Despite recent regulatory obstacles, Ray Youssef is still hopeful about Nigerian cryptocurrency’s chances of retaining its place in the cryptocurrency ecosystem. Even with the proposed hike in cryptocurrency registration fees, venture investors continue to see opportunities in Nigerian cryptocurrency. According to Ray Youssef, CEO of NoOnes, financial communication and P2P software, government limitations on peer-to-peer (P2P) platforms aimed at limiting free market marketing may make it difficult for the services they offer to acquire traction.
In a recent report, the Securities and Exchange Commission (SEC) of Nigeria suggested raising the registration cost for cryptocurrency exchanges from 30 million naira ($18,620) to 150 million naira ($93,000) in addition to proposing a revision to the regulations governing platforms that offer Nigerian cryptocurrency services.
Nigerian Cryptocurrency Thrives In Peer To Peer Assistance
Youssef, the co-founder and former CEO of the defunct P2P exchange Paxful, stated in an interview with Cointelegraph that the rise is a call to action for the cryptocurrency “big boys” like Coinbase and other significant businesses to enter the Nigerian market. He underlined that exchanges in Nigeria that are prepared to give up P2P assistance can function well and that the government wants to limit P2P services to solve issues related to foreign exchange. Exchanges have a significant challenge because this tactic contradicts the Nigerian crypto market’s strong preference for peer-to-peer trade. Nevertheless, despite the current regulatory issues, Youssef is still positive about Nigeria’s chances of retaining its place in the ecosystem. According to Youssef, the government should regard cryptocurrency stakeholders as partners and make use of a large number of P2P merchants in Nigeria as a resource to learn how to use cryptocurrency to boost the country’s economy.
