Yellow Card, a cryptocurrency trading service, has confirmed the reinstatement of naira cash withdrawals in Nigeria. The firm’s decision comes nearly a year after a banking system regulation compelled Yellow Card to halt cash withdrawals.
The Central Bank of Nigeria’s Rising Popularity in Virtual Currency
Almost a year after stopping operations in response to a central bank mandate, cryptocurrency exchanges service Yellow Card has announced the resumption of local cash withdrawals in Nigeria. The restart of services by the corporation also comes just a few months after the Central Bank of Nigeria (CBN) established its own virtual money.
Yellow Card’s head of operations, Oparinde Babatunde, claimed in a statement posted in the Vanguard that the CBN’s changed attitude on virtual currencies may have affected his board’s ability to restart assistance. He stated:
“The tide has shifted, and we are now witnessing the CBN’s rising interest in developing their own digital currency. Around October of last year, they announced the launch of the e-naira, a digital version of the country’s currency that derives its value from the actual naira. We hope that the CBN would alter its attitude on bitcoin in the coming months.”
Yellow Card, like other cryptocurrency exchange platforms, was compelled to halt naira cash withdrawals when the CBN directed banking firms to remove crypto firms from the central bank. Nevertheless, with this news, Yellow Card becomes an latest African cryptocurrency trading site to indicate that naira cash transactions would be reinstated.
Luno Global, as reported earlier by Bitcoin.com News, was one of the first virtual currency companies to declare the reintroduction of naira cash withdrawals. Luno initially denied had direct communication with the CBN at the time of launch, but claimed it has been engaging with other parties to come up with a solution that “prioritises the protection of its clients.”
As per Babatunde, Yellow Card, where user community is expected to reach 500,000 by the end of the first quarter of 2022, would prioritise customer safety.
“We also have a significant focus on usability, trust, and safety, having incorporated Smile Identity to ensure that the tier 1 traders may only submit papers once and they are scanned with an international database,” Babatunde is quoted as saying.
According to the Vanguard storey, in addition to improving the user experience, Yellow Card would teach Africans about cryptocurrency via seminars and venues such as the YC Academy.
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