by Rushali 
Last week the Central Bank Of Nigeria has issued a directive to the banks to close down the accounts related to cryptocurrencies, but Nigerians are still planning to continue the use of cryptocurrencies.
One of the bitcoin users has said that bitcoin is the future and we can not run from our future just because of few people. And the youth of Nigeria requires cryptocurrencies to get out of poverty.
The bank has clarified on Sunday, that this directive was a reminder of a 2017 directive. But it has created an impact. Banks have cut ties with the cryptocurrency companies like the Binance exchange and social payments app Bundle, which in turn stopped accepting deposits.
The country is the hotspot for cryptocurrency because its own currency is prone to depreciation. People have found a way of earning by trading cryptocurrency. Some Nigerian cryptocurrency users aren’t happy about the directive and have said they plan to continue using cryptocurrencies by using methods that are harder to detect and stop.
But as the cryptocurrency is peer-to-peer means it doesn’t need any intermediary to transfer, it can be done without involving the banks.
Two people can transact directly with each other using crypto and then can pay in cash or bank transfer.
Platforms such as Paxful and Binance’s peer-to-peer platform help connect users to other users so they can coordinate these transactions.
Despite the bank’s directive many users are planning to shift to peer-to-peer transactions and continue the trading.
And nobody could stop it.
The directive is issued to curb criminal activity and risky transactions. The bank believes that cryptocurrency is dangerous and other central banks also warned against it.
But the users disagree with this reason, they say that they should have the choice to invest in which asset, and with the depreciation of naira over time people can have a hedge option with cryptocurrency. Most of the users believe this regulation is a mistake.
