Bitcoin Booming in Nigeria: Citizens Trading $4 mln of BTC a Week

Bitcoin Booming in Nigeria: Citizens Trading $4 mln of BTC a Week

There are thirteen local crypto trading venues in Nigeria, and every week the country’s citizens trade approximately $4 million of BTC. And that’s in spite of the Nigerian government cautioning people numerous times about the jeopardies that cyber assets bear. In the meantime, crypto specialists call the authorities to review its position concerning virtual money in Nigeria.

Nigerians ignoring governmental caveat

Nigerian watchdogs and lawmakers have started maintaining a rigid attitude on cyber assets. The most recent example of it emerged from a probe regarding BTC trading, which was filed by the country’s Senate.

But there had been some more warnings. For instance, in 2017 the Central Bank noted that bitcoin and its brethren were not legal tender. Therefore, the institution turned to all Nigerian banks saying that their business with virtual money was at their peril. In the meantime, the country’s Deposit Insurance Corporation cautioned Nigerians that they could not hope for consumer advocacy when selling or purchasing cyber assets.

Notwithstanding the above, all the warnings have not worked out as Nigerian’s interest in cryptos grows, even though it has not reached its full potential. As local media outlet Leadership reported, Nigerians keep piling their funds into bitcoin, trading about N1.389 billion worth of bitcoin, which makes up approximately $3.8 million. This is the data representing February, whereas just two months ago the same indexes showed $3.6 million.

At present, 13 cyber money burses are functioning in the country. According to CoinDance, just in mid-December, these exchanges saw a record in trading as the weekly high reached the margin of 1.95 billion of local public currency Naira. That is nearly $5.4 million.

Advancement First

The booming of cryptos in Nigeria has not come only to bitcoin. According to software dev and top architect at Cymantiks Nigeria – Emeka Okoye, – every weak Nigerians pile into virtual assets $4.7 in total. As reported, the developer tried to persuade government’s representatives to change the attitude towards cryptocurrency regulation.

Okoye believes that the more the authorities criticize cryptos, the more people will be driven by speculation and drawn into illegal actions. He added that it was an approach of allowing technological advancement to take the stage first, whereas regulation should have come later. This way, ordinary people would benefit from it, not the players.

The expert also said that if the government bans cryptos entirely, it will make the tech tool illegal. Therefore, criminals will start using them, and it will be the ordinary citizens who will have to deal with the consequences.

“Do they understand how it works? I can build a crypto exchange that is not domiciled in Nigeria, and they cannot regulate it. I also have a foreign card, and they cannot control what I do with it?” said he.

At the same time, Okoye said that bitcoin and its ilks would not substitute public currencies completely. However, cryptos will supplement fiat money, providing for more straightforward and appropriate remittances. The crypto specialist is also sure that the current people’s excitement about cyber money, which has led to speculation and fuels its price, is a derivation from its real sense.

Bitcoin Era Success Story: Teen Hits Jackpot With Crypto Trading
17-Year Old Hits The Jackpot With Cryptocurrency Trading Venture The news media has been swept up in a tornado with the latest news of a...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately Twitter thread entrepreneur Alistair Milne forecasted that the upcoming cyber money bull will decide which...
Increased Supply of Altcoins Will Depress Bitcoin, Says St. Louis Fed Report
As it is known, crypto-supporters (bitcoin bulls) widely believe that the increase in the capped supply of all cyber-coins will boost bitcoin’s value...
BTC Market Cap Will Surpass $7 Trillion Gold Cap, Say Winklevoss
Recently, Tyler and Cameron Winklevoss, world-known entrepreneurs and early supporters of cryptos, have taken part in Reddit’s traded at $4,061 and...
Crypto-Community Celebrates Bitcoin’s 10th Birthday
This year’s January 3 marks a decade since the first bitcoin block was generated by Satoshi Nakamoto. Back then, in 2009, this person (or group of...
Best Bitcoin Memes in 2018: ‘Hodling’ and Crying
2018 has not been an easy year for bitcoin, not at all. Whereas it left 2017 at the price of $10,000, it started the new year in a pretty bullish...