A Nigerian crypto exchange, Yellow Card, sees the recent guidelines from the Central Bank of Nigeria (CBN) as an opportunity for increased legitimacy and integration with the traditional financial system. The CBN’s decision to lift the ban on crypto transactions is expected to expand Yellow Card’s user base and foster competition and innovation in the Nigerian crypto space.
Yellow Card believes that the CBN guidelines will lead to a spike in cryptocurrency usage in Nigeria starting from 2024. The exchange sees this as a positive development that will create a more structured and regulated environment for crypto transactions. The re-entry of banks into the crypto space is expected to bring increased competition and transaction efficiency.
The CBN guidelines are seen as a step in the right direction to foster innovation and provide a conducive environment for legitimate businesses like Yellow Card to operate. The regulatory framework is expected to increase confidence and trust in the Nigerian crypto business, attracting more individuals and companies to the crypto space.
Yellow Card plans to seek strategic partnerships, grow its user base, and contribute to advancing Nigeria’s digital assets ecosystem by introducing innovative solutions aligned with the newly established regulations.
The CBN’s guidelines, released on December 22, 2023, allow virtual assets service providers (VASPs) to open accounts with Nigerian banks. This comes two years after the CBN restricted banks and other financial institutions from operating accounts for cryptocurrency service providers.
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| Information | Details |
|---|---|
| Geography | Africa |
| Countries | 🇳🇬 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Lasbery Oludimu |
| Companies | Yellow Card executive, Central Bank of Nigeria (CBN), Nigerian banks, Cointelegraph, Yellow Card |
| Currencies | None |
| Securities | None |
