-Rotimi Ogunwede has explained that the Central Bank's refusal to regulate Cryptocurrency may be the top reason why Nigerians lack knowledge about virtual currency.
-Deloitte survey report shows that 82% of Indian surveyed are ready to venture into Cryptocurrency provided the Government provides more clarity on its regulation.
Central Bank Ban has increased crypto awareness in Nigeria
After the Central Bank of Nigeria (CBN) instructed financial institutions to prohibit crypto businesses from the financial services ecosystem, the Chief Marketing Officer of one of the crypto platforms, believes that Nigeria's digital currency literacy level improved quickly.
The executive, Rotimi Ogunwede, believes that increased awareness and acceptance of cryptocurrencies generally shows that Nigerians oppose the CBN's stringent rule.
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According to Ogunwede, the crypto payments company's CMO, in an interview with Legit, the CBN's extraordinary action on February 5 had a negative impact on Patricia. On the other hand, the same CBN limitation would prove to be a critical factor in its choice to relocate its headquarters to Estonia.
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He elaborated:
“Many youths were concerned about putting their money in banks after the Endsars protest, so they turned to Virtual currency. This decision, however, turned into a business endeavour.”
Rather than prohibiting or restricting crypto firms, as the CBN has done since the directive, the CMO recommended that the central bank evaluate the technology before deciding how to regulate it.
He asserted that regulators in countries such as the United Kingdom are already dealing with financial innovation in this way.
Deloitte: 82 % of Indians surveyed say they'll invest in cryptocurrency if it's legislated.
Deloitte and the Times of India recently conducted a poll on bitcoin investing. On Sunday, the final results were announced.
55.2 percent of 1,800 Indians said they have used or will still use cryptocurrency later. Also, 26.8% claim they are yet to trade cryptocurrencies but plan to do so after the government clarifies its virtual currency legislation.
Additionally, 10.3% of those polled said they have engaged in crypto trading but would not do so again. While 7.8% said they have no intention of trading cryptocurrency at all. Over 20 million Indians, according to estimates, have used virtual currency.
Related Post: The Indian Prime Minister has called for a global stance on Crypto
While replying to how much they know about cryptocurrencies, 48.5 percent indicated they want to know more, 39 percent said they know a lot, and 12.5 percent claimed they don't know anything.
Furthermore, 77.4 percent of those polled believe that cryptocurrency should be recognized as a security. Nevertheless, at least 58 percent of individuals surveyed were uninformed of the tax significance of cryptocurrency holdings.
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Over 62 percent want the government to provide clear guidance on cryptocurrency regulation, while 30% want to boost the asset class's popularity. At the same time, 10% want digital currency abolished.
Saraswathi Kasturirangan, a Deloitte partner, said:
“Investments in crypto-assets have grown rapidly in India; nevertheless, the crypto sector has long awaited the passage of a crypto bill outlining the legal requirements for virtual currencies as well as their taxability under direct and indirect tax rules.”
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"Presently, there exist no explicit restrictions on the taxability of revenues derived from crypto assets in the country, therefore there are open questions," the Deloitte partner added. The authorities should develop particular legislation and recommendations for the taxation of virtual currency that address all of the difficulties.
