Impact Of Crypto Exchanges On Country Currencies

Impact Of Crypto Exchanges On Country Currencies

all right now let’s um head straight to
other markets now let’s get a sense of
what’s happening in the crypto Market we
did see Bitcoin you know trying to get
back up to levels seen before but now
we’re seeing $
66,1 188 I’m last for Bitcoin some green
on the screen at this time but it’s
mostly red uh right now we see ton there
deep in red Solana still in green um
territory so um most of those uh
cryptocurrencies that we saw you know
give up some of that profit we’re seeing
them you know try to inch back up you
know at this time um let’s get to our
first uh conversation um now we have FEI
um Adu now he’s a CEO uh founder of
bechain Africa joining me via Zoom great
to have you on the
show thank you very much l how you doing
today I’m doing great um we’re seeing uh
most you know countries at this time
know struggle when it comes to you know
the currency market we’ve seen Zimbabwe
coming up with gold back you know
currency we’ve seen Nigeria we’ve seen
The Nair actually you know appreciate at
this time but we’ve seen um some
cryptocurrency exchanges being blamed
for um speculation you know against most
of the currencies so how do you balance
this here are the cryptocurrency
exchanges really the
problem um definitely not the problem
right um a lot of these crypto exchanges
are just service providers they are
providing a platform for people to do
business exchange their cryptocurrencies
or Bitcoin and usdt for for naira and
this doesn’t just happen in in alone
because you know for example binance
that has really been taking the Heats
operates in a lot of countries hundreds
of countries around the world so Nigeria
is just one of them and they have a
large user base in Nigeria but um I
think that it’s actually a misplaced
priority trying to blame a particular
company for the downfall of our naira
you know Nigeria is actually an import
driven economy right 0% of the things we
use in Nigeria imported so if we’re
going to blame bance then there’s no
basis that to which why the executives
are going to be detained um for me that
is um um being to ignorance that’s what
I’m going to say being too ignorance I
think that the government should look
out for how binance and all those crypto
exchanges should register in Nigeria and
create jobs you know and of course they
can tax these companies I think that’s
actually a smart way to handle these
issues if the Nira is devaluing of
course it means that our Imports are far
greater than our exports thank you all
right but but at this time we do know
you know regul is a major problem when
it comes to you know cryptocurrency
market and most of these exchanges we
know some of them do not um play you
know according to uh the rules you know
some of them you know most of the
platforms are being used for illegal you
know purposes at this time but what kind
of Regulation do you think uh we should
be exploring you know right now when it
comes to you know this crypto
exchanges okay like see bers is start in
the US um I think it’s also register in
some other countries as well but I don’t
think there is anything like binance
Nigeria limited or anything at all you
know so the first thing to regulate a
particular Market is to make sure that
there are proper registrations with the
corporate Affairs commission that is
step one then when you register here
they should have fiscal office here
right so that if there’s any discrepancy
between the government and the privat
you know sector they can have some
deliberations and everything can be
trashed out immediately I don’t think
the approach used by the government to
track down and clamp down all crypto
exchange exactly the problem because you
can today The Nair is actually going
back to almost 1,300 naira so it is not
you know the the blames being passed
upon the crypto exchanges I think the
policy makers especially the
coordinating minister of the economy Mr
W edu needs to look out for a um a
scenario by we can have you know
discussions you know with this private
sector players you know sometimes it is
not because the even the platform knows
about some of all these bad deals right
but whatever happens Nigerians are still
going to use C currency whether they
like it or not right it has come to stay
so the government has to look at ways
whereby they can come to sit down with
the private sector players and the
service providers and say okay yeah we
want to regulate this particular
environment now can we have a particular
Dialogue on see how we can you know move
this forward rather than trying to clam
down I think Nigeria can easily make
more money from profits um taxing these
companies rather than telling to leave
the country all right I’m talking about
the nairo we’re seeing the Central Bank
intervening at this time selling to bdcs
about 1,21 hour so I guess markets might
be expecting an N to strengthen you know
at this side but thank you so much thank
you Fe CEO founder bjain Africa thank
you so much that’s the time we have
right now all right that’s the show
today remember you can visit channel
cv.com for more updates I’m L Williams
from mini team right here channels HQ
it’s bye for now
[Music]
w

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