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"Nigeria grants autonomy to cryptocurrency and bitcoin service providers."

Recently, Nigeria has raised the restrictions imposed on Bitcoin and cryptocurrency service providers, marking a significant change in the country's regulatory position with respect to digital currencies.

Detailed analysis.

Nigerian citizens have resorted to Bitcoin as a way of protecting financial instability in their country in several ways.

First, they use bitcoin as an alternative to maintain and transfer value outside the traditional banking system, which has been affected by the inflation and volatility of the national currency.

They also use bitcoin as a means to make international payments and receive family remittances abroad, avoiding high rates and delays associated with traditional financial services.

In addition, some Nigerians use bitcoin as an investment, since they consider that it is a more stable asset compared to the local currency.

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• 1. Promote innovation:

The elimination of restrictions can stimulate an increase in innovation in the cryptocurrency and blockchain sector in Nigeria.

• 2. Attractive for investors:

The new regulatory position can make Nigeria more attractive to investors interested in emerging technologies.

• 3. Facilitates financial inclusion:

It allows a greater number of people to access financial services through the use of cryptocurrencies, which can contribute to financial inclusion.

• 4. IMPULSE TO DIGITAL COMMERCE:

Restrictions can promote the growth of digital trade and the adoption of payment technologies based on cryptocurrencies.

• 5. Possible economic growth:

By promoting innovation and investment, the measure could boost economic growth and employment creation in the sector related to cryptocurrencies.

• 1. Security Risks:

The absence of strict regulations could expose consumers and companies to risks related to data security and protection.

• 2. Market volatility:

The cryptocurrency market is known for its high volatility, which can generate concerns about financial stability.

• 3. Money laundering and illicit financing:

The lack of strict regulations could facilitate criminal activities such as money laundering and financing of illicit activities.

• 4. Consumer protection:

Without adequate regulations, consumers can be unprotected before possible fraud and bad practices by cryptocurrency service providers.

• 5. Long -term regulatory risks:

In the long term, the lack of clear and effective regulations could generate uncertainty and risks for business operations and market stability.

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Nigeria's decision to raise restrictions on cryptocurrency services providers has the potential to boost innovation, financial inclusion and economic growth.

However, it must be accompanied by effective regulations that mitigate the risks associated with the use of cryptocurrencies, protect consumers and avoid the improper use of these technologies for illegal activities.

It is crucial that the Nigerian government works in collaboration with experts and interested parties to establish a solid regulatory framework that fosters a safe and conducive environment for the healthy development of the cryptocurrency sector in the country.

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Publication number #2 Wednesday 27th month 12th year 2023 time 11:31pm.