And as we await the start of Mary, Cardano's hard fork combinator and the goguen era both slated for a March release, a recent AMA session with Charles Hoskinson reveals that the IOHK company behind Cardano foundation has signed a memorandum to create a utility backed token for the Ethiopian government to allow for easier payment gateways for electricity bills and other utilities.
I do hope that the Nigerian government along with its SEC and Central Bank can see the possibilities that lie in wait for them if they can adopt an healthy use of cryptocurrency.
One of its very visible potentials in the nearest future is enjoying the Emurgo x Cardano ATALA PRISM framework identity recognition systems, along with the other perks to come with SMART Africa of which Nigeria is a candidate.
And it seems Binance Smart Chain, one of the most acclaimed crypto exchange and spot trading platform isn't trying to catch in late on this move. Binance Nigeria recently rolled out options to trade cryptocurrency against it's local currency Naira and access to make withdrawal directly to a Naira denominated bank account. But can't really say if it will stand the test of time as it might likely mirror a refraining image from the current Central Bank Of Nigeria rulings on cryptocurrency.
With DeFi platforms offering more farm yields to harvest in contrast to the low yield ROI(s) banks are offering, it would probably be a brain dead idea to sleep on it.
What are your thoughts on these though?.
Hmm, haven't got the slightest most current clue on the climate in India regarding cryptocurrency regulation. Last time i checked, there were talks on taking a review on it, hopefully it's in a good direction. And in view of the above, hopefully less restrain will be drawn from the crypto regulation in Nigeria.
We are already in the digital age, cryptocurrency and digital assets are inevitable to ignore, invariably the whole world is gonna have to bend the knee.