Flincap co-founder Nathaniel Luz suggests the Nigerian government address licensing issues for local exchanges instead of blaming the crypto ecosystem for forex challenges.
The Nigerian government needs to be clear on its stance concerning the crypto industry, as its recent actions have been sending mixed signals to the broader community, according to Nathaniel Luz, co-founder and chief marketing officer of Flincap, a local crypto over-the-counter (OTC) exchange.
This comes after recent reports from local crypto users of their inability to access the websites of various crypto exchanges like Binance, OctaFX and others using traditional telecommunication providers. This came to light on Feb. 21, giving rise to speculation about a possible government ban on crypto platforms.
Speaking with Cointelegraph, Luz said it seems like the government of Nigeria is not interested in having a good relationship with people in the crypto space. The government blames the current exchange rate of 1,800 Nigerian naira to $1 on OTC traders trading Tether (USDT) for naira on the peer-to-peer (P2P) market.
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