Yellow Card has announced the resumption of naira deposits and withdrawals in Nigeria through a statement from the cryptocurrency exchange. The company’s move comes nearly a year after the central bank ordered yellow cards to suspend deposits and withdrawals.
CBN’s growing interest in digital currencies
Cryptocurrency trading platform Yellow Card now says it is resuming local deposits and withdrawals in Nigeria, nearly a year after a central bank directive suspended services. The company’s resumption of services also comes a few months after the Central Bank of Nigeria (CBN) launched its own digital currency.
In its statement In an article published by Vanguard, Oparinde Babatunde, Yellow Card’s director of services, said the CBN’s change in stance on digital currencies may have influenced his company’s decision to resume services. He said:
The tide has changed and we are now seeing an increasing interest from CBN in their creation of their own digital currency. Around October last year, they announced the launch of the electronic naira, a digital form of the country’s currency, and deriving value from the physical naira. In the coming months, we hope that CBN will reconsider their stance on cryptocurrencies.
Similar to other cryptocurrency trading platforms, yellow cards forced to stop naira deposits and withdrawals after CBN order Financial institutions exclude crypto entities from the banking system. However, with this announcement, Yellow Card became the latest African cryptocurrency exchange to show that it will resume deposits and withdrawals of naira.
As before Report As reported by Bitcoin.com News, Luno Global is one of the first cryptocurrency platforms to announce that it will resume Naira deposits and withdrawals. In making the announcement, Luno denied having a direct link to CBN but said it has been working with other stakeholders to find solutions that “prioritize customer safety”.
According to Babatunde, Yellow Card, which is expected to surge to 500,000 users by the end of the first quarter of 2022, will also prioritize the safety of its users.
“We are also very concerned about usability, trust and security, having implemented Smile ID to ensure that primary traders can only submit documents once and scan them using an international database,” Babatunde was quoted as explaining.
In addition to enhancing the user experience, the Yellow Card will educate Africans about cryptocurrencies through platforms such as webinars and YC Academy, Vanguard reports.
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