Nigerian crypto adoption rises despite govt crackdown
Nigerians are still hungry for crypto despite the central bank's efforts to quash it. Nigerian cryptocurrency adoption continues to rise in spite of government crackdown, with peer-to-peer (P2P) trade volume for Bitcoin posting its second strongest week on record last month.According to data from Google Trends, Nigeria still ranks number by search interest for the keyword “Bitcoin” as of this writing. P2P Bitcoin trading denominated in the Nigerian Naira has also steadily increased in 2021, with Nigeria ranking behind only the United States as the second-largest market for peer-to-peer BTC....
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The Nigerian Government had imposed a ban on crypto exactly a year ago in February 2021. The ban did nothing in terms of putting a lid on cryptocurrency trading; crypto adoption started to look promising in the African country. Stakeholder in Blockchain Technology Association of Nigeria (SIBAN), the Nigerian Blockchain Advocacy Group has now urged […]
The Nigerian blockchain and crypto advocacy group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) recently announced the introduction of a code of conduct for Nigerian virtual assets service providers. The code of conduct, which was initiated by the office of the President of Nigeria, applies to all Nigerian VASPs.
Making the Nigerian Blockchain Industry a Safe Space
The Nigerian blockchain group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has introduced what it called a code of conduct for virtual asset service providers....
The Nigerian startup behind the social payment app for cryptocurrency and fiat, Kurepay, says the Central Bank of Nigeria (CBN)’s current crackdown on crypto entities has forced it to suspend operations in Nigeria.
‘Horrible’ Year for Crypto Adoption
According to a report by the Cryptoassetbuyer, this suspension of operations is set to commence at the start of the first quarter of 2022. At that time, Kurepay, whose app harnesses blockchain technology, will begin to restrict its business to over-the-counter (OTC) and crypto consulting services.
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A Nigerian court has rescheduled the hearing of a tax evasion lawsuit against Binance and some of its executives to May 17. This adjournment represents the latest development in the ongoing regulatory saga between various agencies of the Nigerian government and the Malta-based cryptocurrency exchange. Related Reading: Impending Extradition? Nigerian Authorities Trace Fleeing Binance Exec […]
Nigerian artists are now increasing their net worth by leveraging the art world’s lucrative pivot to non-fungible tokens (NFT). According to reports, this move to NFTs is happening despite the Nigerian central bank’s renewed anti-crypto stance. NFT Bubble Concerns As a recent CNN report explains, growing interest in NFTs from Nigerian artists comes alongside warnings of a potential downturn in sales. For instance, Bitcoin.com News has already reported that NFTs sales plummeted by 90% since the market’s record sales on May 3. The same report also revealed that the number....