The Central Bank of Nigeria (CBN) first shut down on traders and financial institutions, enabling the trade as an official reaction to the thriving trade in crypto. It later launched its version called e-Naira.
Crypto and eNaira are digital or virtual currencies and are mediums of exchange but are not regular money. While the former is not issued or backed by the Federal Government or any other government or central bank, the latter is.
Bizwatch recalls, the Central Bank of Nigeria (CBN) ordered financial institutions to cease facilitating crypto transactions and abstain from conducting with entities engaging in crypto on February 5, last year. Despite the CBN’s order, voided by a court ruling, no official declaration has been made, but crypto trade continues to flourish.
According to Michael regulation Sonnenshein, CEO of major digital asset investment firm Grayscale, the crypto world will continue to see infrastructure development, protocols proliferation, the metaverse’s expansion, and the evolution of non-fungible tokens (NFTs) in the years ahead.
“It is remarkable where we are today compared to 12 months ago,” the CEO states in a letter to Investors.
Crypto and Web3 are seeing increased attention and acceptance by the media, regulators, legacy financial institutions, and world leaders. Therefore, crypto continually increases its footprint and becomes “further woven into the global economy,” Sonnenshein.
As for his look into the future of crypto, the CEO said he is focused on “the big picture,” listing five key trends to watch this year and beyond.
The first is crypto infrastructure development. The digital economy involves the tools and services that facilitate access to and usage of crypto, which is why crypto infrastructure will continue to grow. This includes exchanges, wallets, and analytics software.
“As the crypto economy and existing financial markets become increasingly intertwined, these are likely to provide some of the most compelling long-term investment opportunities,” he said.
“Sorting through these protocols to separate the wheat from the chaff continues to be challenging, requiring deep knowledge of both the technology and the marketplace,” he added.
Expansion of Web3 and the metaverse will also significantly impact crypto adoption and trading. Web3, which, according to the CEO, includes the metaverse, shows opportunities for a digital future where the users control their data and digital footprint in all “the focal points of societal engagement,” such as commerce, gaming, entertainment, news, and social networks. “Web3 flips the script and empowers users in a revolutionary way,” he added.
Going back to the CEO’s comment on how far the industry came in just a year, he added that it’s easy to forget that ‘we are still in the early days – and this is the most exciting part about crypto.’
Sonnenshein stated, “leads many to make predictions that are premature or unfounded. Digital assets or the metaverse will not replace the physical world or traditional asset classes – but will augment them.”.
“While the path of the digital economy is relatively unknown, our reality is increasingly a fusion of the analog and digital worlds,” he added.
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