THELOGICALINDIAN - A new address has assured that restrictions on cryptocurrency trading as able-bodied as the banning of Twitter by Nigerian authorities may accept bedridden adopted absolute advance in the fintech industry
Foreign Direct Investment ‘Crippled’
A new address has begin that restrictions imposed by Nigerian authorities on crypto trading may accept contributed to the bargain adopted absolute advance that goes to the fintech industry. The aforementioned restrictions, as able-bodied as the banning of Twitter, accept additionally abnormally afflicted adolescent Nigerians who were earning money via crypto trading.
The report, which is blue-blooded Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities, was accordingly appear by the secretaries-general of the Organisation for Economic Co‑operation and Development (OECD) and the United Nations (UN).
“The restrictions on cryptocurrency affairs and the absolute ban of Twitter in Nigeria accept bedridden adopted absolute advance in the fin‑tech industry and abnormally impacted millions of adolescent Nigerians who acquire a active from the sector,” the address concluded.
Nigeria Denied Taxes
However, an extract from the address appear by Business Insider Africa appropriate some Nigerian youths may accept begin means to “lawfully bypass these restrictions and abide the business.” This actuality is additionally backed by a Bitcoin.com News report which declared that peer-to-peer crypto trading in Nigeria had surged anon afterwards the axial coffer asked banking institutions to stop facilitating crypto-related transactions.
By switching to another yet acknowledged means of transacting, the report opined that traders were “effectively abstinent Nigeria the taxes and transaction fees that would contrarily appear into the system.”
What are your thoughts on this story? Tell us what you anticipate in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
