Nigeria’s central bank has banned financial institutions from providing crypto-related services, which seems like the first step for stricter crypto rules in the future. It was highlighted that this ban only focuses on the banking sector, and not on citizens who want to try cryptocurrencies.
But even with the possibility of stricter measures, one private secondary school in Kano, Nigeria wasn’t discouraged to give cryptocurrency a chance to “prove itself” by adding it as one of the school’s payment options.
In a report published by Kano Focus, Sabi’u Musa Haruna, the director of the New Oxford Science Academy has spearheaded this initiative and urged the Nigerian government to accept cryptocurrencies.
When asked why he made the crypto decision, Haruna said: “We’ve decided to accept cryptocurrency as school fees because the world today is tilting towards the system.”
He also believes that the use of paper money will continue to decrease which would make way for cryptocurrency dominance.
Inspired by other countries
The school director added that he was inspired by countries such as El Salvador and Tanzania for their quick adoption of cryptocurrency. El Salvador will start accepting Bitcoin as its legal tender on Sept. 7 after the successful passage of its crypto law.
Tanzania, on the other hand, will reverse its previous anti-crypto stance and will prepare the country for full cryptocurrency adoption.
Haruna did not give exact details on what specific cryptocurrency the school would accept, but it is expected that the academy might choose bitcoin for the transaction.
According to Google Trends, Africa, the continent where Nigeria is located, ranks first for the country with the most searches for bitcoin. Switzerland, Austria, and Turkey all share the second spot.
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