TL;DR Breakdown
• Crypto payments are accepted in Nigeria, while the CBN prohibits their trading.
• New Oxford Science Academy High School allows cryptocurrency payment.
The private high school in Nigeria, New Oxford Science Academy, in Kano State, will accept crypto payments. This occurs while the Nigeria central bank prohibits trading in cryptocurrencies.
As reported by Kano Focus, the most influential media outlet in the region, the academy will anchor its payment rate in crypto. Sabi’u Musa Haruna, the school’s owner and founder announced this new form of payment will be included in the coming months. He simultaneously invited other schools in the locality to adopt this cryptographic measure.
The student’s parents authorized the crypto payments that New Oxford Science Academy took. Cryptocurrencies are taken as a priority by many people for their passive earning and anonymous payments.
Decisions on crypto payments
The high school owner declares that they have accepted cryptocurrencies to adapt to the system as a payment method. Sabi’u Musa Haruna believes that at some point, digital payments will gain more weight than fiat money.
Musa Haruna was inspired by Tanzania and El Salvador’s actions on crypto. However, Sabi’u Musa Haruna did not explain the payment methods and which tokens it would accept. But due to the cryptocurrency’s popularity, Bitcoin will likely be accepted as payment.
In February, the central bank of Nigeria released a circular banning financial institutions from using crypto. Everything related to cryptocurrencies would be banned, and the user could even be imprisoned.
However, Governor Godwin Emefiele clarified these regulations on crypto payments were for banks and not users. It is not clear that he wants to achieve the highest authority of the CBN on crypto.
But CBN also announced that it would create its digital currency called CBDC by 2022. This currency will be of central origin like USDT or the Chinese yen it expects to be launched in the next few weeks.
Cryptocurrency acceptance
Nigeria is not the only country that accepts crypto payments because the El Salvador government made it official weeks ago. El Salvador’s President Nayib Bukele announced that he would accept Bitcoin as legal currency. Paraguay also will present a legislation law in July to adopt Bitcoin.
Crypto payments in Nigerian high schools may put the decentralized market in the regulator’s focus. However, many people and institutions in the country approve of the crypto trade. Cryptocurrencies may be viewed differently in Nigeria after this measure that the school has taken.
For the next few weeks, the crypto course in the country may change for the better, or perhaps it will be more strict. Cryptocurrencies are relatively new to citizens in Nigeria, so they are so encouraged to use them.
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