Yellow Card Announces It’s Resuming Deposits and Withdrawals via the Naira – Exchanges Bitcoin News

Yellow Card announced that it has resumed naira withdrawals and deposits in Nigeria through a statement issued by the crypto exchange platform. Nearly a year ago, Yellow Card was forced to suspend withdrawals or deposits by a central banking directive.

CBN’s Growing Interest in Digital Currencies

Crypto exchange platform Yellow Card has declared that, almost a full year after it suspended services due to a directive from the central bank, it’s now resuming deposits and withdrawals within Nigeria. The company’s resumption of services also comes a few months after the Central Bank of Nigeria (CBN) launched its own digital currency.

In its statement published in the Vanguard, Yellow Card’s director of services Oparinde Babatunde suggested that the CBN’s altered stance on digital currencies may have influenced his company’s decision to resume services. He added:

Now, the tide is turning and there’s a greater interest in creating their own digital currency by the CBN. Around October last year, they announced the release of the e-naira which is a digital form of the country’s currency and draws its value from the physical naira. We hope that the CBN will change their position on cryptocurrency in the months ahead.

Yellow Card had to suspend naira deposit and withdraws following an order by the CBN to financial institutions to expel crypto entities. Yellow Card is the latest African crypto exchange platform to announce that it will reinstate naira withdrawals and deposits.

Users Safety

Luno Global, a cryptocurrency platform that announced it would allow naira withdrawals as well as deposits, was previously reported by News. At the time of the announcement, Luno denied it had been in direct contact with the CBN but said it had been working with other stakeholders to find a solution that “prioritises the safety of its customers.”

According to Babatunde, Yellow Card too — whose users are projected to surge to 500,000 by the end of Q1, 2022 — will prioritize the safety of its users.

“We also have a strong focus on usability, trust and safety, having implemented Smile Identity to ensure the tier 1 traders are only able to submit documents once and they are scanned with an international db,” Babatunde is quoted explaining.

Besides enhancing the user’s experience, Yellow Card will also educate Africans about cryptocurrencies through webinars and platforms like the YC Academy, the Vanguard report said.

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Terence Zimwara

Terence Zimwara was a Zimbabwe Award-winning journalist and author. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.

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