By cryptoadmin Kelsier Ventures, the agency on the heart of Argentina’s LIBRA meme coin scandal, has been in discussions with Nigerian officers about launching the same venture on the Solana blockchain, The Large Whale reported.
The agency’s Nigerian growth plans emerge after the LIBRA controversy, which resulted in estimated losses of $4 billion affecting 40,000 buyers.
Whereas there isn’t a indication that Nigerian President Bola Tinubu was instantly concerned, the report informs that members of his workforce had been engaged within the discussions.
Relating to the LIBRA affair, Hayden Davis, CEO of Kelsier Ventures, declared that the agency maintains management over the funds and denies any wrongdoing, claiming that Milei’s workforce unexpectedly modified their stance on the venture.
To handle the scenario, the agency has proposed utilizing a $100 million management fund to repurchase and burn LIBRA tokens.
Nonetheless, its plans to increase into Nigeria face vital obstacles, given the nation’s historical past with crypto-related fraud and its regulatory surroundings.
In February 2021, the Central Financial institution of Nigeria restricted banks from processing crypto transactions, whereas the Financial and Monetary Crimes Fee has elevated efforts to fight crypto-related cybercrime.
In October of that 12 months, Nigeria launched eNaira, the primary African CBDC.
As of March 2024, the Central Financial institution teamed up with Gluwa to drive the adoption of the eNaira utilizing blockchain expertise for monetary transactions and credit score assessments.
Final September, the nation’s Financial and Monetary Crimes Fee escalated its crackdown on crypto merchants by freezing over 1,100 financial institution accounts amid ongoing financial challenges.