How to cash out USDT: Cashing out crypto assets is not directly allowed in some African countries. Nigeria, for instance, placed a ban on the transaction of cryptocurrency through deposit money banks (DMBs) and other financial institutions within the country. This ban was enacted and strictly enforced by the agencies concerned since the release of a circular by the Central Bank of Nigeria (CBN) in February 2021.
This circular stated that any account holder at any DMB or other financial institution that makes any transaction relating to cryptocurrency trading should have their account blocked immediately.
The Legality of cryptocurrency in Ghana
How to cash out USDT
The legal position of cryptocurrency in Ghana is not entirely clear. The Bank of Ghana (BOG) has not recognized any cryptocurrency as an official medium of exchange and has cautioned the public about the dangers of investing in them. The BOG explained in a 2018 statement that it does not presently regulate or oversee cryptocurrency transactions and that anyone transacting in or investing in cryptocurrencies does so at their own risk.
Despite the BOG’s lack of official recognition, reports indicate that the use of cryptocurrency in Ghana is growing. Some local enterprises and individuals now accept Bitcoin and other cryptocurrencies as payment for products and services. Additionally, a few cryptocurrency exchanges operate within the country.
The Securities and Exchange Commission (SEC) of Ghana has stated that it is developing regulations for cryptocurrencies and initial coin offerings (ICOs). The implementation of these regulations may provide some clarity about the legal standing of cryptocurrencies in Ghana.
Therefore, while the legal status of cryptocurrency in Ghana remains ambiguous, the BOG has warned against investing in them, and the SEC is working on regulations for their use. It is advisable to exercise caution when dealing with cryptocurrencies in Ghana and seek expert advice before investing.
Trade USDT for instant cash in Nigeria and Ghana with P2P trading
To trade USDT for cash in Nigeria and Ghana only requires the trader to have the correct information. One of the commonly used methods of trading cryptocurrency without the direct involvement of the banks with crypto exchanges is the P2P trading method.
This method allows individuals to trade cryptocurrencies directly with each other without the need for an intermediary such as a centralized exchange. Funds can be anonymously transferred for crypto transactions with an entirely different transaction description.
The increase in P2P crypto trading in both countries can be attributed to regulatory restrictions placed on centralized exchanges by their respective central banks. In Ghana, the lack of authorization for any cryptocurrency exchanges by the Bank of Ghana has made it challenging for Ghanaians to trade cryptocurrencies, hence the turn to P2P trading.
Similarly, in Nigeria, the Central Bank of Nigeria has imposed restrictions on banks from offering services to cryptocurrency exchanges, leading to a surge in P2P crypto trading. Popular P2P crypto trading platforms in Nigeria include Paxful, Binance, and LocalBitcoins.
In both countries, P2P crypto trading is facilitated through online platforms that link buyers and sellers of cryptocurrencies. The platforms ensure secure transactions by escrowing the cryptocurrency and releasing it only after payment has been confirmed.
P2P crypto trading is becoming an increasingly popular method for Ghanaians and Nigerians to trade cryptocurrencies, especially in response to regulatory restrictions on centralized exchanges. The emergence of online platforms has made it easier for individuals to buy and sell cryptocurrencies without intermediaries.
How to sell USDT for instant cash in Nigeria and Ghana with the best trading platform
Dart Africa offers the juiciest rates and the most amazing services to people trading crypto assets in Nigeria and Ghana. The platform is easy-to-use and available all around the clock. So, if you are looking for nonstop trading, you have gotten the right spot.
To start trading, you must first determine what rocks your boat the most; a Mobile app or a Lightning-fast website. We will leave you to make your pick while we go into the simple steps of getting your first USDT funds into your Nigerian or Ghanaian bank account.
PS: Both platforms work perfectly. You can even try out both; see what works for you. The mobile app is on the Google play store and available for download on any Android device. The steps are as follows:
- Download the app or visit the official website at dartafrica.io
- Register an account. Click on the sell now button for the website and select sign up below the screen. The app is programmed to direct you softly and easily; without help, you will be fine. Click to sign up and enter the basic details required. Email, Username, country, phone number, and password should be entered correctly. Verify your email address and login account immediately.
- Navigate the dashboard to the sell coin section. Select a coin and enter the amount you want to sell in quantity or USD. In the case of selling USDT, select USDT as your coin type and enter the amount of USDT you want to sell for cash.
- Proceed to sell. Transfer coins to the wallet displayed and receive payment after two confirmations.
- Funds will be credited to your wallet on dart Africa from where you can make an instant withdrawal to your local Nigerian or Ghanaian Bank account.