Bitcoin and Other Cryptocurrencies Facilitate International Trade.
Nigerians seem to have eschewed the e-naira, the CBN’s digital money. Despite the central bank’s efforts to position the e-naira as a cryptocurrency alternative, locals appear to still favour cryptocurrencies. The founder and CEO of a local cryptocurrency exchange, Benjamin Eseoghene, claims that the CBN’s failure to adequately educate the public about the e-naira may be the cause of locals’ resistance to using it. According to Eseoghene, whose business Roqqu.com recently got authorization to operate in Europe, some Nigerians favour cryptocurrencies because they are borderless.
Other factors driving Nigerians towards cryptocurrencies include the country’s persistent lack of foreign money and the depreciation of the indigenous currency. Nigeria is one of the world’s largest crypto markets with a population of over 200 million, which naturally draws major international crypto companies. Local business owners like Eseoghene however, have not been discouraged by the existence of such large corporations. Eseoghene provided written responses to inquiries from Bitcoin.com News in which he outlined how his 2018 founded business is able to compete with some of its well-funded rivals. He also shared his opinions on the CBN’s direction and the e-naira.
Many question and demand answers by Eseoghene.
One of Nigeria’s locally founded cryptocurrency exchanges, which competes with well-funded international marketplaces for what is effectively one of the largest cryptocurrency markets in the world. Roqqu is a digital asset exchange and is one of the fastest and most secure platforms available, making it a popular choice for those looking to trade digital assets. One of the main benefits of using Roqqu is that it eliminates the need to wait for buyers or sellers, as well as the risk of fraud. From humble beginnings, they developed into a team of more than 60 people with the top product in the African blockchain market, which has more than 1.4 million users.
They state that they have the quickest and safest method to purchase, sell, store, and accept crypto. Being aware that our users want more from us than just a trading platform; they also want to grow their brands, create their own businesses, and achieve financial independence. This knowledge continuously provides motivation to keep enhancing our services and adding flexible new features to our platform. While providing the greatest technology available, they ensure that the application functions flawlessly, while providing customers with the confidence that security of all assets are safe and secure.
Foreigners cannot use or trade on the platform.
This current app provided to Nigerians is currently only available within Nigeria, but they are developing a workaround to make it usable elsewhere in the world. This is an important step in the upgrades to allow users that reside and/or attend school abroad will have access to the system. Cryptocurrency is the best solution to those outside of Nigeria. This is why Roqqu has spent many months working to make this available worldwide.
The Central Bank of Nigeria (CBN) gave banks instructions in February 2021 to virtually block off cryptocurrency companies from the financial system. According to the CBN’s 2021 “love letter of heartbreak” report, was difficult because it had a significant impact on both the product and the crypto market as a whole. Nigerians are, let’s face it, tremendously interested in cryptocurrency. Over the past few years, the country’s cryptocurrency commerce has exploded. The second-biggest volume of bitcoin trades worldwide, after the United States, occurs in Nigeria, the largest cryptocurrency market in Africa.
Roqqu will make for a positive shift for cryptocurrency in the nation.
It stands to reason that they would enhance the current policies or perhaps even develop new ones that will encourage the growth and dissemination of cryptocurrencies in the country given that it is oblivious that they have a full or at least partial understanding of what can be created from cryptocurrencies and the broader blockchain industry.
Related Link
ROQQU: Website
The content on AskNigeria.com is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. AskNigeria.com accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.
Fact Checking Tool – Snopes.com
In spite of the attempts of the central bank to promote the e-naira as an alternative to cryptocurrencies, it would appear that people in the area still prefer cryptocurrencies.
The crypto currencies I believe have come to stay and the earlier the better Nigeria find a way around it and the CBN start embracing it because it’s use internationally for trade
People in Nigeria may be resistant to utilizing the e-naira because the Central Bank did not effectively educate the people about the e-naira.
In what is perhaps the world’s largest cryptocurrency market, one of Nigeria’s locally formed cryptocurrency exchanges competes with well-funded multinational marketplaces.
Aside from the depreciation of the local currency and the country’s chronic shortage of foreign currency, Nigerians are turning increasingly to cryptocurrency as a means of payment.
Nigeria’s government should spend many months striving to make cryptocurrency available internationally because it is the best answer for individuals outside of Nigeria.
They give their customers peace of mind that their assets are protected while using the most cutting-edge technologies available.
Crypto is making waves in the commerce industry. The selling and buying of crypto has improved lately. Other cryptocurrency has also joined in leveraging the industry.
They guarantee the application runs smoothly with the latest tech and give their customers peace of mind knowing their data is protected.
Although cryptocurrency offers a vast and borderless service which is why majority untilize it, we should also try to promote our locally founded cryptocurrency exchanges like Roqqu also.
With the advent of crypto currency to the world market lots of things has change and Nigeria is not left out because it has provide job opportunity for people expecially youths and it makes international transactions easy for people.I think CBN should emulate the way crypto currency operate.
They ensure that the application is compatible with the most recent technology and provide consumers with the piece of mind that comes from knowing that their data is secure.
Locals’ reluctance to utilize the e-naira may be due to the CBN’s inadequate public education efforts regarding it. In order for our locally developed cryptocurrency to compete on the global market, we should endeavor to promote its use.
In light of the devaluation of the local currency and the persistent shortage of foreign cash in the country, more and more Nigerians are turning to cryptocurrencies as a form of payment.
Nigerians are drawn to cryptocurrencies due to the nation’s ongoing scarcity of foreign currency and the depreciation of its own currency. Our local crypto should be promoted as well
Cryptocurrency provides a global and borderless service, which is why the majority of people are willing to accept it, but we should still do everything we can to support cryptocurrency exchanges that were formed right here in our
We should endeavor to promote the use of cryptocurrency. In order for our locally developed cryptocurrency to compete on the global market.
Crypto makes global commerce much easier.The country is not going through the normal procedure. Whatever thet will create good and legit opportunity is welcome
Cryptocurrency is already taking over the market because of it ease of transacting with it. E-naira will not work because Nigerian don’t trust our government system.
Cryptocurrency is very flexible and borderless. It makes global market easier. The CBN are yet to realize the strength of cryptocurrency.
Cryptocurrency have already take over the market and it can be help to grow international trade making use of it in market is useful nowadays so we should promote and use Cryptocurrency