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Coinbase, a distinguished crypto trade headquartered in the US, has debunked allegations that it was instructed by the Nigerian authorities to forestall its residents from utilizing its crypto buying and selling providers.
The denial got here straight from Coinbase’s CEO, Brian Armstrong, who addressed the difficulty by a publish on X. Armstrong clarified that Coinbase’s providers are nonetheless operational in Nigeria, with no interruptions reported.
Armstrong emphasised that Coinbase has not been approached or contacted by Nigerian officers relating to such directives.
That is inaccurate WRT Coinbase so far as I can inform.Coinbase merchandise are nonetheless working (no interruption)We haven’t acquired any outreach or communication from officers in Nigeria
— Brian Armstrong 🛡️ (@brian_armstrong) February 23, 2024
Controversy Surrounding Crypto Restrictions In Nigeria
The controversy emerged following experiences circulating earlier this week alleging that the Nigerian authorities had instructed telecommunication firms to dam entry to a number of crypto buying and selling platforms, together with Coinbase, Binance, and Kraken.
EXCLUSIVE: Foreign exchange Disaster: Nigeria plans clampdown on Binance, different crypto firmshttps://t.co/4eE0VWBgRq pic.twitter.com/ZNGAhdSjFw
— Premium Instances (@PremiumTimesng) February 21, 2024
The purported motive behind these restrictions was to curb suspected manipulation of the overseas trade market, notably in regards to the Nigerian Naira’s spot price on platforms like Binance, which reportedly stood at roughly 1,850 naira per greenback earlier than the alleged restrictions.
Regardless of the claims, many Nigerians have continued to entry their accounts on platforms like Binance, indicating an absence of concrete proof supporting the reported authorities directives.
Binance continues to be working completely in nigeria. So why are individuals saying it’s not? pic.twitter.com/jmj5Pw212B
— Cryptengine (@cryptengine) February 23, 2024
The absence of official affirmation relating to entry restrictions to Coinbase, Binance, and Kraken provides additional ambiguity to the state of affairs.
Nigeria, acknowledged for proudly owning one of many largest crypto populations globally, has witnessed important transaction volumes within the crypto house, reaching $56.7 billion between July 2022 and June 2023, in response to information from blockchain analytics agency Chainalysis.
Nigeria’s Twin Strategy To Crypto and Blockchain
Whereas Nigeria’s regulatory stance in the direction of cryptocurrencies is kind of unfavorable, there seems to be an present appreciable curiosity in blockchain expertise inside the nation.
In a current interview with Sunday PUNCH, Oluseyi Akindeinde, CEO of Hyperspace Applied sciences, emphasised the potential of blockchain in enhancing safety inside the pharmaceutical sector.
Akindeinde advocated for using blockchain to serialize pharmaceutical merchandise and combine sturdy security measures to fight the proliferation of counterfeit medicine.
His proposal entails incorporating encrypted non-fungible token (NFT) tags into pharmaceutical objects, offering them with distinctive identities and heightened safety measures.
Via the encryption of those NFTs, approved people can entry possession particulars and different important info, making certain the integrity of digital property saved on the blockchain.
Featured picture from Unsplash, Chart from TradingView
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