Exclusive: P2P crypto ban imminent as Nigeria calls crypto a national security issue
- Moniepoint, Paga, and Palmpay will block cryptocurrency transactions and report them to law enforcement.
- A new regulation to ban peer-to-peer trading of cryptocurrencies is in the works.
- The Central Bank believes that crypto traders use peer-to-peer trading to manipulate the naira.
The Nigerian government's decision to ban peer-to-peer trading of cryptocurrencies and crack down on fintechs involved in crypto transactions is a concerning development. While there may be legitimate concerns about manipulation and fraud, a blanket ban could stifle innovation and hinder financial inclusion. It is important for regulators to strike a balance between protecting the financial system and fostering technological advancements.
