Report: Nigerian Crypto Restrictions and Twitter Ban Have ‘Crippled Foreign Direct Investment in the Fintech Industry’

A caller study has concluded that restrictions connected cryptocurrency trading, arsenic good arsenic the banning of Twitter by Nigerian authorities, whitethorn person “crippled overseas nonstop concern successful the fintech industry.”

Foreign Direct Investment ‘Crippled’

A caller study has recovered that restrictions imposed by Nigerian authorities connected crypto trading whitethorn person contributed to the reduced overseas nonstop concern that goes to the fintech industry. The aforesaid restrictions, arsenic good arsenic the banning of Twitter, person besides adversely affected young Nigerians who were earning wealth via crypto trading.

The report, which is titled Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities, was jointly published by the secretaries-general of the Organisation for Economic Co‑operation and Development (OECD) and the United Nations (UN).

“The restrictions connected cryptocurrency transactions and the outright prohibition of Twitter successful Nigeria person crippled overseas nonstop concern successful the fin‑tech manufacture and negatively impacted millions of young Nigerians who gain a surviving from the sector,” the study concluded.

Nigeria Denied Taxes

However, an excerpt from the study published by Business Insider Africa suggested immoderate Nigerian youths whitethorn person recovered ways to “lawfully bypass these restrictions and proceed the business.” This information is besides backed by a Bitcoin.com News report which stated that peer-to-peer crypto trading successful Nigeria had surged soon aft the cardinal slope asked fiscal institutions to halt facilitating crypto-related transactions.

By switching to alternate yet ineligible ways of transacting, the report opined that traders were “effectively denying Nigeria the taxes and transaction fees that would different travel into the system.”

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