•To stop trading of naira on P2P platforms
The Federal Government, through the Securities and Exchange Commission (SEC), is set to stop the trading of naira on all virtual peer-to-peer (P2P) platforms to hedge the currency against manipulation.
The plan, if successful, would close the cryptocurrency trading door against fresh entrants, leaving existing investments estimated at over $50 billion trapped on different exchanges.
But traders see the move as a mere official statement that may not be practically enforceable.
This is not the first time the government has moved against crypto platforms. The most recent case involving Binance only triggered the adoption of offers by rival virtual asset custodians firms where millions of young people now trade usdt (the leading stablecoin used to buy other cryptocurrencies) for naira.
The SEC’s Director-General, Emomotimi Agama, disclosed the latest move during an interactive session…
Source: Guardian Newspaper
