Ray Youssef, CEO of NoOnes, one of Nigeria’s emerging crypto marketplaces empowering users through its superapp to buy & sell Bitcoin and stablecoins, has issued a statement on Nigeria’s restrictions imposed on cryptocurrency exchanges.
Why This Matters
Nigeria recently intensified its crackdown on stablecoins and other crypto platforms, citing concerns over currency manipulation, illicit flows, and national security.
Nigerian authorities have reportedly detained two senior executives of Binance, the world’s largest crypto exchange, and demanded data on their naira operations since 2015.
What They’re Saying
Ray Youssef, CEO of NoOnes:
“Africa is the most over regulated region in the world and this is directly relational to poverty and stagnation, especially when governments do it with an unsteady frantic footing. No nation has ever escaped this inflationary death spiral and like quicksand the more frantic the moves the faster you sink.
There is still a chance for Nigeria to escape and set a precedent for all others to follow. A fearless bet on the potential of their youth and total potential energy of their economy would inspire Africa and the world. The Nigerian people have rejected CDBC’s and embraced Bitcoin as a medium of exchange and lead the world in adoption, putting all your bets on black is the winning bet.
We at NoOnes invite the government to an official dialogue. We advocate for the youth and a Pan African Renaissance starting with fixing the money problem first. There is a win win win here, the only losers will be those who want the entirety of Africa suppressed. This is our time and this time it shall be different!”
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