Yellow Card has introduced the resumption of naira deposits and withdrawals in Nigeria via a press release from the cryptocurrency trade platform. The transfer by the firm comes virtually a yr after a central financial institution directive pressured Yellow Card to droop deposits and withdrawals.
CBN’s Growing Interest in Digital Currencies
Almost a yr after suspending companies following a central financial institution directive, crypto trade platform Yellow Card now says it’s resuming native deposits and withdrawals in Nigeria. The firm’s resumption of companies additionally comes a couple of months after the Central Bank of Nigeria (CBN) launched its personal digital foreign money.
In its assertion printed in the Vanguard, Yellow Card’s director of companies Oparinde Babatunde urged that the CBN’s altered stance on digital currencies might have influenced his firm’s choice to renew companies. He mentioned:
The tide has modified and we at the moment are seeing a rising curiosity from the CBN in them creating their very own digital foreign money. Around October final yr, they introduced the launch of the e-naira which is a digital type of the nation’s foreign money and attracts its worth from the bodily naira. In the coming months, we hope the CBN will rethink their stance on cryptocurrency.
Similar to different crypto trade platforms, Yellow Card was pressured to cease naira deposits and withdrawals after the CBN ordered monetary establishments to exclude crypto entities from the banking system. However, with this announcement, Yellow Card turns into the newest African cryptocurrency trade platform to disclose it will likely be reinstating naira deposits and withdrawals.
As beforehand reported by Bitcoin.com News, Luno Global was one in every of the first cryptocurrency platforms to announce that it could reinstate naira deposits and withdrawals. At the time of the announcement, Luno denied it had been in direct contact with the CBN however mentioned it had been working with different stakeholders to discover a answer that “prioritises the safety of its customers.”
According to Babatunde, Yellow Card too — whose customers are projected to surge to 500,000 by the finish of Q1, 2022 — will prioritize the security of its customers.
“We also have a strong focus on usability, trust and safety, having implemented Smile Identity to ensure the tier 1 traders are only able to submit documents once and they are scanned with an international db,” Babatunde is quoted explaining.
Besides enhancing the person’s expertise, Yellow Card can even educate Africans about cryptocurrencies by means of webinars and platforms like the YC Academy, the Vanguard report mentioned.
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