No Government Ban On Nigerians

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Coinbase, a distinguished crypto alternate headquartered in the US, has debunked allegations that it was instructed by the Nigerian authorities to forestall its residents from utilizing its crypto buying and selling companies.

The denial got here instantly from Coinbase’s CEO, Brian Armstrong, who addressed the problem by a put up on X. Armstrong clarified that Coinbase’s companies are nonetheless operational in Nigeria, with no interruptions reported.

Armstrong emphasised that Coinbase has not been approached or contacted by Nigerian officers concerning such directives.

That is inaccurate WRT Coinbase so far as I can inform.Coinbase merchandise are nonetheless working (no interruption)We haven’t obtained any outreach or communication from officers in Nigeria

— Brian Armstrong 🛡️ (@brian_armstrong) February 23, 2024

Controversy Surrounding Crypto Restrictions In Nigeria

The controversy emerged following reviews circulating earlier this week alleging that the Nigerian authorities had instructed telecommunication firms to dam entry to a number of crypto buying and selling platforms, together with Coinbase, Binance, and Kraken.

EXCLUSIVE: Foreign exchange Disaster: Nigeria plans clampdown on Binance, different crypto firmshttps://t.co/4eE0VWBgRq pic.twitter.com/ZNGAhdSjFw

— Premium Occasions (@PremiumTimesng) February 21, 2024

The purported motive behind these restrictions was to curb suspected manipulation of the international alternate market, significantly regarding the Nigerian Naira’s spot price on platforms like Binance, which reportedly stood at roughly 1,850 naira per greenback earlier than the alleged restrictions.

Regardless of the claims, many Nigerians have continued to entry their accounts on platforms like Binance, indicating an absence of concrete proof supporting the reported authorities directives.

Binance remains to be working completely in nigeria. So why are individuals saying it’s not? pic.twitter.com/jmj5Pw212B

— Cryptengine (@cryptengine) February 23, 2024

The absence of official affirmation concerning entry restrictions to Coinbase, Binance, and Kraken provides additional ambiguity to the scenario.

Nigeria, acknowledged for proudly owning one of many largest crypto populations globally, has witnessed important transaction volumes within the crypto area, reaching $56.7 billion between July 2022 and June 2023, in keeping with information from blockchain analytics agency Chainalysis.

Nigeria’s Twin Method To Crypto and Blockchain

Whereas Nigeria’s regulatory stance in direction of cryptocurrencies is kind of unfavorable, there seems to be an present appreciable curiosity in blockchain know-how inside the nation.

In a latest interview with Sunday PUNCH, Oluseyi Akindeinde, CEO of Hyperspace Applied sciences, emphasised the potential of blockchain in enhancing safety inside the pharmaceutical sector.

Akindeinde advocated for using blockchain to serialize pharmaceutical merchandise and combine sturdy security measures to fight the proliferation of counterfeit medicine.

His proposal entails incorporating encrypted non-fungible token (NFT) tags into pharmaceutical gadgets, offering them with distinctive identities and heightened safety measures.

By the encryption of those NFTs, approved people can entry possession particulars and different important info, guaranteeing the integrity of digital belongings saved on the blockchain.