Why Nigeria needs to regulate cryptocurrency — Rachael Akalia

Important Aspect

1. In order to protect Nigerian cryptocurrency investors and promote the use of the technology, Yellow Card has asked the Nigerian government to take into account regulating cryptocurrency use.

2. Even though the Central Bank of Nigeria opposes cryptocurrencies, many young Nigerians trade and use stable coins as an inflation hedge.

3. Progress is being made as negotiations to reach an agreement with the apex bank are still ongoing.

4. Cross-border payments and financial inclusion are now both possible with the help of cryptocurrencies.

Rachael Akalia, regional marketing manager for West Africa at Yellow Card, claims that by regulating cryptocurrency use, the Nigerian government will shield many Nigerian crypto investors from fraud and promote acceptance.

Akalia remarked that many young Nigerians are trading and using stable coins like USDT to hedging against inflation, despite the Central Bank of Nigeria's stance on cryptocurrencies, during a press conference to address the company's cryptocurrency awareness campaigns in Lagos.

She claimed that regulation would guarantee these people's safety and encourage uses of cryptocurrencies for economic progress.

She claims that in order for countries to promote financial inclusion and ease cross-border payments, cryptocurrencies are no longer a matter of choice but rather a requirement.
 

Continued conversations with CBN
According to Akalia, Nigerian cryptocurrency stakeholders have kept in touch with the CBN to explain the necessity for regulation of the sector. She claimed that so far, the conversations had demonstrated that the financial regulator is not against cryptocurrencies but rather wants to thoroughly comprehend them before acting.

The discussion has been going on for a while and is still going on, not just between Yellow Card and other crypto exchanges in Nigeria. Therefore, we are hoping to hear from the CBN before the year is out. We have already received helpful input, and we anticipate a successful outcome," she said.
 

Promoting the use of cryptocurrencies in Africa
Akalia emphasized Yellow Card's initiatives to promote crypto acceptance and awareness throughout Africa.

"Yellow Card has collaborated with Block, a publicly listed company that is behind the well-known payment apps Cash App and Square and is co-founded and run by Jack Dorsey, the former CEO of Twitter, to further drive the use of cryptocurrency in Africa and facilitate cross-border payments utilizing cryptocurrencies.
"This collaboration aims to increase financial inclusion in African nations. Block's expertise in payments and cryptocurrencies combined with Yellow Card's huge network in Africa promise to give customers a simple and secure way to send money across borders.
 

The largest cryptocurrency exchange in Africa, Yellow Card, which has secured $40 million in a Series B funding round, gives cryptocurrency traders an easy and smooth way to make wise financial decisions. The exchange promotes financial inclusion and education across the continent by allowing users to trade Bitcoin and other coins at the best rates.
 

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