{"id":219756,"date":"2023-12-27T23:39:45","date_gmt":"2023-12-27T18:09:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/nigerias-crypto-market-set-for-growth-predicts-yellow-card-crypto-news\/"},"modified":"2023-12-27T23:39:47","modified_gmt":"2023-12-27T18:09:47","slug":"nigerias-crypto-market-set-for-growth-predicts-yellow-card-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/nigerias-crypto-market-set-for-growth-predicts-yellow-card-crypto-news\/","title":{"rendered":"Nigeria’s Crypto Market Set for Growth Predicts Yellow Card – Crypto News"},"content":{"rendered":"

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Yellow Card, a crypto exchange operating in Nigeria, foresees a substantial increase in cryptocurrency usage in the country next year. The statement follows a recent circular by the Central Bank of Nigeria (CBN), which effectively lifted banking restrictions for all crypto players.<\/span><\/p>\n

Also Read:\u00a0<\/span><\/strong>Central Bank of Nigeria (CBN) Nullifies Banking Restrictions On Crypto Players<\/span><\/strong><\/a><\/p>\n

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Nigeria advocating regulation<\/span><\/h2>\n

Lasbery Oludimu, the Chief Data Protection Officer and Vice President of Legal, Commercial, and Product at Yellow Card,\u00a0<\/span>told<\/span><\/a>\u00a0Nairametrics that the CBN\u2019s decision would impact the outlook of the general public and traditional financial institutions towards cryptocurrencies.<\/span><\/p>\n

The official told the paper that the removal of the ban offers the regulator\u2019s recognition of digital assets to a certain extent.<\/span><\/p>\n

According to Oludimu, this regulatory change could lead to more cooperation between traditional financial entities and the cryptocurrency space.<\/span><\/p>\n

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Soon after CBN revised its stance on virtual asset providers, Yellow Card Exchange was among the first crypto trading platforms in Africa that noted it was actively looking for a license in Nigeria.<\/span><\/p>\n

Meanwhile, Quidax, another major cryptocurrency exchange in the region, announced the introduction of a complimentary bank account deposit and withdrawal service for its Nigerian clientele.<\/span><\/p>\n

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Highlighting the impact of the CBN\u2019s guidelines, Oludimu noted that they are likely to build trust and confidence for crypto businesses operating in the region.<\/span><\/p>\n

\u201cWith the new policy fostering a regulated environment, Yellow Card anticipates a surge in user adoption and engagement in the coming months,\u201d he said.\u00a0<\/span><\/p>\n

Nigeria might be one of the many countries moving towards regulating cryptocurrencies. This comes after the International Monetary Fund (IMF), in collaboration with the Financial Stability Board (FSB), cautioned against an umbrella ban on digital assets. The agencies advocated for targeted regulatory measures in a joint report this year.<\/span><\/p>\n

The global agencies also emphasized enforcing regulations around money laundering and terrorist financing (AML\/CFT) to address some of the risks in the sector.\u00a0<\/span><\/p>\n

Also Read:\u00a0<\/span><\/strong>Yellow Card Exchange to Seek Licensing as Nigeria Lifts Crypto Ban<\/span><\/strong><\/a>
Also Read:\u00a0<\/span><\/strong>Quidax Offers Free Bank Transfers for Crypto Transactions in Nigeria<\/span><\/strong><\/a><\/p>\n

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