Central Bank Ban Led to Growth in Crypto Awareness – Featured Bitcoin News

The Chief Marketing Officer (CMO) of a cryptocurrency payment solutions company, Rotimi Ogunwede, has insisted that the Central Bank of Nigeria (CBN) decision to ban crypto companies from the banking system could be the reason why Nigerians are now more knowledgeable about cryptocurrencies.

The CBN ban forced Patricia to establish branches outside Nigeria

An executive of a cryptocurrency payment solutions company named Patricia has argued that cryptocurrency knowledge has increased in Nigeria shortly after the CBN asked financial institutions to ban crypto companies from the banking ecosystem. The Executive, Rotimi Ogunwede, insists that such growth in knowledge as well as the adoption of cryptocurrencies in general shows that Nigerians are against the CBN’s strict policies.

Speaking in one interview With Legit, Ogunwede, the CMO of the crypto payments company, admitted that the CBNs abrupt movement on February 5th Patricia was affected. However, the same CBN ban would later prove to be a pivotal moment forced the company to move its headquarters to Estonia.

According to Ogunwede, the central bank ban has not only pushed out Nigerian crypto startups but also inadvertently created a new generation of crypto advocates. He explained:

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

Instead of banning or crack on crypto entities, as the CBN has been doing since issuing the directive, the CMO suggested that the central bank must first study the technology and then find a way to regulate it. He noted that this is already how regulators in countries like the UK approach this financial technology.

The false narrative

The report also quotes the CMO seemingly responding to the anti-crypto Remarks which were put in place by Godwin Emefiele, the CBN Governor, in late 2021. As reported by Bitcoin.com News, Emefiele had reiterated his previous arguments, including claiming that cryptocurrency transactions are untraceable.

However, dismissing this narrative, Ogunwede said:

"I don't understand where this narrative of cryptocurrency is untraceable, it is completely false when blockchain is actually constructed with transparency in mind. Patricia as a crypto company [has] instead of know your customer [KYC] policies and there are companies that are involved in tracking exchanges around the world."

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Terence Zimwara

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

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