{"id":284114,"date":"2021-06-25T22:31:29","date_gmt":"2021-06-25T19:31:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nigerian-secondary-school-will-accept-crypto-payments-despite-regulatory-uncertainty\/"},"modified":"2021-06-25T22:31:29","modified_gmt":"2021-06-25T19:31:29","slug":"nigerian-secondary-school-will-accept-crypto-payments-despite-regulatory-uncertainty","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nigerian-secondary-school-will-accept-crypto-payments-despite-regulatory-uncertainty\/","title":{"rendered":"# Nigerian secondary school will accept crypto payments despite regulatory uncertainty"},"content":{"rendered":"

“# Nigerian secondary school will accept crypto payments despite regulatory uncertainty <\/strong>”
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A private secondary school based near the Nigerian city of Kano has announced it will be accepting payments for school fees in cryptocurrency amid the country\u2019s central bank banning financial institutions providing services to crypto exchanges.<\/p>\n

According to a Thursday report from local news<\/a> outlet Kano Focus, the director of the New Oxford Science<\/a> Academy in the Kano suburb of Chiranchi will allow<\/a> students to pay for tuition fees in crypto. Sabi\u2019u Musa Haruna, who started working at the school in 2017, urged the Nigerian government to embrace and regulate cryptocurrency, but seemed to imply he would not wait with this latest move.<\/p>\n

\u201cWe\u2019ve decided to accept cryptocurrency as school fees, because the world today is tilting towards the system,\u201d said Haruna. \u201cWe believe one day digital money will gain more acceptance than paper money.\u201d<\/p>\n

Haruna cited the examples of countries like El Salvador and Tanzania expanding payment options for crypto users. The Latin American nation will begin to accept Bitcoin (BTC) as legal tender across the country starting on Sept. 7 following the passage of a pro-crypto bill. Across the glo Tanzania\u2019s central bank announced today it had begun working on directives from the government that could eventually overturn the country\u2019s ban on crypto.<\/p>\n

The school director did not explicitly say which tokens would be accepted for payment. However, public interest for Bitcoin in Nigeria has often been stronger than that in other countries \u2014 according to data<\/a> from Google Trends, the African country ranks first among searches for BTC, with Austria, Turkey, and Switzerland in a close race for second.<\/p>\n

Related: <\/em><\/strong>Scottish music school accepts cryptocurrency as payment for lessons<\/em><\/strong><\/p>\n

In February, the Central Bank of Nigeria announced in a circular that it had banned regulated financial institutions in the country from providing services to crypto exchanges. Though the policy warned of “severe regulatory sanctions” for any bank that failed to close accounts belonging to exchanges, governor Godwin Emefiele clarified in March that the ban was intended to \u201cprohibit transactions on cryptocurrencies in the banking sector\u201d rather than discourage individuals from dealing in digital assets.<\/p>\n

Many lawmakers and people connected to Nigeria\u2019s central bank have been pushing pro-crypto messages in the months following the ban. Emefiele said in May that \u201cdigital currency will come to life even in Nigeria\u201d while the central bank later announced plans to launch a CBDC by 2022.<\/p>\n