Yellow Card Sees Bright Future for Crypto in Nigeria Following CBN's Regulatory Changes
Summary:
Nigerian crypto exchange Yellow Card perceives the Central Bank of Nigeria's new regulatory changes, which lift the crypto transaction ban, as fostering more legitimacy and integration with the conventional financial system. The decision might also potentially broaden the exchange's user base. According to Lasbery Oludimu, Yellow Card's Chief Data Protection Officer, cryptocurrency usage in Nigeria is expected to rise from 2024, thanks to the new regulations. She also notes the positive impact of the guidelines, anticipating increased user adoption, interaction, and the growth of Nigeria's digital asset ecosystem. The platform plans to form strategic alliances and introduce innovative solutions that align with the new rules.
Nigerian cryptocurrency exchange, Yellow Card, views the Central Bank of Nigeria (CBN)'s recent regulatory changes, which lift the ban on cryptocurrency transactions, as a chance for further legitimization and integration into the conventional financial system. In a conversation with Cointelegraph, Yellow Card's Chief Data Protection Officer and the Head of Legal, Commercial, and Product Development, Lasbery Oludimu, stated that this development may potentially broaden their customer base. She highlighted that the peer-to-peer (P2P) market, which flourished under the ban, could transition with enhanced banking support, encouraging competition and innovation within the nation's crypto arena.
According to Oludimu, the exchange predicts that the usage of cryptocurrencies in Nigeria will surge from 2024, given the CBN's regulatory amendments allowing cryptocurrency transactions. She mentioned that this directive would create a structured and governed framework for cryptocurrency dealings.
In her view, the reintegration of banks into crypto transactions would spark increased competition and improved transaction efficiency, which could only be beneficial for the ecosystem. Oludimu believes that these regulatory modifications may prompt cooperation with conventional financial institutions to tap into opportunities in the crypto sector, thereby facilitating a more harmonious relationship between traditional and digital finance. She said, "This decision is a stride towards fostering innovation, creating a positive environment for legitimate businesses like Yellow Card, thereby benefiting users, accelerating crypto adoption in Nigeria, and enriching the broader crypto ecosystem."
Speaking on the benefits of the CBN's new regulations, Oludimu emphasized that it provides a regulated structure, enhancing consumer confidence in Nigerian cryptocurrency enterprises. Given the clarity offered by the regulatory framework, Yellow Card anticipates a surge in user adoption and interaction, attracting more individuals and firms into the crypto realm.
Oludimu shared that Yellow Card intends to establish strategic alliances, attract more users, and contribute towards the progress of Nigeria's digital asset ecosystem by creating innovative solutions in accordance with the newly formulated rules.
In a shift of policy, CBN issued guidelines permitting virtual asset service providers (VASPs), encompassing cryptocurrencies and other digital asset organizations, to operate accounts with Nigerian banks on December 22, 2023, two years after restricting these institutions from doing so.
Published At
12/30/2023 1:38:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.