Ray YoussefCEO of You doone of Nigeria’s emerging cryptocurrency markets that enables users through its hyperapp to buy and sell Bitcoin and stablecoins, has issued a statement on Nigeria’s restrictions on cryptocurrency exchanges.
Because this matters
Nigeria has recently stepped up its crackdown on stablecoins and other crypto platforms, citing concerns about currency manipulation, illegal flows and national security.
Nigerian authorities have is reportedly being held two high-ranking executives of Binance, the world’s largest crypto exchange, and demanded data on their naira operations since 2015.
What they say
Ray Youssef, CEO of NoOnes:
βAfrica is the most regulated region in the world and this is directly related to poverty and stagnation, especially when governments do it on an unstable frantic basis. No nation has ever escaped this inflationary death spiral and like quicksand the wilder the moves the faster you sink.
There is yet another chance for Nigeria to escape and set a precedent for all others to follow. A fearless gamble on the potential of their youth and the overall potential energy of their economy would inspire Africa and the world. The Nigerian people have rejected CDBCs and embraced Bitcoin as a medium of exchange and are leading the world in adoption, placing all your bets on the black is the winning bet.
We at NoOnes invite the government to an official dialogue. We stand for the youth and the Pan-African Renaissance that starts with solving the money problem first. There is a win win win here, the only losers will be those who want the whole of Africa suppressed. This is our time and this time it will be different!β
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