You expect there will be more facilities to interact with crypto and use crypto in daily life. The adoption rate of crypto increases, but at the same time, there are obstacles that force it to close crypto services. Bundle, a popular Nigerian social payments app, is shutting down its crypto exchange services.
Bundle did not disclose why they take this decision to discontinue its crypto exchange services. It seems they are going back to focus more on its core business. The unfavorable market condition can be a reason behind their action.
Bundle gained popularity in Nigeria providing its crypto exchange services. Customers are happy to use their platform. You can guess they are facing challenging situations, otherwise, they did not make this decision.
People can trade on their platform till September 30, 2023. They will not be able to buy, sell, or trade cryptocurrencies in Bundle after that. Retail investors may choose other crypto exchanges to do trading and investments.
Due to the regulatory crackdown on crypto, there is uncertainty. And you cannot overlook that. The Central Bank of Nigeria (CBN) pays more attention to the potential risk in crypto. It is claimed that crypto is used to do illicit activity, terror finance, and money laundering. Creating barriers to crypto is like doing good things for retail investors.
The central authority assumes crypto is something that will disrupt the financial system, and create instability which can be a big challenge. It may even threaten the national security. Looks like the CBN is highly concerned about the financial system, and the risk of using crypto in the country.
Do you feel like the central authority plays the same old song everywhere? Crypto is bad that is used to do illegal activities. They are doing everything to protect people from getting involved in risky crypto investments. Who are they protecting anyway?
When it comes to illicit activity, fiat currency is the winner. Do they raise concerns about fiat currency? It is as if crypto is the only problem and they are worried about it.
Image Sources: 1, and 2.
Reference: 1.
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