Crypto

New Oxford Science Academy will accept crypto payments despite the Nigerian regulatory uncertainty

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A Nigerian private secondary school based near Kano has announced they will be accepting payments for tuition in crypto in the middle of the country’s central bank banning financial institutions from providing services to crypto exchanges.

“We believe one day digital money will gain more acceptance than paper money,” said school director Sabi’u Musa Haruna.

According to a report from Kano Focus a local news outlet, the New Oxford Science Academy in the Kano suburb of Chiranchi will accept payment for tuition fees in crypto. Sabi’u Musa Haruna, the school director urged the Federal government of Nigerian to embrace and regulate cryptocurrency, but he also implied he would not wait with this latest plan.

“We’ve decided to accept cryptocurrency as school fees, because the world today is tilting towards the system,”  “We believe one day digital money will gain more acceptance than paper money.” said Haruna.

The school director cited the examples of countries like El Salvador and Tanzania expanding payment options for crypto users. El Salvador will begin to accept Bitcoin as legal tender across the country starting on September 7 2021 following the passage of a pro-crypto bill.

Across the globe Tanzania’s central bank announced today it had started working on authoritative instruction from the government that could eventually overturn the country’s ban on crypto.

The school director did not say exactly which crypto tokens would be accepted by the school. Public interest in Bitcoin in Nigeria has always been stronger than in other African countries — Data from Google Trends, Nigeria ranks first among searches for BTC.

The Central Bank of Nigeria in February, announced that it had banned financial institutions in the country from providing services to crypto exchanges.

The policy warned of “severe regulatory sanctions” for any bank that failed to close accounts belonging to crypto exchanges, governor Godwin Emefiele clarified later in March that the ban was intended to “prohibit transactions on cryptocurrencies in the banking sector” rather than discouraging P2P usage of digital assets.

Some people connected to the Nigerian central bank and many lawmakers have been promoting pro-crypto messages after the ban. Emefiele said in May that “digital currency will come to life even in Nigeria” while the central bank later announced plans to launch a CBDC by 2022.

 

 

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