P2p transactions
This is the only variable way. Major exchanges provide this option with some safety measures.
Crypto was designed for p2p transactions. Centralized exchanges do not align with the ethos of blockchain technology. So what the government has done is stir people in the right direction. Solutions are numerous.
So do your research. If your client in Tokyo has access to crypto they can simply send you usdt which you can exchange for fiat(naira).
Lastly, the ban has little to do with curbing crime. I strongly believe this. The CBN is clueless as they cannot regulate the
crypto industry. This should be left to the SEC to provide guidelines on how crypto exchanges conduct their affairs. Some of these exchanges go to great lengths to ensure that their customers are well accounted for via KYC. So I don't think this has anything to do with curbing fraud
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I agree that the CBN is clueless on how to regulate the crypto industry but that is the excuse they give and it seems plausible to anyone who doesn't understand what cryptocurrency and the blockchain industry can do. A lot of people do not know this.
I also agree that crypto was designed for p2p transactions but if you do not have means of changing crypto to naira or the options are limited, that defeats the purpose. exchanges do demand for identification i agree but when you have projects that ensure anonymous transactions of large sums and do not harp much of verfying accounts, what is there to do?
With regards to my client, he falls under the category of those who know of crypto but do not trust or do business with it. My issue on that side is the CBN directive that demands that transfers be made with US dollars rather than changing to naira which can be deposited directly into individual account. My attempts to get a payment gateway has met with difficulty. I have tried payoneer, transferwise, flutterwave, sendcash, worldremit, and so on to no avail. If he had agreed to a crypto transaction, i would be on that project by now.
I like that you see the positives in this directive by the CBN. I hope that it encourages the development of projects that solve the vaccum between crypto and fiat without the involvement of CBN regulated financial institutions. I have always been of the mind that there needs to be more projects built around blockchain that deals with other issues aside from being middlemen in transfering money from crypto wallet to bank accounts. If this will get the Nigerian blockchain community more invested in innovative ideas then i am all for it.
Thank you for your response. It is kind of you @nonsowrites.
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