By Ikenna Igwe In the last four years, cryptocurrencies especially Bitcoin have become ubiquitous, prompting both global and domestic monetary authorities to devise a means to regulate and accept their usage. In Nigeria alone, the crypto market has expanded so much that the volume of Bitcoin traded monthly is estimated at $200mn according to Buycoin, … [Read more…]
Cryptocurrency has become a widely acceptable means of payment with greater capacity and faster settlement than other traditional financial structures. It is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions. Cryptocurrency market was started by … [Read more…]
A new Central Bank of Nigeria directive, dated February 5, 2021, has ordered all deposit money banks, non-bank financial institutions and other financial institutions that have opened windows for dealing in cryptocurrencies or facilitating payments for such currencies to close them down. It also demands that “persons and/or entities transacting in or operating cryptocurrency … [Read more…]