CBN crypto ban and it advantages to stable coin in Nigeria





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 sanction on any banks or financial institution 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 uses of cryptocurrencies in the most popular country in Africa also been the second largest Bitcoin market on Paxful platform. some ways 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 like Pinkoin 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 to pinkoin and spend pinkoin locally, a merchant that accepts pinkoin would be able to convert pinkoin to bitcoin and also to dollars if need be. Because Bitcoin doesn't have the flexibility of exchange for commodity due to its scalability.

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

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



Spread the news:
Subscribe to our channel

Comments

  1. 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

Post a comment

Inksledger Financial System

My photo
Enato Dare
Enato Dare is a Digital Marketer, Cryptocurrency lover writer at Enat DigitalBiz, who love to share information about digital activities to the public through his blog.