That sanctioning was on the banks.
prior to the sanctioning from the Central bank against banks direct involvement to Bitcoin transaction, some commercial banks in Nigeria we're involved in Bitcoin direct transactions services such banks like Access banks and Union Bank of Nigeria. But aside from that Nigerians are still involved in Bitcoin/cryptocurrency activities such as p2p trading without and harassment or fear, so many cryptocurrencies Ads run on the National TVs and that leads us to the conclusion that Nigeria 🇳🇬 still have flexible approach to Bitcoin.
And, if sanctions are on the banks how is the payment going to the utility providers?
I've read the whole interview and it looks like he is definitely trying to avoid answering thi s with useless walls of text:
https://nairametrics.com/2022/08/10/nigerians-can-now-pay-utility-bills-with-crypto-rutherford-atayobo-ceo-manilla-finance/In a heavily regulated environment like Nigeria, where banks are banned from processing crypto-related transactions, how does it hope to achieve this?
The Manilla Finance platform does not rely on traditional banking services for its operation as we are not routing scripts or API’s through conventional financial solutions. We earnestly yearn that regulators will relax some of the restrictions to enable Nigeria to participate in the global digital economy devoid of bottlenecks. It will be an action we believe will greatly impact the Nigerian economy positively since digital currency adoption has gone through the roof since the last bull run. More are entering the space and already taking suitable positions as the blockchain world anticipates the mother of all bull markets come 2024/25. <6 lines of not saying a thing>
Meanwhile, even if Nigerians or users in every country where we are going to operate decide to use the application for payment of bills, all returns are ploughed back to the original service providers through fiat. So, our services do not really write off the use of fiat, it simply provides an outstanding and faster alternative – cryptocurrency.
I fail to understand this, you don't ditch fiat but you use an alternative, this is simply something that is impossible, as you can't use an alternative without actually ditching the first choice, that's what an alternative is, and somehow you magically change cryptos into fiat and you pay the companies with what? A truckload of cash and you pay one by one each bill at a PayPoint machine?
These restrictions make switching directly from crypto to fiat difficult and this automatically makes our product a welcome development because what we are building provides users with the rare opportunity of paying for the multiple services we offer without recourse to the local currency.
So, if you take crypto and you deal with fiat, it's not the same?
What magic does that app summons to use and not use a system at the same time?
