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Cryptocurrency

Nigeria among worst countries to start a career, and they all don’t accept crypto

Nigeria and other worst countries in the world to start a career have something in common – they don’t accept crypto.

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Changpeng Zhao, the founder and leader of the world’s biggest crypto exchange, Binance, has posted a list of the top 5 countries to start a career side by side with the bottom 5 (worst) countries to start a career.

The top 5 in descending order include United Kingdom, Germany, Canada, U.S A, and Japan while the bottom 5 are listed as Uruguay, Nigeria, Libya, Syria, and Yemen.

It is interesting to note that the countries listed in the top 5 all legally recognize and accept cryptos, while the bottom 5 countries do not wholly accept or legally recognize the fast ever-changing financial asset.

READ: API Startup, Mono joins Y Combinators Winter 2021 batch

This is coming on the background that Nigeria’s apex bank recently prohibited regulated institutions from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges.

What this means: The recent directive of the CBN will surely put Nigeria in the bad light among the international crypto community, taking into consideration Nigeria is among several countries that were ranked as worst for starting a career, coupled with many Nigerian youths now finding it hard to thrive in a country that attracts the highest interest in Bitcoin globally.

READ: Ethereum held on Crypto exchanges might run out of supply in 2 days

Sequel to the founder’s tweet, Binance had already temporarily suspended deposits in Nigeria’s local currency in response to the recent circular released by Nigeria‚Äôs central bank (CBN) instructing Nigerian commercial banks and other financial institution to identify and close all accounts tied to crypto or crypto exchanges

Changpeng Zhao anticipates that the Nigerian banks will stop working with Crypto exchanges in line with the Nigerian Apex bank directive, meaning P2P trading will likely flourish as a result.

He further advised Nigerian customers to withdraw their local denominated deposits as early as possible to avoid potential channel issues.

READ: Nigeria’s cryptocurrency ban: A legal analysis

bitcoin train

In case you missed it

  • Recall, the Central Bank of Nigeria had recently notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.
  • Some hours ago, in a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa‚Äôs largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
  • The apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.
  • Also, the CBN further warned Nigerian financial stakeholders that any breach of this directive will attract serious regulatory sanctions.

Binance

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

3 Comments

3 Comments

  1. Damon Cockerham

    February 7, 2021 at 12:57 am

    This is a sad day for me and especially brother and sister that have been working so hard to rise out of poverty. The leaders of the Nigeria state are not true leaders for the people of Nigeria young or old. They are Economic genocide dictators, that want to keep financial control and to keep ciphering money that can’t be traced, but those day have came to ahead. The UN and it’s bodies are moving full steam ahead with digital currency eco system of peer-to-peer transaction blockchain, which will be kept on a ledger of transparency.

    If you are a true government for the people, you will understand that this way of business will help bring your people out of poverty. The old system you have in place of governance is not working because, and haven’t and haven’t been for decades. Using the blockchain you don’t need a Chief of your community tribe, to operate your 100,000 dollar transaction of business. It can be done in 3-10 second.
    The old trickle-down to the poor is no longer alive in this new world of benefiting the poor.

    There would not be a large population of poverty, when this change come and the government knows that, and want to halt Global wealth that’s coming. It is Biblical, “The wealth will transition to the poor”,. My Nigerian, brother & sisters stand up and fight for your financial freedom. My heart believe this is design from the inside and not the help from the outsider of Nigeria Government.

    Something have to change one way are another. All other nations that are of significant value, small or large have followed suit, and have accepted the new digital change. I have to say, if the change is not implement soon or accepted for the betterment of society. The digital currency revolution prices will be so ignited of inflation by the 4th quarter, that by the time the Nigerian Government come the table to negotiate, their will be a hefty price tag that the people of Nigeria will have to pay, for financial freedom, whenever the “Old Minds of Leadership”, decide to join the Global blockchain of business to business transactions. The prices of cryptocurrency would have reached it Apex of success.

    The government knows this, and they don’t want the young voices to get wealthy, because after wealth come power, and that combination can remove them from there seat of power. This technology root out dishonesty/fraudulent/ bribery conduct by those in power. What they don’t understand is that a spot light that was talked about all over world for many decades, have been proven by the Global announcement they have opposed on there people and financial institutions, now they have been shown the world there truth of dishonesty and concern for the people of the Nigerian State.

  2. Sam

    February 7, 2021 at 3:05 am

    Another Bullsh*t from Nairametrics. Nigeria is no way among bottom 5 countries to start a career. Get your metrics right.

  3. Fola

    February 7, 2021 at 9:28 am

    I don’t think the top 5 countries to start a career, at least except Japan ‚Äúlegally‚ÄĚ recognise cryptocurrencies. They just don’t have regulations enforced yet and haven’t termed it illegal, neither have they said it’s legal. It’s still just being left alone, for now. Biden for instance has suspended any talks on crypto regulations has he is focusing on other things that are urgent.

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