Bitcoin ‘Can’t Be Stopped’: Nigerians Look to P2P Exchanges After Crypto Ban
Some Nigerians plan to continue using bitcoin (BTC) and other cryptocurrencies despite a directive issued by the Central Bank of Nigeria (CBN) last week ordering banks to close down accounts associated with cryptocurrencies.
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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.
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin.
Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency Substitution According to a report, this preference for foreign currencies (or currency substitution as CBN economists call it) however, needs to be contained in order to maintain the effectiveness of the central....
KuCoin released Into The Cryptoverse, a report showing 35% of Nigerians aged 18-60 are invested in or trading bitcoin and other cryptocurrencies.