On the 31st of August 2018, CryptoPay Nigeria, a crypto payment service provider, partnered with a high school in Uruan, Anambra State to enable students to pay for exam fees using cryptocurrency. The pilot is a part of the company’s plan to introduce cryptocurrency payment solutions for education, food, health care and other areas of the Nigerian economy.
On May 16, 2018, Rock River High School near Macon, Illinois registered with the superintendent’s office as the first school to accept cryptocurrency as a form of payment for their annual $300 food and clothing drive. The school is also accepting bitcoin for extracurricular activities, such as prom, student council, and other activities that students can’t pay for with money.
When in 2017 a notorious American business school, Michigan Ross, had their first crypto payments accepted in a Nigerian high school was a huge story. To the young Adeyemi, who was in Grade 10 at the time, the idea that crypto payments had made it to his school was nothing short of a miracle.. Read more about future of cryptocurrency in nigeria and let us know what you think.Summary of the situation
– Crypto payments are accepted in Nigeria, while the CBN prohibits trading in them.
– New Oxford Science Academy high school allows payments with crypto-currencies.
A private secondary school in Nigeria, the New Oxford Science Academy in Kano State, is going to accept cryptocurrencies. The decision comes at a time when the Central Bank of Nigeria is banning cryptocurrency trading.
According to Kano Focus, the most influential media outlet in the region, the academy will set the course for payments in cryptocurrency. Sabi’u Musa Haruna, owner and founder of the school, announced that the new form of payment will be introduced in the coming months. At the same time, he suggested that other schools in the area adopt this cryptographic measure.
The student’s parents authorized payments with crypto-currencies accepted by the New Oxford Science Academy. Cryptocurrencies are a priority for many people because of the passive income and anonymous payments.
Payment solutions in the form of crypto-currencies
The owner of the high school claims to have adopted cryptocurrencies as a means of payment in order to adjust the system. Sabi’u Musa Haruna believes digital payments will eventually carry more weight than fiat currency.
Musa Haruna was inspired by the actions of Tanzania and El Salvador regarding cryptocurrencies. However, Sabi’u Musa Haruna has not specified which payment methods and tokens it will accept. But with the popularity of cryptocurrencies, it is likely that bitcoin will be accepted as a means of payment.
In February, the Central Bank of Nigeria issued a circular banning financial institutions from using cryptocurrencies. Anything related to cryptocurrencies will be banned and the user may even end up in jail.
However, Governor Godwin Emefiele clarified that these rules on crypto payments apply to banks and not to users. It’s not clear if he wants to reach out to the CBN, the leading authority on cryptocurrency.
But the CBN has also announced that it will create its own digital currency called CBDC by 2022. This currency will have a central origin, such as the USDT or the Chinese yen, which will be launched in the coming weeks.
Acceptance of crypto-currencies
Nigeria is not the only country that accepts payments with cryptocurrencies. The government of El Salvador made it official a few weeks ago. The President of El Salvador, Nayib Buquele, has announced that he will accept bitcoins as legal tender. Paraguay will also introduce a bitcoin law in July.
Crypto payments in Nigerian secondary schools could put the decentralised market in the regulator’s sights. However, many people and institutions in the country are in favor of cryptocurrency trading. After this education, cryptocurrencies might be seen differently in Nigeria.
The crypto currency exchange rate in the country could change favorably in the coming weeks and eventually become tighter. Cryptocurrencies are relatively new to Nigerians, which is why their use is so encouraged.In Nigeria, the country of Africa’s most populous nation, students no longer have to fight for their right to use a computer. At least a few students have been using a local cryptocurrency named “Naira” to pay for their school fees. This is a huge, and possibly the first, crypto payment in a Nigerian school. For example, students at the Zaria Secondary School, one of the largest schools in the Zaria district, are now using Naira to pay for their school fees.. Read more about is crypto legal in nigeria and let us know what you think.
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