Coach Weinhaus, a doctoral candidate studying cryptocurrency and monetary sovereignty at the Washington University School of Law and CEO of Judiciocracy, recently discussed the increasing popularity of cryptocurrency in Nigeria with Crypto Republique. He stated that this trend reflects the Nigerian populace's desire for a currency more stable than their native naira. This comes amidst recent actions by the Nigerian government to ban multiple crypto exchanges, including Binance, as part of an effort to protect the naira.

"Demand for crypto is a comment on a nation's currency - don't blame Binance for bitcoin's existence," said Weinhaus.

Bloomberg reported that Nigeria's currency hit a record low after falling another 2.1% at the end of February. Despite a significant rate hike by the Central Bank of Nigeria, the naira continues its decline and is currently trading at its lowest point against the U.S. dollar since Bloomberg began tracking this data.

Get the Newsletter

Sign-up to receive weekly round up of news from Crypto Republique

CoinTelegraph reported on efforts by the Nigerian Central Bank to strengthen the naira through banning multiple crypto exchanges. As part of these measures, Binance, recognized as the world's largest crypto exchange, removed the naira from its peer-to-peer trading platform on February 28th. There have been reports suggesting that amid this crackdown, the Nigerian government is considering imposing a fine on Binance. Furthermore, two Binance officials are reportedly being detained in Abuja by Nigeria's National Security Adviser’s office.

According to a report from the Crypto Council for Innovation, Nigerians have been utilizing digital assets for routine transactions, as a hedge against inflation and for investment purposes. The report notes that "Nigerians are keen to protect the value of their money," particularly given that food costs reached a 27-year high in December 2023. The report also highlighted Nigerians' appreciation for lower fees and faster transaction times associated with cross-border crypto payments. With Nigeria heavily reliant on remittances which can carry traditional financial system fees as high as 36%, it is unsurprising that half of Nigerian respondents in a 2023 survey by Consensys expressed a desire for crypto regulations that would protect users while also encouraging adoption.

Weinhaus's academic and professional focus on cryptocurrency and monetary sovereignty is outlined in his LinkedIn profile. He holds a Juris Doctor (JD) from Washington University, a master's degree in digital currency from the University of Nicosia, an MBA from the University of Chicago Booth School of Business, and a bachelor's degree in economics from the London School of Economics.

More News

UK’s stringent crypto regulations spark debate as exchanges struggle to gain FCA approval

The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

Nov 24, 2024

Italy backtracks on crypto tax hike amid investor pushback

The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.

Nov 24, 2024

European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

Crypto Comments

Loading...

No comments available.

CRYPTO NEWS AROUND THE GLOBE

Cours gratuits de Binance en France : éducation ou marketing illégal ? - Coins.fr

Les utilisateurs du Coinbase Wallet peuvent désormais s’envoyer de l’argent via des liens WhatsApp, TikTok et Instagram

Le géant IBM dévoile une nouvelle technologie pour les cold wallets de cryptomonnaies

SEC's Absence at Binance Settlement Announcement Raises Questions

Binance Tops PYMNTS' Provider Ranking of Crypto Wallets

Are Binance and France the newest couple in Crypto Town?

L’ETF BTC de BlackRock engrange 100 000 dollars, sans être approuvé - Coins.fr

Riot passe la plus grosse commande de mineurs BTC de son histoire - Coins.fr

Les hackers français du protocole DeFi Platypus relaxés - Coins.fr

Binance’s Top Executive Team to ‘Remain Intact,’ New CEO Says

Le FSB souhaite s'assurer que les règles pour les bourses crypto sont suffisantes - Coins.fr

Selon le célèbre Arthur Hayes, le traitement réservé à CZ et Binance par les USA est absurde

Les plans du nouveau PDG de Binance après le départ de CZ

Guerre anti-crypto : Binance.US traqué par la SEC

Binance menacée de fermer ? Ce nouvel élément déterminera tout

Columbia Business School Professor on Binance settlement: Major financial firms have been caught doing worse 'yet suffered much milder consequences’

Binance investit dans Open Campus, un protocole éducatif web3 - Coins.fr

“Il m’a royalement ignorée” : Christine Lagarde raconte la mésaventure crypto de son fils

Waltio lève 1,8 million d'euros, notamment auprès du Crédit Agricole

Bitcoin ETF Optimism Spurs Largest Asset Inflows Since Late 2021

New Binance CEO shares vision for crypto’s future

Waltio lève 1,8M€ pour simplifier la fiscalité crypto - Coins.fr

Fraudes aux crypto-actifs : KPMG et Chainalysis s’allient - Coins.fr

Agrément PSAN : le scepticisme des acteurs traditionnels

Binance settles with US regulators, CEO steps down as part of deal

Après la condamnation de Binance, les filiales sous pression

Binance Founder Changpeng Zhao Agrees to Step Down, Plead Guilty

Mastercard is making efforts to better detect crypto fraud with AI tie-up

US Seeks More than $4 Billion From Binance to End Criminal Case

UK retail sales fall to two-year low as inflation-hit consumers cut spending

Washington University crypto expert on Nigeria's crypto crackdown: 'Don't blame Binance for bitcoin's existence'

More News

Crypto Comments

Loading...

Trending