Nigerians Moved Nearly $40 Million In P2P Bitcoin Trading In 30 Days
Despite the ban in early 2021, Nigerians are trading millions of dollars worth of bitcoin in peer-to-peer markets every month. Nigeria has been leading the way for Bitcoin adoption in Africa despite its goverment's recent efforts to reduce access to Bitcoin services to its people. In February, the Central Bank of Nigeria (CBN) reinforced legislation from 2017 that prohibits regulated financial institutions from dealing with bitcoin or facilitating payments for bitcoin exchanges. Notwithstanding the ban, Nigerians have resorted to peer-to-peer (P2P) trading and moved almost $40 million in....
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Bitcoin trading has always seen high adoption in countries with currencies that are depreciating fast. The West African country of Nigeria has always been at the forefront of BTC adoption in the region. A combination of a large youth population, the growing popularity of tech, and a fast depreciating currency have seen citizens of the most populated African country turning to another option for value storage. Related Reading | On-Chain Data Shows Bitcoin Daily Transaction Volumes Are Up 94%, Rally Might Not Be Over Just Yet Earlier in the year, the government of Nigeria announced a....
According to social media reports, Binance, the world’s largest cryptocurrency exchange, is restricting the accounts of African users, mainly Nigerians and those who use its peer-to-peer (P2P) exchange. Many Nigerians have gone to Twitter to complain that their accounts were blocked by the exchange without explanation. #BinanceStopScamming Trends Many Binance users, particularly Nigerians and other […]
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin. The post Nigerians Need Bitcoin, So Where Will The Restrictions Lead? appeared first on Bitcoin Magazine.
KuCoin released Into The Cryptoverse, a report showing 35% of Nigerians aged 18-60 are invested in or trading bitcoin and other cryptocurrencies.
The Central Bank of Nigeria’s “Naira defense” policy is pushing more Nigerians towards Bitcoin and crypto adoption. Peer-to-peer (P2P) Bitcoin (BTC) volume in Nigeria continues to rise as Africa’s largest economy remains a bastion for crypto adoption. According to Quartz Africa, data from the Bitcoin P2P marketplace Paxful show the country ranks second only to the United States in trading volume.Since 2015, Nigerians have traded over 60,200 BTC on the Paxful platform amounting to about $566 million in volume over the period. Data from Coin Dance shows trading activity for the week ending....