Studies show Nigerians are not discouraged by the cryptocurrency ban. Nigerian crypto activities are currently at an all-time high.
Recent CBN regulations have been the talk of Africa’s crypto giant. Earlier this year, CBN placed its first ban on the procurements of cryptocurrencies using Nigerian Bank accounts. Secondly, Fintechs were targeted. Despite this, Nigeria’s cryptocurrency market is flourishing.
Major Updates
- Nigeria retains Bitcoin trading rankings despite the crypto ban.
- Nigeria’s successes are mainly due to the youth and technology.
- Crypto activities soar by 27% despite the crypto ban.
Since the beginning of the year, the Nigerian Central Bank has been making attempts towards harming crypto capacities. This has mainly been in the form of policies targeted at the ever-growing use of cryptocurrencies.
It has been over 90 days since the CBN directives were placed, and ever since, Nigerians have come up with alternative methods to trade their cryptocurrencies successfully. This has been with the use of the Patricia platform, P2P features, etc.
Even as locals adopt alternative methods, you would think that the setup limits would reduce crypto activities nationwide. This is, however, not the case.
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Data collected from Google showing Nigeria’s perfect score of Bitcoin Interests.
Analysis shows a highly significant surge in crypto practices in Nigeria. It was reported by one reputed bitcoin analytic provider,Usefultulips, that crypto usage and activities in Nigeria have upped by a tremendous 27% since the beginning of the ban.
Chief bitcoin exchange bodies in the country, Paxful, and LocalBitcoins have uniquely felt the momentum of Nigerian traders. It was a record of soaring market capacities from Nigerians of around 103 million USD.
These rich capacities result from the sturdy crypto advocacy in Nigerian, especially amongst youth.
Making up the largest part of Nigeria's vast population, the youth have been very active with crypto activities, even more so after the ban was placed.
Back then, locals took to Twitter and other forms of social media to express their frustrations regarding the CBN policies, yet, all this did not signal them giving into the system. It was rather an uproar that would lay a new path for cryptocurrencies in Nigeria. One that did not need nor require the services of traditional banks and policies.
Conclusion
Nigeria owes it all to its younger generation of innovative and youthful minds. This, coupled with the technological advancements of DeFi, and a simple smartphone, are to thank.
Question of the Day
Do you think the CBN can successfully do away with crypto in Nigeria?
