Central Bank of Nigeria (CBN) February 2021 The demand and use of cryptocurrencies continues to grow after the 5th directive directed banks to block crypto entities from the financial system. Even the central bank’s subsequent crackdown on crypto entities accused of defying directives has not succeeded in stifling demand for cryptocurrencies.
Africans need ‘access to the world of cryptocurrencies’
In contrast, Nigerians shy away from CBN’s digital currency, e-naira. seems to be Despite central bank attempts to present e-Naira as an alternative to cryptocurrencies, locals still seem to prefer the latter. According to Benjamin Eseoghene, founder and CEO of a local cryptocurrency exchange, residents’ reluctance to use his e-naira has to do with CBN not paying enough attention to the public. There is a possibility that
Roqqu.com, who recently received approval to operate a company in Europe, Eseoghene told Bitcoin.com News that Nigerian residents are using cryptocurrencies because there are no borders. said he liked it. On the other hand, Nigeria’s continued foreign currency shortage and depreciation of the local currency is another factor pushing Nigerians towards cryptocurrencies.
Nigeria’s population surpassing her 200 million means that the country is one of the world’s largest crypto markets, which naturally attracts the world’s crypto giants. increase. However, the existence of such a large company did not deter local entrepreneurs like Esogene. In a written response to questions from Bitcoin.com News, Eseoghene explained how his company, founded in 2018, can compete with well-funded rivals. He also provided his thoughts on the e-Naira and CBN Directives.
Below is Esogene’s answer to the question.
Bitcoin.com News (BCN): You run one of the locally established cryptocurrency exchanges in Nigeria. The exchange competes with well-resourced global platforms for what is essentially one of the world’s largest cryptocurrency markets. Could you start by explaining to our readers why he launched Roqqu in 2019 and why Roqqu has been uniquely positioned against its much larger competitors?
Benjamin Eseoghene (BE): We are a brand that uses blockchain technology to build the future of Africa. From humble beginning days, he has evolved into his team of 60+ with a leading product with over 1.4 million users in the African blockchain space.
We are everyone’s best bet as the fastest and most secure way to buy, sell, store and accept cryptocurrencies. We know our users want more than just a trading platform. We know our customers want to build their business, grow their brand, and gain financial freedom. This always inspires us to keep improving our services while striving to provide more flexible features of our platform…we want all your activities on the app to be seamless We build it using the best technology, so you can trust the safety of all the assets in your wallet.
BCN: Can non-Nigerians use or trade cryptocurrencies on the platform?
BE: Not at this time, but we are working around the clock to make Roqqu available in other parts of the world.
BCN: Roqqu.com is said to have recently obtained a license or authorization to operate in a European country. Is this true? If so, can you tell us why you chose this path?
BE: , there was a request to make Roqqu available to friends and family who live and study abroad. As you know, many companies all over the world do business directly with Africa and receiving payments is a big problem in Africa. There is no better way than using cryptocurrencies to solve that underlying problem. That’s why we’ve spent months working to make Roqqu globally accessible.
BCN: In February 2021, the Central Bank of Nigeria (CBN) asked banks to essentially separate crypto entities from the banking system. instructed. How has this affected your business and how have you overcome the challenges posed by this directive?
BE: CBN’s heartbreak love letter in 2021 had such an impact on the product and the crypto industry in general that it was hard for brands to process.
Let’s be honest, Nigerians are very interested in cryptocurrencies. Cryptocurrency trading in the country has grown astronomically over the past few years, with Nigeria being Africa’s largest cryptocurrency market and her second-highest bitcoin trading volume in the world after the United States. Data from QZ Africa reports that $400 million worth of cryptocurrencies were exchanged domestically last year. Nigerians were also most likely to admit to using or owning cryptocurrencies in a recent Statista global consumer survey of 74 countries.
In addition, to mitigate the impact, we have changed our operations by implementing the first P2P model that directly connects traders on our platform. P2P transactions are often conducted directly between parties without intermediaries or third parties. Using this solution will act as an escrow for these P2P transactions. With Roqqu it’s simple, easy and&secure.
BCN: The CBN, which has generally discouraged the use of cryptocurrencies like Bitcoin, has attempted to persuade Nigerians to use a Central Bank Digital Currency (CBDC). came. However, the opposite appears to be true: Nigerians seem to prefer cryptocurrencies over eNaira.What do you think is the reason?
BE: Cryptocurrencies like Bitcoin are borderless, making global commerce easy and practical, but CBDCs have limitations. Borderless option. Another reason people are resisting his CBDC is that there was no movement to adopt it, why people should use his CBDC, how to get it, how to store it, how to use it and everything else. I think it is not widely recognized about It is related.
People can resist change, especially if they do not recognize that change is necessary.
BCN: One of his Nigerian presidential candidates reportedly praised fintech, while another praised blockchain and its potential. What is your reaction to positive comments about technology like this from national leaders? If there’s one thing I’ve learned from years of experience in this industry, it’s that it’s a lot easier to thrive and be successful when the government is on your side.
If they turn these positive comments into actual work supporting the tech ecosystem, there’s a 100% chance that growth will skyrocket. First of all, because I believe that some existing policies that stifle the activity of tech companies will be amended so that founders will not spend so much time innovating around policy. Instead, they spend that time innovating to compete in the global marketplace. There is still a lot of work to be done in the tech sector, and having a government that believes in the future of technology will be all the impetus we need.
BCN: Does this somehow indicate a possible change in policy towards Nigeria’s crypto industry?
BE: We believe so. It is clear that they have all, or at least a glimpse, of what is to come from cryptocurrencies and the blockchain industry as a whole, so they will improve existing policies or even create new policies that will encourage growth and growth. Makes sense. Popularization of virtual currency in Japan.
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