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.
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Top 5 countries all legally recognize #crypto. https://t.co/xtCtBemGOt
— CZ ? Binance (@cz_binance) February 6, 2021
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.
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#CBN prohibits regulated institutions from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges…https://t.co/OQ6MvQB8O1
— Central Bank of Nigeria (@cenbank) February 5, 2021
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’s 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
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’s 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.