Coinbase is a well known cryptocurrency alternate based mostly in the US. exposed The corporate was allegedly instructed by the Nigerian authorities to stop its residents from utilizing its cryptocurrency buying and selling companies.
This denial comes straight from Coinbase CEO Brian Armstrong, who addressed the problem through a put up on X. Armstrong clarified that Coinbase’s companies are nonetheless working in Nigeria and no outages have been reported.
Armstrong harassed that Coinbase has not been approached or contacted by Nigerian officers concerning such a directive.
So far as I do know, this isn’t correct wRT Coinbase.
Coinbase merchandise are nonetheless functioning (no interruptions)
We’ve got not acquired any outreach or communication from Nigerian officers— Brian Armstrong 🛡️ (@brian_armstrong) February 23, 2024
Controversy surrounding Nigeria’s cryptocurrency restrictions
The controversy sparked after experiences earlier this week that the Nigerian authorities had instructed telecommunications firms to dam entry to a number of cryptocurrency buying and selling platforms, together with Coinbase, Binance and Kraken.
Unique: FX Disaster: Nigeria plans to crack down on Binance and different crypto companies https://t.co/4eE0VWBgRq pic.twitter.com/ZNGahdSjFw
— Premium Occasions (@PremiumTimesng) February 21, 2024
The purported motivation behind the restrictions is to curb alleged manipulation of the international alternate market, particularly the Nigerian naira spot price on platforms resembling Binance, which was reportedly round 1,850 naira per US greenback earlier than the alleged restrictions have been imposed.
Regardless of these claims, many Nigerians proceed to deposit and withdraw their accounts on platforms like Binance, suggesting a scarcity of concrete proof to help the reported authorities directives.
Binance continues to be working effectively in Nigeria. So why do individuals say no? pic.twitter.com/jmj5Pw212B
— Crypto Engine (@cryptengine) February 23, 2024
The shortage of official affirmation of entry limits for Coinbase, Binance, and Kraken additional provides to the anomaly of the state of affairs.
Nigeria is taken into account to have one of many largest cryptocurrency populations on this planet, with transaction quantity within the nation’s cryptocurrency sector reaching $56.7 billion between July 2022 and June 2023, based on blockchain analytics agency Chainaanalysis.
Nigeria’s Twin Angle in the direction of Cryptocurrency and Blockchain
Regardless of Nigeria’s somewhat unfavorable regulatory stance on cryptocurrencies, the nation seems to have appreciable curiosity in blockchain know-how.
In a current interview with Sunday PUNCH, Hyperspace Applied sciences CEO Oluseyi Akindeinde highlighted the potential of blockchain to reinforce safety within the pharmaceutical business.
Akindeinde advocates utilizing blockchain to serialize medicines and combine robust security measures to fight the proliferation of counterfeit medicine.
His proposals embody incorporating cryptographic non-fungible token (NFT) tags into pharmaceutical merchandise, giving them a singular id and enhanced safety measures.
By the encryption of those NFTs, approved people can entry possession particulars and different essential info, making certain the integrity of digital property saved on the blockchain.
Featured photographs from Unsplash, charts from TradingView
