The cryptographic scene of Nigeria took great success last year.
Sudden government’s repression against platforms without license has sent shock waves through the market, letting investors rush. Then came the bomb – two leaders of Binance were detained, one of them, Tigran Gambaryan, imprisoned until the American intervention obtained his release in October. Panic has spread, confidence was eroded and the figures have told the story: the use of stables in Nigeria plunged by 38%, with volumes decreasing to $ 23.6 billion, according to Chainalysis.
But now something unexpected happens. After months of strict application, Nigeria seems to change speed. The same regulators who have repressed the crypto now warm up with blockchain technology.
A change of heart?
Despite last year’s troubles, Nigeria now changes its approach. Faced with global pressure to adopt cryptographic user -friendly regulations, the country moves to blockchain technology. Emomotimi Agama, Director General of Securities and Exchange Commission of Nigeria (SEC), has become an ardent defender of blockchain, seeing it as a tool to improve efficiency and modernize the Nigeria financial system.
He thinks that this can help fight financial exclusion and reduce ineffectiveness in the public and private sectors.
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The dry of Nigeria kisses the blockchain
The dry of Nigeria takes real measures towards the integration of the blockchain. After meeting representatives of the Algorand Foundation, the SEC decided to incorporate the blockchain in its regulatory framework.
Agama stressed, “We want to bring technology to our efficiency system, where everything we do will be traceable.” In other words, this means making financial transactions more transparent and secure.
To help this transition, Algorand sent a team to help Nigeria set up blockchain -based systems. Eric Wragge, global business development manager at the Algorand Foundation, said
“It is an honor to be here. Our goal is to help Nigeria understand and implement blockchain technology, which makes it accessible and beneficial for everyone. »»
In the meantime, the Algorand consensus model ensures that each transaction is verified and secure, protecting users against pirates and double expenditure, which is crucial for the Nigerian market.
Although it all seems exciting, you have to do your own research, especially in regions like Nigeria, investors are invited to remain informed and to consider all factors before diving into new opportunities.
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