After CBN Lifts Ban on Crypto, Analyst Identifies Winners, Names Future Gatekeepers of Industry
- A crypto analyst has mentioned those that are likely to win as CBN lifted the ban on cryptocurrency transactions in the country
- Olumide Adesina said that those who engaged with regulators and the CBN during the ban period rather than ranting are the biggest winner
- According to him, the new stablecoin released by fintech and banks will impact the P2P market and expand Nigeria's financial system
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
A financial and crypto analyst, Olumide Adesina, has identified those likely to win after the Central Bank of Nigeria lifted the ban on crypto in Nigeria.
In an interview with Cointelegraph, Adesina stated that those who stuck with the regulator during the ban period will eventually emerge winners.
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He revealed that some cryptocurrency players, rather than rant, actively engaged with the CBN, lobbying the regulator to soften its earlier stance.
Those who cooperated will win
Adesina said that the crypto players could be the early gatekeepers to the industry.
In a post on social media, X, he reiterated:
"The biggest lesson in Nigeria crypto industry is that players who engaged with regulators and the CBN rather than rant are the biggest winners and might likely be the early gate keepers."
He referred to the action of the CBN as one in the right direction geared towards opening the country's financial ecosystem to digital securities approved by the local regulator.
When asked if the lifting of the ban would have an impact on peer-to-peer (P2P) merchants and cryptocurrency exchanges in Nigeria, Adesina pointed out that the price movement of the well-known stablecoin NGN/USDT confirms that, despite the recent spike in altcoins, activity is lukewarm as stablecoin holders reassess their approach.
According to Adesina, the new stablecoin released by regional fintech firms and banks will significantly impact the P2P market and expand the nation's financial system.
According to Adesina, predicting the rates that cryptocurrency exchanges will employ for transactions against the P2P market would be premature.
He explained that cryptocurrency exchanges must be active before rates can be established.
Yellow Card crypto exchange applies for licence to operate in Nigeria as CBN lifts ban
Legit.ng reported that following the lifting of a two-year-old restriction on cryptocurrency transactions by the Central Bank of Nigeria (CBN), Yellow Card Financial Inc. has announced that it will apply for a license in Nigeria.
The company's director of product management, Ogochukwu Umeokafor, stated that the company was eager to seize the chance to establish a regulated environment as it would expedite business and foster trust in conducting business with the organization.
The Nigerian Securities and Exchange Commission (SEC) opened applications for licenses for issuers and holders of digital assets and exchanges, and the pan-African cryptocurrency company, which is present in Nigeria and roughly fifteen other African countries, started talks with the SEC about operating a cryptocurrency exchange.
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Source: Legit.ng
