‘Cryptocurrencies Like Bitcoin Make Global Commerce Easy’ — Founder of Nigerian Crypto Exchange

Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that instructed banks to artifact crypto entities from the fiscal system, the request and usage of cryptocurrencies person continued to grow. Not adjacent the cardinal bank’s consequent crackdown connected crypto entities it accused of defying the directive has succeeded successful suffocating request for cryptocurrencies.

Africans Need ‘Access to the World of Cryptocurrency’

In contrast, Nigerians look to person shunned the CBN’s integer currency — the e-naira. Despite the cardinal bank’s attempts to contiguous the e-naira arsenic an alternate to cryptocurrencies, section residents seemingly inactive similar the latter. According to Benjamin Eseoghene, the laminitis and CEO of a section crypto exchange, the residents’ reluctance to usage the e-naira could beryllium tied to the CBN’s nonaccomplishment to afloat sensitize the masses astir it.

Eseoghene, whose institution Roqqu.com precocious received support to run successful Europe, told Bitcoin.com News that Nigerian residents similar cryptocurrencies due to the fact that they are borderless. Meanwhile, Nigeria’s continuing shortage of overseas exchange, arsenic good arsenic the section currency’s decline, are different factors that propulsion Nigerian residents towards cryptocurrencies.

Nigeria’s colonisation of implicit 200 cardinal radical means the state is 1 of the world’s biggest crypto markets and this people attracts planetary crypto giants. However, the beingness of specified large companies has not deterred section entrepreneurs similar Eseoghene. In his written responses to questions from Bitcoin.com News, Eseoghene explained however his company, which was founded successful 2018, is capable to vie against immoderate of its well-funded rivals. He besides offered his thoughts astir the e-naira and the CBN’s directive.

Below are Eseoghene’s responses to the questions.

Bitcoin.com News (BCN): You run 1 of Nigeria’s locally established crypto exchanges that competes with well-resourced planetary platforms for what is fundamentally 1 of the world’s largest crypto markets. Can you commencement by telling our readers the reasons that prompted you to motorboat Roqqu successful 2019, and wherefore it has held its ain against its overmuch bigger rivals?

Benjamin Eseoghene (BE): We are a marque that builds the aboriginal of Africa utilizing blockchain technology. Starting disconnected from the days of small beginnings, we evolved into a squad of 60+ with a starring merchandise with implicit 1.4m+ users successful the African blockchain space.

We are everyone’s champion stake arsenic the fastest and safest mode to buy, sell, store and judge cryptocurrencies. We cognize our users privation much than conscionable a trading platform, we cognize our customers privation to physique businesses, grow their brands and summation fiscal freedom; this perpetually inspires america to support improving our services, portion striving to connection much flexible features of our level … We physique with the champion exertion determination is due to the fact that we marque it a constituent of work to spot that not lone are each your activities connected the app seamless, you tin spot the information of each your assets successful our wallets.

BCN: Can non-Nigerians usage oregon commercialized cryptocurrencies connected your platform?

BE: At the infinitesimal no, but we’re moving circular the timepiece to marque it imaginable for Roqqu to beryllium utilized successful different parts of the world.

BCN: Roqqu.com is said to person precocious obtained a licence oregon support to run successful a European country. Is this existent and if truthful tin you archer our readers wherefore you person chosen this path?

BE: It’s true, galore of our users person asked america to marque Roqqu disposable to their friends and household members who unrecorded and survey abroad. As you already know, galore businesses crossed the satellite bash concern straight with Africa and receiving outgo is simply a large hassle successful Africa, what amended mode than to usage the conveyance of crypto to assistance lick that cardinal problem, that’s wherefore we’ve spent galore months moving to marque Roqqu globally accessible.

BCN: In February 2021, the Central Bank of Nigeria (CBN) instructed banks to fundamentally cut-off crypto entities from the banking system. How did this interaction your operations and however did you flooded the challenges that were brought by this directive?

BE: The emotion missive of heartbreak by the CBN successful 2021 was a batch for the marque to grip arsenic it had a large interaction connected the merchandise and the crypto manufacture successful general.

Let’s look it: Nigerians are precise funny successful cryptocurrencies. The country’s cryptocurrency commercialized has grown astronomically during the past fewer years. Nigeria is the largest cryptocurrency marketplace successful Africa, with the second-highest measurement of bitcoin trades globally, aft the United States. According to information from QZ Africa, a reported $400 cardinal worthy of cryptocurrencies were exchanged successful the federation past year. Also, Nigerians were the astir apt to admit utilizing oregon owning cryptocurrencies successful a caller Statista Global Consumer Survey survey of 74 countries.

However, to flooded the directives, we changed our operations by implementing the precise archetypal P2P exemplary connected our level to link traders straight successful an effort to lessen the effects. P2P trades are often conducted straight betwixt parties, without the usage of middlemen oregon 3rd parties. With the usage of this solution, we relation arsenic escrow for these P2P transactions. It’s simple, easier & safer with Roqqu.

BCN: While the CBN has mostly discouraged the usage of cryptocurrencies similar bitcoin, it has been trying to person Nigerians to usage its cardinal slope integer currency (CBDC). However, it appears the other is true, Nigerians look to similar cryptocurrencies to the e-naira. What bash you deliberation could beryllium the crushed for this?

BE: Cryptocurrencies similar bitcoin are borderless, they marque planetary commerce casual and practicable, however, the CBDC comes with limitations, truthful it makes consciousness that radical would inactive gravitate towards the borderless option. I deliberation that different crushed wherefore radical are resisting the CBDC is that determination hasn’t been an adoption drive, there’s been nary wide sensitization connected wherefore radical should usage the CBDC, however to get it, however to store it, its usage and everything that concerns it.

People tin beryllium resistant to alteration particularly erstwhile they don’t spot that alteration arsenic necessary.

BCN: One Nigerian Presidential aspirant has reportedly praised fintechs portion different has extolled the blockchain and the imaginable it has. What is your absorption to specified affirmative comments astir the tech from nationalist leaders?

It’s large to spot that they’re opening to the possibilities of blockchain and tech arsenic a whole. If there’s 1 happening I’ve learnt successful each my years successful the industry, it’s that it’s a batch easier to thrive and win erstwhile the authorities is connected your side.

If they bash crook these affirmative comments into existent enactment to enactment the tech ecosystem, there’s a 100% accidental that the maturation volition skyrocket. I’m definite of this due to the fact that I judge that for starters, immoderate existing policies that stifle the activities of tech companies would beryllium revised and founders wouldn’t walk truthful overmuch clip trying to innovate astir policies. Instead, they’d walk that clip innovating to vie successful planetary markets. There’s truthful overmuch we’re yet to bash successful the tech abstraction and having a authorities that believes successful the aboriginal of tech, would beryllium each the propulsion we need.

BCN: Does this successful immoderate mode constituent to a imaginable displacement successful Nigeria’s argumentation towards the crypto industry?

BE: We judge that it does. It’s evident that they spot each oregon astatine slightest a glimpse of what tin beryllium birthed from cryptocurrency and the blockchain manufacture astatine large, truthful it lone makes consciousness that they would amended the already existing policies oregon possibly adjacent make caller ones that volition foster the maturation and dispersed of cryptocurrency successful the nation.

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