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Cryptocurrency discussions / Re: Crypto markets can exist without government permission
« Last post by JoyMarsha on May 14, 2024, 11:14:16 PM »Recently, Nigerian government lifted the ban on banks involved in crypto-enabled services. Of course, this is beneficial for the crypto market in this country, but even before this authorization, the crypto market in Nigeria was already very developed through P2P.The same ban that was lifted by the Nigeria government, a year ago, has turned out to be worse, that the same government that lifted the crypto ban is currently accusing the peer-to-peer trading of dollar to Nigeria currency(naira) on crypto exchanges like Binance, is guilty of making the dollar exchange to naira, the main cause why the dollar is increasing against the country currency(naira).
“The ban by CBN on Nigerian banks from aiding crypto transactions made P2P merchants dominant in the first place. The ban was supposed to stamp out Bitcoin and crypto use in Nigeria. Instead, the crypto community turned to peer-to-peer trades or sending payments directly to each other.”
Source: Nigerian crypto exchanges and P2P merchants brace for battle post ban lift.
Currently, the Nigerian government is against the trading of peer to peer of crypto exchange to the country's currency. Binance has deactivated peer-to-peer orders of USDT to naira