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CDS Crypto News Nigerian Crypto Innovators Thrive Amid Central Bank Ban

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Nigerian Crypto Innovators Thrive Amid Central Bank Ban

Nigerian finance expert Olumide Adesina mentioned that the central bank intends to facilitate the inclusion of digital securities approved by local regulators in the country's financial ecosystem.

Ecem EFE28/12/20231 Mins read422

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.

Sources:cointelegraph

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.