RATE Group | Nigeria’s Fintech Startups Call For Cryptocurrency Regulation to Stem Investment Outflow…
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Nigeria’s Fintech Startups Call For Cryptocurrency Regulation to Stem Investment Outflow…

10 Nov Nigeria’s Fintech Startups Call For Cryptocurrency Regulation to Stem Investment Outflow…

Posted at 03:38h in Cryptocurrency News by

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Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

Regulation

Nigeria’s financial technology startups have called on the Central Bank of Nigeria (CBN) to provide legal guidelines for the cryptocurrency and blockchain industry. A lack of regulation is driving investment out of Africa’s biggest economy to areas like Rwanda and Europe while fomenting uncertainty, according to the Electronic Payment Practitioners Association of Nigeria (E-ppan).

Also Read: Canadian Bitcoin Miner Hut 8 Reports Q3 Loss of $8.7 Million

Lack of Regulation Drives Capital Away

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

“Investments in blockchain-based financial services such as cryptocurrency are today going to Rwanda and Malta, which have provided regulatory frameworks that guide operators of the technology,” Ade Atobatele, founder of Gboza Gboza Technology Ltd, a…

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