Nigeria’s crypto reputation will prevail despite recent setbacks: Exchange chief

The international standing of Nigeria in the realm of cryptocurrencies could be negatively impacted by the recent government actions against local trading platforms. However, Oladotun Wilfred Akangbe, marketing chief at Flincap digital currency exchange, is optimistic that Nigeria can overcome this challenge.

During an interview with CryptoMoon, Akangbe voiced worries over Nigeria’s reputation in the global cryptocurrency scene due to recent occurrences. Yet, he acknowledged the country’s ability to bounce back from greater challenges in the past.

In February, the Nigerian government blocked access to the websites of cryptocurrency exchanges such as Binance and OctaFX for local users through the country’s telecommunication companies.

Officials allegedly claimed that Binance unlawfully transferred approximately $26 billion offshore, and extended an invitation for Binance representatives to attend a meeting to address this matter.

In February, representatives from Binance, which includes Tigran Gambaryan and Nadeem Anjarwalla, went to Nigeria to address accusations that they interfered with the Nigerian naira in an unwarranted manner.

After discussing Binance’s regulatory matters with Nigerian authorities, Nadeem Anjarwalla and others were held accountable for five money laundering-related charges. Subsequently, Anjarwalla managed to flee from detention and was later located in Kenya, pending extradition proceedings.

Akangbe noted that it’s only natural for controversies to arise in Nigeria’s crypto scene as the use of cryptocurrencies in the country continues to expand. He underscored Nigeria’s crucial position as a global player in cryptocurrency adoption and blockchain implementation. Despite encountering obstacles, Akangbe remains hopeful about the prospects of cryptocurrencies in Nigeria.

“We can turn it around by projecting the fact that we are one of the biggest users of cryptocurrency and adopters of blockchain across the globe. It is normal to have a few controversies in a place where there is so much massive growth. The future remains bright for cryptocurrency in the country.”

In Nigeria, opinions towards crypto are divided between optimism and apprehension, according to Akangbe’s observation. People are enthused by the possibilities that cryptocurrencies offer, but they also express worry over regulatory issues, price instability, and the prevalence of scams and fraud in this field.

Akangbe explained that the ambiguities arise from the continuous dialogue between the Nigerian authorities and cryptocurrency industry players. Domestic crypto experts have voiced their frustration over the government’s unfavorable stance towards cryptocurrencies in addressing Nigeria’s foreign exchange predicament.

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2024-04-18 15:22