CBN crypto – DIGIT INFO

Nigerian Fintech Founder: ‘African Fintechs Have a Greater Scale Potential Than Other Tech Startups’

DIGIT — Mon, 09 May 2022 09:30:00 +0000

The African fintech industry has grown rapidly over the past few years and this has caught the attention of some well-resourced venture capital (VC) firms. As one would expect, Nigerian fintech startups have dominated the continent in terms of funds raised or the number of transactions performed. Nigeria’s Burgeoning Fintech Scene This dominance has convinced […]

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Nigerian Agencies Told to Stop ‘Demonizing’ Crypto Industry Players

DIGIT — Wed, 20 Apr 2022 07:30:07 +0000

Nigerian public and law enforcement agencies have been urged to “stop the demonization” of the blockchain and cryptocurrency industry. According to an association that advocates for the risk-based regulation of the crypto industry, financial institutions should not use a Nigerian central bank directive as basis for denying service to industry players. Risk-Based Regulation of Crypto […]

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Nigerian Blockchain Advocacy Group Says ‘Crypto Is Legit’ — Calls for Regulation of Industry

DIGIT — Mon, 07 Feb 2022 13:00:01 +0000

The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has said crypto is legit and must be regulated. The group adds that any such regulation should on one hand encourage innovation, but discourage bad actors on the other. Equal Access to Banking and Financial Services The Nigerian blockchain advocacy group, […]

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Nigerian Crypto and Blockchain Advocacy Group: Freezing or Closure of Bank Accounts Not Supported by Law

DIGIT — Tue, 23 Nov 2021 12:00:31 +0000

The Blockchain Industry Coordinating Committee of Nigeria (BICCON), has said it is not lawful for Nigerian financial institutions to arbitrarily freeze or close bank accounts belonging to individuals or entities accused of trading cryptocurrency. Affected Crypto Entities Told to Seek Legal Advice In a public statement issued on November 22, BICCON — a coalition of […]

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Central Bank’s Targeting of P2P Crypto Transactions Forces Startup to Quit Nigeria

DIGIT — Tue, 23 Nov 2021 05:30:01 +0000

The Nigerian startup behind the social payment app for cryptocurrency and fiat, Kurepay, says the Central Bank of Nigeria (CBN)’s current crackdown on crypto entities has forced it to suspend operations in Nigeria. ‘Horrible’ Year for Crypto Adoption According to a report by the Cryptoassetbuyer, this suspension of operations is set to commence at the […]

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Nigeria Central Bank Governor: Cryptocurrency Is a Product ‘Embedded in High Level of Illegality’

DIGIT — Thu, 18 Nov 2021 06:30:35 +0000

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has claimed that a majority of cryptocurrency transactions are embedded in illegality. He also asserts that there is no room for cryptocurrency in the Nigerian banking space. Pushback Against Endsars Protest Claims In his latest anti-cryptocurrency salvo that was published by the Punch, Emefiele however appeared […]

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Nearly 500,000 Nigerian CBDC Wallets Downloaded Since Launch

DIGIT — Wed, 17 Nov 2021 13:30:39 +0000

Nearly half a million e-naira wallets have been downloaded a few weeks after the central bank digital currency (CBDC) was officially launched by Nigerian President Muhammadu Buhari, the central bank has said. E-Naira’s Initial Trade Volumes In addition to the 488,000 wallets that have been downloaded, Osita Nwanisobi, who is the Central Bank of Nigeria […]

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Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies

DIGIT — Thu, 07 Oct 2021 12:30:00 +0000

Nigerians are hopeful the planned central bank digital currency (CBDC), also known as the e-naira, is going to enhance cross-border payments and make it “easier for the naira to be widely used and accepted.” E-Naira Launch a Boon for Cryptos In fact, according to a VOA report, some Nigerian blockchain experts like Janet Kaatyo believe […]

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Luno to Reinstate Deposit and Withdrawal Function for Nigerian Clients — Denies User Speculation

DIGIT — Sat, 18 Sep 2021 11:17:16 +0000

One of the African continent’s leading cryptocurrency exchanges, Luno, has told its Nigerian users that it is “in the process of reinstating deposit and withdrawal functions on our platform.” According to an email that was sent to Nigerian users, this reinstatement is expected to happen “in the coming weeks.” Luno Not in Direct Communication With […]

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