Vice president of legal, business, and product at Yellow Card and chief data protection officer Lasbery Oludimu stressed that the central bank rules might promote cooperation with conventional financial institutions to investigate prospects in the cryptocurrency market.
Nigerian cryptocurrency platform With the latest recommendations from the Central Bank of Nigeria (CBN) easing the prohibition on cryptocurrency transactions, Yellow Card sees a chance to gain more credibility and integrate its cryptocurrency transactions into the traditional financial system, which might lead to an increase in its user base.
Lasbery Oludimu, the vice president of legal, commercial, and product at Yellow Card and chief data protection officer, recently stated in an interview that the peer-to-peer industry, which was formerly dominating during the ban, will alter with more banking assistance. This change might encourage innovation and competitiveness in Nigeria’s cryptocurrency market.
Oludimu affirmed that the exchange anticipates a surge in the use of cryptocurrencies in Nigeria in 2024 as a result of the CBN’s new regulations and the relaxation of the country’s ban on them. According to her, this directive would guarantee and make possible a more organised and controlled setting for cryptocurrency transactions.
According to the Yellow Card CEO, the ecosystem will benefit from increased competition and improved transaction efficiency brought about by banks reentering the market. Oludimu stressed that deeper integration and cooperation between traditional finance and digital assets might result from the CBN guidelines’ encouragement of engagement with traditional financial institutions to investigate prospects inside the cryptocurrency market.
“This decision is a step in the right direction to foster innovation, as well as provide a conducive environment for legitimate businesses like Yellow Card to operate, thereby benefiting users, increasing the crypto adoption rate in Nigeria and the broader crypto ecosystem.”
Oludimu emphasised the benefits of the CBN rules, saying that they establish a regulated environment that increases confidence and trust in the Nigerian cryptocurrency industry. With the legislative framework providing clarity, Yellow Card anticipates higher user uptake and engagement, drawing more people and businesses to the cryptocurrency area in the upcoming months. Oludimu states that Yellow Card intends to introduce creative solutions in line with the recently enacted rules, pursue strategic alliances, expand its user base, and advance Nigeria’s digital assets ecosystem.
On December 22, 2023, the CBN published guidelines for digital assets, enabling providers of virtual assets services—including cryptocurrencies and crypto asset organizations—to open accounts with Nigerian banks.
The central bank had prohibited banks and other financial institutions from managing accounts for cryptocurrency service providers two years prior.