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Nigerian regulations fails to stop Crypto-trading.

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Nigerian Government’s consistent warning, fails to stop Bitcoin investments. On thirteen local exchanges, about $4 million worth of Bitcoin transactions, have occurred in a week, as per reports. After the Senate’s order to speculate and investigate the bitcoin trading, Nigerian regulators and lawmakers, have collectively decided to establish a rigid and firm stance on the Crypto Industry.
Not only the Government but a number of established organizations, have also made an effort to aware the public of Crypto world’s impending danger. In 2017, Nigeria’s Central Bank, clearly stated that any transactions with virtual money has to be done at one’s own risk since it isn’t a legalized tender. Even the Nigerian Insurance Corporation has warned the countrymen that consumer protection cannot be relied upon, when it comes to Crypto trading.
But despite being religiously informed about the cautions of the Crypto world, the Nigerian population have not altered their opinion about Cryptocurrencies. A continuous investment, even upto $4 million worth of Bitcoin has been reported in February, 2018.
With about 13 crypto-exchanges working in Nigeria, a total of $4.7 million transactions have occurred weekly, from the trading. Emeka Okoye, a software developer at Cymantiks Nigeria, petitioned the governmental bodies to consider their stance on the lawmaking. He also transparently stated that such speculative interests would only provoke and encourage, criminal use of Cryptocurrencies. He said,” It is an attitude of allowing innovation to move forward and let regulation follow. It is about the consumers and not about the players.”
Emeka Okoye openly criticized the regulations, saying, “Do they understand how it works? I can build a crypto exchange that is not domiciled in Nigeria and they cannot regulate it. I also have a foreign card and they cannot control what I do with it?”
HE further added that if cryptocurrencies get banned, chances of it being used for criminal purposes, shall increase. Banning it, will also imply as a hindrance for technology and in this fast-pacing, technology-driven world, putting down a barrier to a developing world is the last thing that he expects.

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