Roqqu has established peer-to-peer transactions option on its platform to combat the difficulties created by the CBN’s ban since the 5th of February this year.
The ban on cryptocurrency by the Central Bank of Nigeria took financial tech companies by surprise, no one was ready for or expected that cryptocurrency as booming as it is, would be banned in the country. Although a circular was released on the 12th of January 2017 and it was set to bring down the use of cryptocurrency in the country, no one expected that four years later, another circular outrightly banning the use of cryptocurrency would be released.
The Central Bank of Nigeria, charged with the special responsibility of regulating financial activities in the country, instructed banks and financial institutions to put a stop to whatever business they had with cryptocurrency and close any account associated with cryptocurrency.
In as much as the ban has been regarded as shocking and unacceptable, banks and other financial institutions have begun to comply with the directives from the CBN. In fact, customers of Access Bank and GTBank attest to receiving emails notifying them of closure of their accounts due to its association with cryptocurrency.
Since the issuing of the ban, Nigeria has witnessed a steady rise in Bitcoin transactions and this is because of the peer-to-peer method of transacting that eradicates the functions of banks and other financial institutions.
Startups have started to think of ways of getting out of the messy situation created by the ban since no compromise could be reached with the banks.
The Alpha Team at Roqqu have been working tirelessly to create a system that beats what the ban spells out. It was and is still a herculean task assuring users on the platform of the safety of their funds.
Roqqu which is one of the bigwig companies in the cryptocurrency world in Nigeria, with a user count of over five hundred thousand under its belt has been able to create a decentralized system. This new system allows users access to their cryptocurrencies without breaking any rule of the CBN.
Roqqu’s Alpha Team came up with a peer-to-peer system that allows users on the platform fund and withdraw from their wallet without a mediator like banks. This promises to be a good improvement to the centralized system previously being used. Peer-to-peer method of transaction comes with loads of benefits like, it creates more channels of deposits and withdrawals (this was previously limited to banks), it increases interaction among traders thereby leading to increased knowledge of how blockchain works, it hastens trades and takes away the time one had to wait for payment verification from banks, it has the ability to create new job opportunities, etc.
Irrespective of the ban, cryptocurrency continues to thrive in the country. Many other financial tech platforms in cryptocurrency business will adopt the peer-to-peer system and this way they’ll get to escape the barriers caused by the ban.