Author Topic: Nigerian SEC to 'Delist' Local Currency From P2P Crypto Trading Platforms (Read 170 times)

sirty143 · « **on:** May 08, 2024, 03:17:59 PM »

Nigerian SEC to 'Delist' Local Currency From P2P Crypto Trading Platforms

The Director General of Nigeria’s Securities Regulator has announced plans to delist the local currency from peer-to-peer cryptocurrency trading platforms in the coming days. He insisted that the decision to delist the naira aims... See more for yourself here.

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Rruchi man · « **Reply #1 on:** May 09, 2024, 08:09:36 PM »

Quote from: sirty143 on May 08, 2024, 03:17:59 PM

The Director General of Nigeria’s Securities Regulator has announced plans to delist the local currency from peer-to-peer cryptocurrency trading platforms in the coming days.

We are waiting for this to be enforced, then we will know the our next step.

Our government feels like P2P crypto platforms are the cause of our currency losing its value in the international market, so after this step we will see how our currency will perform, and the more excuses that they will give for their failures.

yhiaali3 · « **Reply #2 on:** May 09, 2024, 09:59:38 PM »

Quote from: Rruchi man on May 09, 2024, 08:09:36 PM

Our government feels like P2P crypto platforms are the cause of our currency losing its value in the international market, so after this step we will see how our currency will perform, and the more excuses that they will give for their failures.

Unfortunately, failed governments are trying to find anything to pin their mistakes and failed policies on. Is it possible that P2P crypto platforms are the reason for the naira losing its value in the international market? How much are these trades originally? They are really clowns.

Months ago, the Nigerian government also tried to accuse Binance of being the reason for the decline of the naira. It is clear that they want any reason to justify their failure.

Captain Corporate · « **Reply #3 on:** May 09, 2024, 10:01:06 PM »

What are we going to end up with is just alts to bitcoin type of thing or alts to alts? I mean I am not Nigerian so this doesn't matter to me but if you remove the local currency from p2p then only things left would be altcoins and bitcoin and nothing else. Sure that is not bad neither and definitely good to have, but it is not as good as having local currency. Look at the volumes n teh world and you will see that most of the money is in pairs with either stablecoins or with local currency, that makes it a lot better and more profitable. Having this type of ban makes absolutely no sense to me at all.

joniboini · « **Reply #4 on:** May 10, 2024, 06:27:33 AM »

So do they share any research on how the manipulation happens? It is wild to imagine that P2P transactions in the crypto market are why their national currency fails. I'd like to see how they collect the data. It would be disappointing if the data came from forcing two different graphs together. That would feel cheap, and unfit for national planning since I expect those kinds of analyses from mainstream media instead.