Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » Crypto Trading Alert: Nigeria Considers P2P Trading Suspension Tomorrow

Crypto Trading Alert: Nigeria Considers P2P Trading Suspension Tomorrow

Hania by Hania
May 6, 2024
in Altcoin News, Bitcoin News
Reading Time: 2 mins read
A A
0
Crypto Trading Alert: Nigeria Considers P2P Trading Suspension Tomorrow
Share on FacebookShare on Twitter
ADVERTISEMENT

In a bid to further regulate the cryptocurrency industry, the Nigerian government is contemplating measures to oversee peer-to-peer (P2P) trading within the nation. The move, orchestrated through the Securities Exchange Commission, is poised to discuss the suspension of P2P trading in a scheduled meeting on May 6, according to a report by local media outlet Punch on May 5.

Concerns Mount Over P2P Crypto Trading

With the country’s P2P market valued at $56.7 billion, authorities are increasingly concerned about the potential misuse of cryptocurrencies for illicit purposes and the potential impact on the local currency, the naira.

Potential Temporary Suspension Awaits P2P Traders

The prospective suspension of P2P trading, as reported, may be temporary, aimed at providing the government with the opportunity to establish a comprehensive regulatory framework. Sources familiar with the matter suggest that consultations with stakeholders within the crypto sector may ensue to formulate these regulations.

Also Read: Crypto Peer-to-Peer (P2P) Scams In India Highlight Urgent Need For Digital Asset Education

You May AlsoLike

Election-Themed Meme Coins Experience Price Surge Ahead of U.S. Presidential Vote

Election-Themed Meme Coins Experience Price Surge Ahead of U.S. Presidential Vote

November 4, 2024
$BC token launch

$BC Token Launch and 1 Billion $BC Airdrop: A New Era for BC.Game

November 1, 2024

Seeking Clarity Amid Regulatory Uncertainty

Crypto stakeholders are eagerly anticipating the outcome of the scheduled meeting, hoping for clarity regarding the regulatory landscape. Obinna Iwuno, President of the Stakeholders in Blockchain Technology Association of Nigeria, emphasized the need for a clear direction, expressing optimism about gaining insights during the meeting.

Crypto Trading Alert: Nigeria Considers P2P Trading Suspension Tomorrow

Central Bank’s Ongoing Scrutiny Adds to Regulatory Atmosphere

The Nigerian central bank’s recent move to restrict major fintech firms from onboarding new customers, as part of a KYC audit, hinted at potential trade regulations. This development prompted leading fintech startups to take measures, including blocking accounts involved in crypto transactions and reporting such activities to authorities.

Implications for Nigeria’s Crypto Traders

The potential suspension of P2P trading could pose challenges for the estimated 33.4 million crypto traders in Nigeria, many of whom rely on trading as a significant source of income. Moreover, amidst concerns over the devaluation of the naira, cryptocurrencies have served as a hedge for many Nigerians against currency fluctuations, underscoring their importance in the country’s financial landscape.

Naira’s Devaluation Spurs Crypto Adoption

The Nigerian naira’s continued depreciation against the US dollar, exacerbated by foreign currency shortages, has propelled the adoption of cryptocurrencies as a safeguard against economic uncertainties. This trend reflects the growing significance of digital assets in Nigeria’s financial ecosystem.

Tags: crypto newscrypto regulationsP2P
Share76Tweet47
ADVERTISEMENT
Previous Post

5 Key Factors Behind Bitcoin’s Confirmed Price Recovery

Next Post

Crypto Market Watch: BTC, DOGE, WIF in the Spotlight This Week

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Election-Themed Meme Coins Experience Price Surge Ahead of U.S. Presidential Vote
Altcoin News

Election-Themed Meme Coins Experience Price Surge Ahead of U.S. Presidential Vote

November 4, 2024
$BC token launch
Altcoin News

$BC Token Launch and 1 Billion $BC Airdrop: A New Era for BC.Game

November 1, 2024
Why Chris Larsen's XRP Donation to Kamala Harris Matters
Altcoin News

Ripple Co-Founder Chris Larsen Backs Kamala Harris with $10M XRP Donation

October 23, 2024
Bitcoin Treasure Hunt- James Howells Takes Legal Action Over Lost $500M Stash
Bitcoin News

Bitcoin Treasure Hunt: James Howells Takes Legal Action Over Lost $500M Stash

October 14, 2024
Ripple Custody Growth
Altcoin News

Ripple Custody Unveils New Features to Boost Growth

October 10, 2024
Speculation on Peter Todd as Satoshi
Bitcoin News

HBO Documentary Fuels Speculation on Bitcoin’s Creator: Peter Todd Responds

October 10, 2024
Next Post
Crypto Market Watch: BTC, DOGE, WIF in the Spotlight This Week

Crypto Market Watch: BTC, DOGE, WIF in the Spotlight This Week

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    242 shares
    Share 97 Tweet 61
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    199 shares
    Share 80 Tweet 50
  • Dogecoin Price Forecast: When Will the Much-Awaited DOGE Bull Run Begin?

    195 shares
    Share 78 Tweet 49
  • Dogecoin (DOGE) Price Forecast – Will it Reach $1?

    195 shares
    Share 78 Tweet 49
  • Sparklo (SPRK): Redefining The Alternative Investment Industry

    204 shares
    Share 82 Tweet 51
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.