The decision of the Central Bank of Nigeria (CBN) to ban crypto companies from accessing the banking system has only increased the interest of citizens in digital assets, says Patricia Technologies, a local fintech company.
Patricia Technologies Marketing Director Rotimi Ogunwede said that the Central Bank’s actions only increased the awareness of Nigerians about cryptocurrencies.
“After a series of mass protests against police brutality in Nigeria, many young people were afraid to give their savings to banks and therefore turned to cryptocurrency. This even more pushed people to delve deeper into the topic,” says a local expert.
Instead of cracking down and banning, Nigeria’s central bank should have scrutinized the technology and found a way to regulate it, says Patricia Technologies spokesman. According to Ogunvede, the leading countries of the world follow this path.
The ban also affected the work of Patricia Technologies, one of the largest African fintech projects working with digital assets. The company had to move its head office to Estonia, where, according to Ogunvede, there is a more favorable atmosphere for cryptocurrency startups.
Last December, Nigerian Minister of State Planning Clem Agba urged the government to reconsider its attitude towards cryptocurrencies and create a special body to regulate them.
Source: Bits
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