Coinbase, a leading crypto exchange based in the United States, has denied rumors that the Nigerian government has ordered it to restrict its services to Nigerian citizens.
Coinbase CEO’s Statement
Coinbase CEO Brian Armstrong addressed the issue in a post on Twitter, clarifying that Coinbase’s services are still operational in Nigeria and that the company has not been contacted by Nigerian officials regarding any such directives.
Alleged Crypto Restrictions in Nigeria
Earlier this week, reports surfaced claiming that the Nigerian government had instructed telecommunication companies to block access to several crypto trading platforms, including Coinbase, Binance, and Kraken. The alleged motive was to curb suspected manipulation of the foreign exchange market.
Lack of Concrete Evidence
Despite these claims, many Nigerians have continued to access their accounts on platforms like Binance, indicating a lack of concrete evidence supporting the reported government directives.
Nigeria’s Crypto and Blockchain Landscape
Nigeria has one of the largest crypto populations globally, with significant transaction volumes reaching $56.7 billion between July 2022 and June 2023. While the country’s regulatory stance towards cryptocurrencies is unfavorable, there is considerable interest in blockchain technology.
Potential of Blockchain in Nigeria
Oluseyi Akindeinde, CEO of Hyperspace Technologies, highlighted the potential of blockchain in enhancing security within the pharmaceutical sector. He proposed using blockchain to serialize pharmaceutical products and integrate robust security features to combat counterfeit drugs.
Conclusion
Coinbase’s CEO has dispelled rumors of a government ban on Nigerians using the crypto exchange. The alleged crypto restrictions in Nigeria lack concrete evidence, and there is growing interest in blockchain technology within the country.
