Nigeria is among the top-leading adopters of cryptocurrency per capita; some have the country as #3. As we expect more weakening of the Naira against major currencies due to expected freeze, out of rising coronavirus, on global economic activities, pushing crude oil price down, more people will seek refuge in cryptos, even if to move money around internationally
The implication is that by late 2021, there would be impacts … (let me not go into details here). But I expect a new regulation in the National Assembly that would be along this line – Know Your Cryptocurrency Client (KYCC) – where financial and banking interface reporting will open some veils in crypto activities and its “opacity” in Nigeria.
Whether you are self-hosting your crypto-wallet or not, you may be required to report more to connect that wallet into the banking infrastructure and network. Ideally, self-hosting wallets could be seen as holding cash under the pillow! Expect the government to ask for changes.
Meanwhile, we have introduced a new course – Blockchain, Cryptocurrency, and Decentralized Finance: Technologies, Trading and Apps Utilities – in Tekedia Mini-MBA from our next edition (register here). The CEO of Bitfxt, Franklin Odoemenam Peters would lead it. We do think that it is time a modern management program has all the elements of modern (evolving) economic systems. We have always had blockchain in our program; now, we are extending to crypto and DeFi.
Co-learn at our Institute; click & register.