Browsing: cryptocurrency exchange

On Friday last week, the Central Bank of Nigeria hit headlines after stopping banks and financial institutions from dealing in Cryptocurrency or facilitating payment for Cryptocurrency exchange.

People’s reactions

The move sparked outrage from mostly young people in a country that is the world’s second-biggest user of virtual currencies like Bitcoins.

CBN’s Position on Cryptocurrency 

CBN has, however, come out to explain why it banned cryptocurrency-related transactions in the country.

According to the apex bank, digital currency is used for money laundering and terrorism.

The regulator said this in a statement Sunday, days after affirming a 2017 directive to financial institutions to block cryptocurrency accounts.

In a statement issued by Osita Nwanisobi, acting director, corporate communications, the ban on such transactions will not have any negative impact on fintech.

Also Read: Why Bank of Tanzania is worried about cryptocurrencies

CBN maintained that its position on cryptocurrencies is not a peculiar …

Gareth Grobler is a digital currency entrepreneur and founded the cryptocurrency exchange iCE3X in 2013. He is a founding member of the UK Digital Currency Association. Gareth has over 15 years of experience in IT infrastructure & architecture development. He started iCE3X as a proof of concept and has been involved with other ventures including Merkeleon, a software company that builds exchange and processing software based out of Austria, with offices in Minsk and London. In this Q&A, Grobler provides clarity on developments in the industry within Africa and shares his views on cryptocurrency adoption on the continent. Edited excerpts follow:

What are the biggest obstacles for the mainstream adoption of crypto?

As humans, we are attracted to “easy”. Crypto is not easy because being your own bank requires responsibility and it is not something that is automatically within everyone’s skillset instinctively. As things progress and become more mainstream this …