Central Bank Bans Increased Crypto Awareness

Central bank bans increased crypto awareness: Nigerian crypto firm executive. According to Rotimi Ogunwede, chief marketing officer (CMO) of a bitcoin payments solution firm. Nigerians are getting more aware about cryptocurrencies. As a result, Ogunwede believes the Central Bank of Nigeria’s (CBN) decision to prohibit crypto firms. From participating in Nigeria’s financial system. Is one of the factors contributing to this surge.

According to Patricia, an executive at a cryptocurrency payments solution company. The Central Bank of Nigeria (CBN) has ordered financial institutions to restrict cryptocurrency enterprises. From the banking ecosystem. She asserts that the amount of bitcoin knowledge in Nigeria rose immediately. After the Central Bank of Nigeria (CBN) requested it. Moreover, according to the CBN’s executive director, Rotimi Ogunwede. Increasing levels of public awareness of cryptocurrencies. As well as widespread use of cryptocurrencies in general. Suggest that Nigerians are opposed to the central bank’s stringent regulations.

Ogunwede, who serves as Patricia’s chief marketing officer (CMO). Stated in an interview with Legit that the company’s operations were significantly. Impacted by the Central Bank of Nigeria’s surprise move on February 5. Alternatively, the same CBN restriction. Would ultimately prove to be a turning moment in the company’s decision. To relocate its headquarters from the United States of America to Estonia.

The central bank’s prohibition on cryptocurrency enterprises, according to Ogunwede. May have unintentionally generated a new generation of cryptocurrency fans. In addition to forcing Nigerian cryptocurrency companies out of the country. He went on to say the following:

Following the Endsars protest, a huge number of young people were anxious. About placing their money in banks and as a result. They resorted to cryptocurrency. This option, on the other hand, turned out to be a fruitful investment endeavor.

The CMO advised the central bank to first research technology

Although it was recommended that the Central Bank of Nigeria. Conduct an initial evaluation of the technology before developing an appropriate regulatory framework. For the sector, the central bank chose to follow the policy of prohibiting. Or restricting crypto-related organizations. Which has been in effect since the directive was issued.

According to him, when it comes to dealing with financial technology as a whole. Countries such as the United Kingdom have already chosen this technique of dealing with the subject matter.

The False Narrative for Central Bank Bans

According to a news source from the country’s central bank, the Central Monetary Organization (CMO). It was established in the second half of the year 2021. As a result of the anti-crypto views expressed by Godwin Emefiele. The governor of the country’s central bank. According to a story published on the website Bitcoin.com News. Emefiele has reiterated various previous comments. Including the notion that cryptocurrency transactions are intrinsically untraceable. In order to achieve this goal.

His enthusiasm for the plot contrasted with that of Ogunwede. Who was disappointed with the plot.

As the author points out, it is unclear when the notion of cryptocurrency. Being untraceable first came into being. What ever the source, it is completely incorrect. Considering that the blockchain built with transparency in mind. When it created, as the author points out in his article. 

This notion of cryptocurrencies being untraceable, according to the author. “Appears to have originated somewhere, and it is categorically incorrect.” Patricia has implemented a know your customer [KYC] policy. In accordance with cryptocurrency regulations. There are other organizations that deal with tracking transactions all around the world.” The author points out in his article.

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