Nigerians Declare War on Cryptocurrency Scam
Cryptography Development Initiative in Nigeria (CDIN) has created a platform called the “Nigeria Blockchain Alliance” (NBA) which brings together law enforcement agents, legal practitioners, forensic investigators and government agencies among others to collaborate in the fight against cryptocurrency related crimes within the country. The President of CDIN, Adeolu Fadele, tells Cointelegraph that this development is in support of the government’s efforts in fighting electronic fraud in Nigeria and to prevent fraudsters from giving the country a negative reputation in the new generation of....
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A rule in Nigeria banning financial institutions from facilitating cryptocurrency activity has elicited a range of reactions from citizens. The post How Nigerians Are Reacting To The Cryptocurrency Ban appeared first on Bitcoin Magazine.
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin. The post Nigerians Need Bitcoin, So Where Will The Restrictions Lead? appeared first on Bitcoin Magazine.
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin.
Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency Substitution According to a report, this preference for foreign currencies (or currency substitution as CBN economists call it) however, needs to be contained in order to maintain the effectiveness of the central....