Nigerian Crypto Restrictions and Twitter Ban Have Crippled Foreign Direct Investment in the Fintech Industry – According to a recent analysis, Nigerian government limitations on crypto trading may have contributed to a drop in foreign direct investment in the fintech sector. The same restrictions, as well as the Twitter ban, have harmed young Nigerians who make money through cryptocurrency trading.
The research, titled Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities, was released jointly by the Secretaries-General of the Organisation for Economic Co-operation and Development (OECD) and the United Nations (UN).
Also Read: Nigerian Agencies Told to Stop Demonizing Crypto Industry Players
“Restrictions on cryptocurrency transactions as well as the outright ban of Twitter in Nigeria have hampered foreign direct investment in the fintech industry, affecting millions of young Nigerians who rely on it,” the survey found.
However, according to an excerpt from the research released by Operation Insider Africa, some Nigerian teenagers may have “legally bypassed these prohibitions and continued the business.”
Nigerian Crypto Restrictions and Twitter Ban Have Crippled Foreign Direct Investment in the Fintech Industry – According to a report, peer-to-peer crypto trade in Nigeria exploded quickly after the central bank requested banking institutions to stop assisting crypto-related transactions.
Traders were “essentially depriving Nigeria the taxes and transaction fees that would otherwise flow into the system” by switching to alternate but legal ways of trading, according to the report.
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