The Prestigious George Residence hotel in Lagos will be accepting Bitcoin for payments by the end of the week.
With various anti-crypto bodies like the EFCC and the CBN looking to stagnate the digital age of money in Nigeria, you think that cryptocurrency operations would be negatively affected. It has, however, been the opposite as crypto advocates impart higher driving forces to promote digital money. Therefore, the George Residence
Major Updates
- George Residence CEO Yanju George believes Cryptocurrencies are the future.
- The hotel will accept Bitcoin through payments on Coinvest Africa.
- Nigerians are dominating crypto markets regardless of governmental opposition.
A well-known luxury hotel in Lagos is looking to add crypto features to their modes of payment. This follows several anti-crypto warnings from the EFCC, a ban from the CBN, and many other negative sentiments targeted at cryptocurrencies in the country.
All of these efforts to quell crypto activity in Nigeria have rather rapidly spiked up crypto market volumes. Cryptocurrencies continued to be on the rise amongst Nigerians. This can be seen with the latest reports from Paxful, Nigeria’s dominating P2P crypto exchange, which shows the significant market capacities of Nigerians.
With a total of 1.5 billion USD traded by Nigerians alone, it is obvious the efforts from regulatory bodies have nothing on crypto in Nigeria.
This ever-rising use of these digital currencies further calls for extensive adoptions within the country. This has begun in the hotel industry as the first-ever crypto hotel is currently a major startup in Lagos.
With the rising inflation rate in Nigeria, it is understandable how citizens and organizations are looking to refer to digital currencies rather than Fiat currencies.
The announcements of the George residence's newest crypto adoptions were made on a local news publication platform. The project is announced to debut by the end of the week. This will implement the services of the popular crypto broker Coinvest Africa, through which payments will be made.
The first step towards the project has already been carried out where half of the hotel’s cash reserves has already been converted to cryptocurrency. The CEO of the hotel, Yanju George says that in the near future he hopes that this crypto reserve would increase.
Conclusion
George further expresses his support for cryptocurrencies by referring to them as the future. Therefore, he says that it is only appropriate that they adjust to new developments so as not to be left behind.
Question of the Day
What do you think about the new crypto hotel in Lagos?
