The orientation of the central bank to P2P crypto transactions forces the startup to leave Nigeria regulation
The orientation of the central bank to P2P crypto transactions forces the startup to leave Nigeria regulation
The Nigerian startup behind the social payment app for cryptocurrency and Fiat, Kurepay, says that the current approach of the Central Bank of Nigeria (CBN) against crypto companies has forced to hire the company in Nigeria.
"terrible" year for the introduction of cryptocurrencies
according to A test report This business interruption should begin at the beginning of the first quarter 2022. At this point Kurepay, the app of which uses blockchain technology, will begin to restrict his business to over-the-counter (OTC) and crypto consulting services.
In terms of the plan of the startup to leave the West African country, Kurepay CEO Abikure Tega is quoted, who complains about a terrible year for the introduction and expansion of cryptocurrencies in Nigeria. He said:
This year was quite terrible for the introduction and expansion of cryptocurrencies in Nigeria, since CBN continues to take drastic measures to grow, slow and frustrate Nigeria's growing ability to take part in the fastest growing up -and -coming industry in the world.
tega added that the refusal of the access of crypto companies to the bank ecosystem had led to the closure of many cryptocurrency companies. The same blockade forced other companies to reduce their operation using a P2P system to the skeletal flow. According to the CEO, the directive of the central bank of February 5 had forced Kurepay to switch to an agency network model that enabled customers to act directly.
Current CBN cracks the last straw
Since the beginning of November 2021, however, the CBN has increased the use of cryptocurrency dealers and is now aiming at companies and individuals who offer P2P platforms or services for customers who buy and sell crypto. As before from Bitcoin.com News has brought the CBN back to the fact that some banks People who are suspected of trading cryptocurrencies have arbitrarily frozen.
For Kurepay, such a targeting of platforms proved that enable P2P transactions than the last straw, as TEGA explained:
The recent reluctance of CBN in the recent closure of bank accounts in Nigeria in connection with crypto transactions that affect most of the Kurepay agent partners on behalf of the regulation is unfair and frustrating. Because of these recent measures that we find difficult to understand when you consider that Nigeria is not a lawless country, Kurepay, Africa's leading social payment app for cryptocurrency and Fiat, announces the hiring of business in Nigeria.
tega not only limits his business to OTC and crypto consulting services, but also plans to "operate an American company in order to create innovations in a more business-friendly environment". The CEO argues that such a step enables Kurepay to take care of CBN guidelines.
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