Major Economy Prepares for Additional Cryptocurrency Restrictions, Leaked Information Reveals: Impact on Bitcoin (BTC) and Ethereum (ETH)

• There are reports that Nigeria, a significant country in West Africa, is planning to ban financial institutions from facilitating peer-to-peer (P2P) cryptocurrency transactions.
• This move comes after the country’s National Security Adviser’s Office (NSA) classified cryptocurrency trading as a national security concern.
• Three fintech startups known for enabling P2P cryptocurrency transactions have reportedly been directed to block these transactions and report them to security forces.

Amidst growing concerns over national security, Nigeria is reportedly planning to ban P2P cryptocurrency transactions. This move could significantly impact the country’s fintech startups and the broader crypto market.

Nigeria’s Stance on Cryptocurrency

The speculation about Nigeria’s plan to ban P2P cryptocurrency transactions surfaced just a few weeks after the Central Bank of Nigeria (CBN) was forced to publicly deny a letter claiming to reverse a decision made on February 5, 2021. The country’s stance on cryptocurrency has been influenced in recent months by the NSA’s classification of cryptocurrency trading as a national security issue.

Implications for Fintech Startups

According to anonymous sources, three fintech startups known for facilitating P2P cryptocurrency transactions have been directed to block these transactions and report them to security forces. Tosin Eniolorunda, CEO of fintech startup Moniepoint, suggested that such a classification could indicate that Nigerian authorities are... Read the full article for FREE at COINOTAG!