Nigerian blockchain firms demands crypto guideline from central bank

12 Nov, 2018
by Fifi Arisandi
News
Nigerian blockchain firms demands crypto guideline from central bank

The Electronic Payment Practitioners Association of Nigeria (E-PPAN) requests for a clear guideline on crypto to invite more investors.

The rising of cryptocurrency in African countries, including Nigeria has bittersweet impacts. The country sees a significant increase in the number of new fintech businesses offering blockchain services, on the other hand, the lack of support from the government could potentially drive the target market away.

According to a report by Bitcoin Exchange Guide, the governor of the Central Bank of Nigeria, Godwin Emifiele is known for his reluctance in all things crypto, despite its impressive growth in the country.

The financial institutions in the country don’t recognize crypto as money nor medium of exchange, instead, they directly link it to volatility, fraud, money laundering, tax evasion, terrorism financing and other criminal activities.

Such mindset has made no clear regulations have ever been made in the country by authorized parties, which according to the The Electronic Payment Practitioners Association of Nigeria (E-ppan) would eventually drive potential investors away from the country.

With crypto's huge potential of bringing economic reformation to the country, the Nigerian financial authority is desperately in need of a mindset reformation to move the country's economy forward. 

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