Crypto industry players in Nigeria who collaborated with the Central Bank of Nigeria (CBN) prior to the lifting of the ban on digital assets for banks and financial institutions on Dec. 23 are poised to lead the industry in the future, according to Nigerian finance professional Olumide Adesina.
Nigerian Crypto Innovators Thrive Amid Central Bank Ban
In an interview with Cointelegraph, Adesina emphasized that those who actively engaged with regulators and the CBN during the ban period, rather than resorting to criticism, are the biggest winners and are likely to be the early gatekeepers to the industry.
He noted that Nigerian cryptocurrency players who proactively worked with regulators achieved notable success in influencing the central bank to reconsider its initial stance.
Adesina acknowledged the CBN’s recent circular lifting the ban as a positive step. He explained that, with a renewed focus on financial stability, the central bank aims to open the country’s financial ecosystem to digital securities approved by local regulators. When asked about the potential impact of the ban lift on Nigerian crypto exchanges and peer-to-peer (P2P) merchants, Adesina pointed out that lukewarm activity on the NGN/USDT, a popular stablecoin, indicates a cautious approach among holders of stablecoins who are reassessing their strategies in light of recent altcoin surges.
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