Nigerian expert: Central bank policy prompts users to turn to P2P encryption platforms

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Cointime2024/05/12 07:55

By:Cointime

According to stakeholders in Nigeria's blockchain and cryptocurrency industry, the Central Bank of Nigeria's (CBN) decision to exclude cryptocurrency entities from the banking system has led to the growth of peer-to-peer (P2P) cryptocurrency trading. Stakeholders believe that the CBN's lack of understanding and refusal to recognize the cryptocurrency industry has allowed malicious actors to achieve their goals through P2P platforms. The CBN's ban or directive in February unintentionally increased the volume of P2P cryptocurrency platform transactions while successfully strangling centralized exchange operations. However, the surge in P2P cryptocurrency trading quickly raised concerns among various entities, including the Association of Bureau de Change Operators.

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