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CBN crypto ban and it advantages to stable coin in Nigeria

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Central Bank of Nigeria (CBN) sent out a circular prohibiting Banks, Non-Banks Financial Institutions (NBFIs) and Other Financial Institutions ( OFIs) in dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges.

The Nigeria Apex Bank go further to threaten sanctions on any banks or financial institutions that found breaching the directives.


The advantages of the crypto ban in Nigeria to stable coin

Looking at it critically, the move by CBN could be an advantage in boosting the use of cryptocurrencies in the most popular country in Africa also been the second-largest Bitcoin market on Paxful platform. some ways are listed below:

  1. Peer-to-peer (p2p) will flourish
  2. Merchants will ask to be paid directly in cryptocurrency, this will work perfectly for international transactions.
  3. If a stable coin with mass adoption in Nigeria could be converted to Bitcoin, Ethereum etc. Peer-to-peer would be easy locally and it would increase the mass adoption of cryptocurrencies usage.
Those people with Bitcoin and Altcoins can convert it and spend locally, a merchant that accepts stable coin would be able to convert it to bitcoin and also to dollars if need be. Because Bitcoin doesn't have the flexibility of exchange for commodities due to its scalability.

So there won't be any need for exchanging Fiat money (paper money).

What do you think about the Nigerian governments move on cryptocurrency? Give your comment.



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Comments

  1. Mikkyogbe6 February 2021 at 15:01

    It's a welcome development will have being long awaiting for this so here it comes but, you need to let our MERCHANTS know their FATE on this how BEST and PROFITABLE it's to their BUSINESSES.
    THANK YOU AMBASSADOR DARE...

    ReplyDelete

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