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Coinbase, a number one crypto alternate headquartered in the USA rejected It’s alleged that it was instructed by the Nigerian authorities to stop its residents from utilizing its crypto buying and selling companies.
The denial got here immediately from Coinbase CEO, Brian Armstrong, who addressed the problem by way of a publish on X. Armstrong clarified that Coinbase companies are nonetheless operational in Nigeria, with no outages reported.
Armstrong emphasised that Coinbase has not been contacted by Nigerian authorities relating to such directions.
So far as I can inform that is improper WRT Coinbase.
Coinbase merchandise nonetheless working (no outages)
We now have not obtained any outreach or communication from Nigerian authorities– Brian Armstrong 🛡️ (@brian_armstrong) 23 February 2024
Controversy over crypto ban in Nigeria
The controversy comes after reviews circulated earlier this week that the Nigerian authorities had instructed telecommunications corporations to dam entry to a number of crypto buying and selling platforms, together with Coinbase, Binance, and Kraken.
Unique: Foreign exchange disaster: Nigeria plans to crack down on Binance, different crypto companies https://t.co/4eE0VWBgRq pic.twitter.com/ZNGAhdSjFw
– Premium Occasions (@PremiumTimesng) 21 February 2024
The alleged goal behind these restrictions was to stop suspected manipulation within the overseas alternate market, particularly with respect to the spot price of the Nigerian Naira on platforms reminiscent of Binance, which stood at round 1,850 Naira per greenback earlier than the alleged restrictions.
Regardless of the claims, many Nigerians proceed to entry their accounts on platforms like Binance, indicating an absence of concrete proof supporting the reported authorities directives.
Binance continues to be totally operational in Nigeria. So why are folks saying it isn't? pic.twitter.com/jmj5Pw212B
– cryptengine (@cryptengine) 23 February 2024
The absence of official affirmation relating to entry restrictions to Coinbase, Binance and Kraken provides additional ambiguity to the scenario.
Nigeria, acknowledged as one of many largest crypto populations globally, has seen vital transaction volumes within the crypto area attain $56.7 billion between July 2022 and June 2023, based on information from blockchain analytics agency Chainalysis. Has been.
Nigeria's twin strategy in the direction of crypto and blockchain
Whereas Nigeria's regulatory stance in the direction of cryptocurrencies is kind of hostile, it seems that there’s appreciable curiosity in blockchain expertise throughout the nation.
In a latest interview with SUNDAY PUNCH, Oluseyi Akindinde, CEO of Hyperspace Applied sciences, emphasised the potential of blockchain in enhancing safety throughout the pharmaceutical sector.
Akindeinde advocated utilizing blockchain to kind pharmaceutical merchandise and combine stronger security measures to fight the unfold of counterfeit medication.
Their proposal consists of embedding encrypted non-fungible token (NFT) tags in pharmaceutical items, offering them with distinctive identification and enhancing safety measures.
Via encryption of those NFTs, approved people can entry possession particulars and different important info, thereby guaranteeing the integrity of the digital property saved on the blockchain.
Featured picture from Unsplash, chart from TradingView