Nigerian authorities have turned their focus to cryptocurrencycurrency exchanges, accusing them of weakening the naira, amid the country’s present struggles with inflation rates that are approaching 30 percent and a fast declining naira. But this has spurred discussion among the country’s cryptocurrencycurrency sector.
Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), thinks it is incorrect to hold cryptocurrencycurrency platforms responsible for the naira’s depreciation. Rather of total ban, he suggests better regulations as a substitute.
In a remark, Iwa Salami, an associate professor at the University of East London, echoed this line of reasoning. Although digital currency has never been the cause of currency depreciation, she pointed out that it might be connected to illegal activities. Salami goes on to demand reasonable laws that safeguard the financial system without stifling creativity.
Experts like Salami believe that utilizing the current frameworks, which the Nigerian Securities and Exchange Commission implemented in 2022, may have a greater influence. These standards provide oversight and promote business growth by requiring exchanges to identify wallet holders engaged in questionable activity.
Nigerian authorities stepped up their efforts this year, leading to the investigation and prosecution of big companies like Binance for offenses like tax evasion and avoidance.
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