HOT NEWS NIGERIA ONLINE Paxful Show Commitment to Support Nigerian to Regulate Cryptocurrency 12 months ago Adeleye Awakan Post Views: 614 Paxful cryptocurrency exchange platform is one of the leading trading platforms in Nigeria. According to the Chief Executive Officer and co-founder Ray Youssef, has shown commitment to engage Nigerian authorities to regulate the cryptocurrency market. He visited Nigeria in recent months to promote the safety and reliability of cryptocurrency in creating wealth for Nigerians, among other issues. The Central Bank of Nigeria (CBN) placed a ban on cryptocurrency transactions. In his words, Ray said, “We do not intend to go around anything we want to engage everyone including the regulators. We want to sit with them and show them what this is all about.” When Nigerians are motivated, they can move things very fast such that they will start wondering what this is all about. Their concern is to know whether it is safe, with the spate of money laundering and terrorism. The regulators of the world, including those in America are asking the same question. Paxful is everywhere we only need to engage the regulators and assure them that it is safe and can increase wealth for everyone. We also need to show them how it can make things easier for them to pay their taxes. Further they are much skepticism from regulators it is healthy for skepticism because a lot of people have been scammed in other places more than in African countries. There are scammers outside the continent who are preying on African so skepticism is healthy. Some people will come up and tell you that bitcoin are going to blow up and that you should not just put your life’s saving there, that is a scam. What we have done is to create a platform where you can exchange any form of money and bitcoin is just a tool to make things easy. It is a technology powered by people, in using this system; you can access money anywhere in the world. You are not going to get rich quick; it is about building your own business. If you put your mind to it and work hard, you will make it. Wherever there is a high profit, there is also a high risk. The number one thing I will say is that people should try to educate themselves. If your money is not in a building then it is in your computer or phone and the only thing that can give people access is your password and one password is not enough. When you open a bitcoin wallet and your email address is the same as your password, you are going to lose your money because 99 percent of all African websites have been hacked by some hackers in Russia, America and other places. Anywhere in the world, you need to have your password and email address, so that you can use two-factor authentication. This means you have to get a message on your phone as well as a basis and if you do not do that, you should not be in the game. It is a good thing to have your money on your system or phone because no one can control you but at the same time, the responsibility in on you to protect your money. To me bitcoin is about free money transfer and not all these speculations about scammers. It is about you suing your money naturally without any limit. Why the bank should ask me questions, on how I want to use my money? If you want to send money to anywhere in the world, you should be able to do it anytime. Why should our money system have some limits? Why should we accept that kind of limitation and inefficiency in our financial system? We are ready to partner with the Nigerian government to regulate the market, “we are ready; I love meeting the officials and engaging them on this. He said we want to bring the government and regulators to the table and discuss the way forward on the recent ban. We intend to meet the Vice President, Prof Yemi Osinbanjo, to share our vision, listen to him and understand the Nigerian government’s concern; we would show him the data and let him see what is happening worldwide. When we come together, we can look at innovation-friendly regulations because Nigeria can do better, he said. Interestingly, some of the crypto trading platforms in Nigeria have shown commitment to chat with the Nigerian government on the recent issues surrounding the ban by the apex banks to stop the fintechs and banks from processing anything related to the use of cryptocurrency (bitcoin) in Nigeria. About Post Author Adeleye Awakan Author E-play Africa, sports betting reviews, thoughtful leardership articles in Africa gambling industry, marketing gaming platforms in Africa with strong networking relationship with gaming operators in Africa, Expertise in PR, marketing communication, and consultant on gaming in Africa. See author's posts Adeleye AwakanAuthor E-play Africa, sports betting reviews, thoughtful leardership articles in Africa gambling industry, marketing gaming platforms in Africa with strong networking relationship with gaming operators in Africa, Expertise in PR, marketing communication, and consultant on gaming in Africa. 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