The Unintended Adopter of Bitcoin
Source
Dorsey’s take was a direct reaction to an oped written by NFL star Russell Okung in Bitcoin Magazine. Okung, a Nigerian descendant and self-acclaimed Bitcoin proponent, advised Nigeria to focus on achieving “economic independence and financial sovereignty” by establishing a Bitcoin Standard.
The people of Nigeria will lead #bitcoin :flag-ng: https://t.co/A8Ev3tMkJS
— jack (@jack) June 13, 2021
Nigeria is one of the largest cryptocurrency markets in the world. But the country’s central bank prohibited financial institutions from trading in cryptocurrency. Banks were also ordered to identify and close down all accounts involved in the transfer or exchange of cryptocurrencies.
Source
“The bank hereby wishes to remind regulated financial institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited,” the CBN said in a statement. Still, about $400 million worth of cryptocurrencies have been traded in Nigeria in 2021, Statista, a global market data tracker, said. The volume of trading places it behind only the United States and Russia in the world.
Source
Despite the government’s action, many young Nigerians found alternative ways of buying and selling cryptocurrencies as the country’s currency, the naira, continues to slide against the dollar.
So what do you think? More Nigerians will opt into Bitcoin?
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Of course yes. A whole lot are learning the ropes already. The wave will be massive soon. That's a sure way out of our naira problems.
I see there is a lot of focus on developing exchanges and trading, it will be nice if more people can explore the entire sphere
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The blockchain technology is still relatively new. 4yrs plus is still a short time for a lifelong or new life project. A lot development are still to be expected. That's why it's good to be in early enough.
Am sure a lot of those in government in Nigeria are into trading crypto currency.
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STOPAlright, thanks.
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Alright