Crypto adoption continues to rise in Nigeria amidst ban

Nigeria is one of the growing markets for blockchain adoption in Africa. The country is home to over 50 million people and many have never heard of Bitcoin or Ethereum. However, the number of people who have heard about crypto adoption has increased drastically. This is in light of the ban on crypto activities in the country. The ban has been in effect for more than a year now.

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On May 7, 2018, Nigeria announced it would be banning all cryptocurrency exchanges, warning that cryptocurrency is “not a legal tender”, and must be used in “a regulated and monitored environment”. The move was decidedly unpopular among users, investors, and cryptocurrency exchanges. Nigeria has been the largest African market for Bitcoin trading, and currently has over 100 cryptocurrency exchange platforms.

Crypto adoption continues to rise in Nigeria amidst ban. Read more about latest news on cryptocurrency in nigeria and let us know what you think.

TL;DR Summary

  • After the prohibition on cryptocurrency, Nigerians are becoming more interested in it.
  • Sub-Saharan Africa is currently the leading area in terms of P2P trading volume.
  • The anti-government rally #EndSars resulted in a crypto ban.

Despite the government’s prohibition on cryptocurrencies, the pace of cryptocurrency adoption in Nigeria has continued to rise.

Nigerians’ desire for cryptocurrency would need more than a prohibition by the Central Bank of Nigeria (CBN) on removing cryptocurrency from the country’s citizens.

The CBN’s cryptocurrency prohibition, on the other hand, was designed to prevent banks from giving assistance to cryptocurrencies and crypto businesses. In Nigeria, the limitations resulted in two outcomes.

One was about increasing trade volume on peer-to-peer (P2P) trading in the nation, while the other was about cryptocurrency.

The recent price increase in Bitcoin, which was its second best week since the collapse, may possibly be a role in the country’s growing crypto acceptance.

According to Google Trends, Nigeria is still the most popular country for looking for ‘Bitcoin,’ followed by Australia.

P2P has also skyrocketed since the CBN ban, as previously stated. According to statistics from Useful Tulip, Nigeria is the world’s second-largest P2P trading market, behind only the United States.

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Nigeria’s rise in crypto usage has completely changed the crypto rankings in Sub-Saharan Africa. With a weekly transaction volume of $18.8 million, the area is currently the leader in P2P trading volume. P2P transactions in North America total $18 million each week.

In the midst of a boom in cryptocurrency use, the Nigerian government may be considering enacting a crypto ban.

During a conversation with a Nigerian legislator on the crypto ban, Godwin Emefiele said that the value of crypto is generated from thin air.

During that conversation, the governor of the Central Bank of Nigeria had a few unsavory things to say about cryptocurrency. Because of their difficult-to-trace character, he claims they are mostly utilized for illicit funding such as money laundering and terrorist financing.

Adewunmi Emoruwa, the founder of Garfield, a public policy group that gave a grant to journalists covering an anti-government demonstration (#EndSARS), has a different take on the Bitcoin prohibition.

“I believe EndSars is the driving force behind some of the government’s current actions. It instilled dread. They saw, for example, that individuals might choose to mobilize without using official structures and organizations, he added.

Larger Nigerians believe this since cryptocurrency was used to finance the #EndSars protest. The government is attempting to sabotage it.

Nigeria’s central bank placed a ban on Cryptocurrency trading in September as it attempted to tackle the rise of Bitcoin in the country. The crypto trading ban is not to be confused with an outright ban on Bitcoin and other cryptocurrencies. Instead, the central bank has said Cryptocurrency traders will only be able to trade in Bitcoin and Ether with a license from the central bank. That’s the official line, but many Nigerians still believe that Bitcoin and other cryptocurrencies are banned in Nigeria. They say the ban is not real and that the central bank is cracking down on anyone trading crypto. That’s the view of many Nigerians, but it is wrong.. Read more about cryptocurrency adoption in nigeria and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • latest news on cryptocurrency in nigeria
  • is cryptocurrency legal in nigeria 2020
  • future of cryptocurrency in nigeria
  • nigeria crypto ban
  • cryptocurrency adoption in nigeria

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