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

Despite the February 5, 2021 directive by the Central Bank of Nigeria (CBN) instructing banks to block crypto entities from the financial system, the demand and use of cryptocurrencies continues to grow. . Even the central bank’s subsequent crackdown on crypto entities, which it accused of defying the directive, succeeded in stifling demand for cryptocurrencies.

Africans Need ‘Access to the Crypto World’

In contrast, Nigerians seem to have tear away CBN digital currency — e-naira. Despite the central bank’s efforts to introduce e-naira as an alternative to cryptocurrencies, local residents still seem to prefer the latter. According to Benjamin Eseoghene, founder and CEO of a local cryptocurrency exchange, people’s reluctance to use e-naira may be related to CBN’s inability to adequately inform the public about it.

Eseoghene, who has a company recently received approval to operate in Europe, telling News that Nigerian residents prefer cryptocurrencies because they are borderless. Meanwhile, Nigeria’s ongoing shortage of foreign exchange, as well as the decline of the local currency, are other factors driving Nigerian residents towards cryptocurrencies.

Nigeria’s population of over 200 million means that the country is one of the largest crypto markets in the world and this naturally attracts global crypto giants. However, the presence of such large companies has not deterred local entrepreneurs like Eseoghene. In written responses to questions from News, Eseoghene explained how his company, founded in 2018, can compete with some well-funded competitors. He also offered his thoughts on the e-naira and the CBN directive.

Below are Eseoghene’s answers to the questions. News (BCN): You run one of Nigeria’s locally established crypto exchanges, competing with well-resourced global platforms for what is essentially a cryptocurrency exchange. one of the largest cryptocurrency markets in the world. Can you start by telling our readers what motivated you to launch Roqqu in 2019 and why it’s up against much larger competitors?

Benjamin Eseoghene (BE): We are a brand that builds Africa’s future using blockchain technology. Starting from the very beginning, we have grown into a team of over 60 with leading product with over 1.4 million users in the African blockchain space.

We bet everyone’s best is the fastest and safest way to buy, sell, store and accept cryptocurrencies. We know our users want more than just a trading platform, we know our customers want to build businesses, expand their brands and achieve financial freedom; this constantly motivates us to continue to improve our services, and to strive to provide more flexible features to our platform… We build with the best technology available because they It is my responsibility to ensure that not only is all your activity on the app seamless, you can trust the safety of all your assets in our wallet.

BCN: Can non-Nigerians use or trade crypto on your platform?

IT IS IN: Not currently, but we are working around the clock so that Roqqu can be used in other parts of the world.

BCN: is said to have recently received a license or approval to operate in a European country. Is this correct and if so can you tell your readers why you chose this path?

IT IS IN: It’s true, many of our users have asked us to offer Roqqu to their friends and family members living and studying abroad. As you know, many businesses all over the world do business directly with Africa and receiving payments is a big hassle in Africa, what better way than to use cryptocurrency to help solve it? That’s the basics, which is why we’ve spent months working to make Roqqu globally accessible.

BCN: In February 2021, the Central Bank of Nigeria (CBN) guide banks are essentially removing cryptocurrency entities from the banking system. How has this affected your operations and how have you overcome the challenges presented by this directive?

IT IS IN: CBN’s heartbreaking love letter in 2021 is a lot for the brand to handle as it has a major impact on the product and the crypto industry at large.

Let’s face it: Nigerians are very interested in crypto. The country’s cryptocurrency trading has grown tremendously over the past few years. Nigeria is the largest cryptocurrency market in Africa, with the second highest bitcoin trading volume globally, after the United States. According to data from QZ Africa, a reported $400 million worth of cryptocurrency was exchanged in the country last year. Additionally, Nigerians are more likely to admit to using or owning cryptocurrency in a recent Statista Global Consumer Survey study of 74 countries.

However, to get around the directives, we changed our operations by rolling out the first P2P model on our platform to connect traders directly in an effort to lessen the impact. . P2P transactions are usually done directly between parties, without the use of intermediaries or third parties. Using this solution, we act as escrow for these P2P transactions. It’s simpler, easier and safer with Roqqu.

BCN: Although CBNs generally discourage the use of cryptocurrencies like bitcoin, they have tried to convince Nigerians to use central bank digital currency (CBDC). However, it seems that the opposite is true, Nigerians seem to prefer crypto to e-naira. What do you think could be the reason for this?

IT IS IN: Cryptocurrencies like bitcoin are borderless, they make global trade easy and possible, however, CBDCs have limitations, so that means people will still be attracted to it. borderless option. I think another reason people are against CBDC is because there is no incentive to adopt, there is no widespread sensibility as to why people should use CBDCs, how to buy, how to store, how to use apps and everything related to CBDC. care about it.

People can resist change, especially when they don’t see the change as necessary.

BCN: A Nigerian President aspirant reported praise fintech while others have praise blockchain and the potential it has. How do you react to positive comments about technology from national leaders?

It’s great to see that they are opening up the possibilities of blockchain and technology in general. If there’s one thing I’ve learned during my years in the industry, it’s that it’s much easier to grow and succeed when the government is on your side.

If they turn these positive comments into real work to support the tech ecosystem, there’s a 100% chance that growth will skyrocket. I am sure of this because I believe that for those who are just starting out, some of the existing policies that hinder the operation of technology companies will be revised and the founders will not spend much time. to try to innovate policies. Instead, they will spend that time innovating to compete in the global marketplace. There’s still a lot we haven’t done in technology and having a government that believes in the future of technology will be all we need.

BCN: Does this indicate a possible change in Nigeria’s policy towards the crypto industry?

IT IS IN: We believe it does. They clearly see all or at least a glimpse of what can be born out of cryptocurrencies and the blockchain industry in general, so it makes sense that they should improve their policies. existing policies or possibly even creating new ones that will spur the growth and spread of cryptocurrencies throughout the country.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer based in Zimbabwe. He has written extensively about the economic hardships of several African countries as well as how digital currencies can provide Africans with an outlet.

Image credits: Shutterstock, Pixabay, Wiki Commons

deny the responsibility: This newspaper only gives true information. This is not a direct offer or solicitation to buy or sell, or to recommend or endorse any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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