Head of Nigerian Crypto Agency: Central Financial institution Ban Led to Development in Crypto Consciousness

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The chief marketing officer (CMO) of a cryptocurrency payment solutions company, Rotimi Ogunwede, has insisted that the Central Bank of Nigeria’s (CBN) decision to ban crypto companies from the banking system could be the reason why Nigerians are now better informed about cryptocurrencies.

The CBN ban forced Patricia to establish offices outside of Nigeria

An executive at a cryptocurrency payment solutions company named Patricia has argued that knowledge about cryptocurrencies in Nigeria rose shortly after the CBN asked financial institutions to ban crypto companies from the banking ecosystem. The executive, Rotimi Ogunwede, insists that such an increase in knowledge, as well as the adoption of cryptocurrencies in general, shows that Nigerians oppose the CBN’s tough policies.

In an interview with Legit, Ogunwede, the crypto payments company’s CMO, admitted that CBN’s abrupt move hit Patricia on February 5. However, the same CBN ban would later prove to be a pivotal moment that forced the company to move its headquarters to Estonia.

The central bank ban has not only crowded out Nigerian crypto startups, according to Ogunwede, but also inadvertently spawned a new generation of crypto advocates. He explained:

After the Endsars protest, many young people worried about depositing their money in banks and resorted to Cryptocurrency. However, this move turned into an investment adventure.

Instead of banning or cracking down on crypto companies, as CBN has been doing since the policy was issued, the CMO suggested the central bank must first study the technology and then find a way to regulate it. He pointed out that regulators in countries like the UK are already dealing with this financial technology in this way.

The wrong narrative

The report also cites the CMO in response to the anti-crypto remarks made by Godwin Emefiele, the CBN governor, in late 2021. As reported by Bitcoin.com News, Emefiele had reiterated his earlier arguments involving the claim that cryptocurrency transactions are incomprehensible.

However, Ogunwede dismissed this narrative, saying:

“I don’t understand where this cryptocurrency narrative is lost, it’s completely wrong if blockchain is actually constructed with transparency in mind. Patricia as a crypto company [has] instead of knowing your customers [KYC] Politics and there are companies that are concerned with tracking exchanges around the world.”

What do you think of this story? Tell us what you think in the comments below.

Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic woes of some African countries and how digital currencies can provide an escape route for Africans.



Photo credits: Shutterstock, Pixabay, Wiki Commons

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