Authorities in Nigeria have been told to consider upgrading the country’s cryptocurrency regulatory guidelines because current regulations are not consistent with the realities on the ground. According to legal experts, the growing interest in cryptocurrencies by Nigerians means the country needs to have “clear-cut guidelines” for the industry.
Nigerians Continue to Defy Central Bank
Legal experts who spoke at a two-day workshop recently held in Nigeria have urged authorities to consider upgrading the country’s cryptocurrency regulatory guidelines. The experts argued that such an upgrade is needed because Nigerians have largely ignored current regulations that seek to stifle trade or investment in crypto.
As recently reported by Bitcoin.com News, Nigerians are skirting the central bank’s restrictions on crypto trading or investment by using peer-to-peer trading platforms. For example, in just the first of half 2022, Nigerians using Paxful — a peer-to-peer crypto exchange — are...
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