What do you guys think about this development!
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i am still trying to understand how this relates to crypto even after i have read through the entire article. i think what the CBN is trying to do is to encourage people to patronize commercial banks and electronic banking systems and not necessarily creating a policy that has the potential of affecting the p2p market.
the article states that the maximum amount POS operate can transact a day is 1.2 million and that has little or nothing to do with the customers who can carry out their p2p transaction using multiple banks be it commercial or micro finance banks. even on the part of POS operators, i think it is easy to bypass this process as long as you are using more than one machine. if you are operating in an environment that allows you to transact above that amount, it's just to make use of different POS machine from different companies and still carry out your transaction.
fintech has spoilt business for most commercial banks that pays more tax to the government and the only thing the CBN and the government are doing is to inconvenience users of these micro finance banks so they can shift back to the regular commercial banks. i might have understood it wrongly but this might never affect the depreciation of the naira in any way positive or negative. in the end, the policy will still affect POS operators of both commercial banks and micro finance banks because they all have POS agent.
