For many, the use of cryptocurrencies or cryptocurrency rails to send funds across borders has proved to be the most important and perhaps even the best use case so far. cryptocurrency remittances
As the situation in Nigeria before the blockade of crypto entities from the banking ecosystem demonstrated,have the potential to surpass the regular channels for sending money. In addition to the speed of transferring funds, the sending of money in the form of cryptocurrencies meant Nigerian migrants were able to bypass the many intermediaries that are traditionally involved in cross-border transactions.
Of course, this act and the subsequent moves by the CBN have not killed the popularity of cryptocurrencies in Nigeria as authorities had hoped. Rather, the restrictions have so far only succeeded in promoting If the relations are frosty then there is a good chance that access to the global financial system and the associated services will be heavily curtailed. For instance, a Zimbabwe national interested in trading stocks on the New York Stock Exchange or buying merchandise on Amazon may be precluded from doing so directly due toHowever, using certain cryptocurrency platforms, the same Zimbabwean national can actually buy hot global stocks like Tesla, Amazon, Microsoft, etc.
in many other forms of crypto trading including staking, and risky futures and margin trading. All this is possible because cryptocurrencies can be held by anyone, including those that are financially excluded.So as much as regulatory bodies may want to stop or limit the use of cryptocurrencies, the reality is that crypto has opened the door to many opportunities.
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