Lasbery Oludimu, chief data protection officer and vice president of legal, business, and product at Yellow Card, stressed that working with traditional financial institutions to investigate prospects in the cryptocurrency field could be encouraged by the central bank rules.
Nigerian cryptocurrency market With regard to the Central Bank of Nigeria's (CBN) new recommendations easing the restriction on cryptocurrency transactions, Yellow Card sees this as a chance for more legitimacy and integration with the conventional financial system and its interactions with cryptocurrency, which might lead to an increase in its user base.
Lasbery Oludimu, the vice president of legal, business, and product at Yellow Card and chief data protection officer, stated in an interview with Cointelegraph that more banking assistance will bring about a shift in the peer-to-peer sector, which was once dominated during the ban. This change might encourage innovation and competitiveness in Nigeria's cryptocurrency market.
Oludimu affirmed that the exchange anticipates a surge in the use of cryptocurrencies in Nigeria in 2024 as a result of the CBN's new regulations and the relaxation of the country's ban on them. According to her, this instruction would guarantee and make possible a better organized and controlled setting for cryptocurrency transactions.
According to the Yellow Card CEO, the ecosystem will benefit from increased competition and improved transaction efficiency brought about by banks reentering the market. Oludimu stressed that the CBN recommendations might promote cooperation between conventional financial institutions and startups in the cryptocurrency field, opening the door to more cooperation and integration between digital assets and traditional banking.
Oludimu emphasized the benefits of the CBN rules, saying that they establish a regulated atmosphere that increases confidence and trust in the Nigerian cryptocurrency industry. With the legislative framework providing clarity, Yellow Card anticipates higher user uptake and engagement, drawing more people and businesses to the cryptocurrency area in the upcoming months.
Oludimu states that Yellow Card intends to introduce creative solutions in line with the recently enacted rules, pursue strategic alliances, expand its user base, and advance Nigeria's digital assets ecosystem.
Oludimu emphasized the benefits of the CBN rules, saying that they establish a regulated atmosphere that increases confidence and trust in the Nigerian cryptocurrency industry. With the legislative framework providing clarity, Yellow Card anticipates higher user uptake and engagement, drawing more people and businesses to the cryptocurrency area in the upcoming months.
Oludimu states that Yellow Card intends to introduce creative solutions in line with the recently enacted rules, pursue strategic alliances, expand its user base, and advance Nigeria's digital assets ecosystem.
On December 22, 2023, the CBN published guidelines for digital assets, enabling providers of virtual assets services—including cryptocurrencies and crypto asset organizations—to open accounts with Nigerian banks.
The central bank had prohibited banks and other financial institutions from managing accounts for cryptocurrency service providers two years prior.
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