Nigeria Can Kickstart New Business Climate With Potentials of Cryptocurrency - Fintech expert
- Wale Fakorede, an expert operating in the fintech industry, is canvassing for the government to consider the potential of cryptocurrencies
- Instead of singling out cryptocurrencies as a disproportionate threat, he wants the government to enhance regulatory measures across all financial systems
- He maintained that the new government has the chance to put Nigeria on a course for long-term progress and prosperity by taking on these obstacles head-on
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
A Fintech expert, Wale Fakorede, has called on the federal government to kickstart a new business climate in Nigeria by reflecting the true story of cryptocurrencies.
Source: UGC
Fakorede, a Lagos-based crypto trader, said the image of financial transaction technology has been so brutalised in Nigeria that the consequences are telling on the aggregate economy.
However, he wondered why the government has not changed its perception when cash remains the most prevalent means of conducting illegal activities in Nigeria, despite recent claims linking cryptocurrencies to illicit activities, such as terrorism funding.
Fakorede said he aligned with several other experts in financial matters, who have said that enhancing regulatory measures across all financial systems is essential to preventing misuse rather than singling out cryptocurrencies as a disproportionate threat.
He advised the present government to use the opportunity of the first anniversary in office to address the pressing issues of government transparency and economic integrity.
He argued that by confronting these challenges head-on, the new government has the opportunity to set Nigeria on a path towards sustainable growth and prosperity.
He said:
"Upholding transparency, accountability, and integrity as non-negotiable prigovernance principles essential to rebuild trust, attract investment, and pave the way for a brighter business future for all Nigerians.
Recall that the Central Bank of Nigeria recently lifted its restrictions on cryptocurrency transactions in commercial banks.
This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003 and signed by Haruna Mustafa, the apex bank's director, financial policy and regulation department.
Another crypto exchange suspends naira card
Legit.ng reported that popular cryptocurrency exchange KuCoin stated on Wednesday, May 15, that its fast-buy service using naira cards and peer-to-peer naira services would be temporarily suspended.
The decision was made just a few weeks after the Nigerian Securities and Exchange Commission met with important national cryptocurrency players and advised them to stop trading naira to naira P2P due to the naira's present instability.
Although KuCoin stated that the suspension was due to ongoing efforts to improve its services, many people think the action was taken in response to regulatory pressure from the Nigerian government.
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Source: Legit.ng
