However, Bitcoin legislation in Nigeria is being labeled as illegal. Even the central bank of Nigeria (CBN) has issued a warning. However, Nigerians continue to trade Bitcoin in large volumes.
Bitcoin legislation in Nigeria: Illegal
The December 2019 edition of ‘The Nigerian Banker’ noted:
“The CBN has also declared that digital currencies are not legal tender with naira as the sole legal tender. There are concerns about the use of other digital currency, which is currently changing the global payment ecosystem.”
Not only CBN, but the Nigerian Senate also voiced warnings about Bitcoin to the public. However, it seems that Nigerians do not believe in government, and economic instability is happening.
Muhammadu Buhari, the Nigerian President, claimed:
“Nigeria is going backward economically. A combination of anemic growth and a fast-growing population means the economy has been shrinking in per capita terms throughout Mr. Buhari’s tenure. The security situation is unstable, despite some progress against Boko Haram, the Islamist terror group. Clashes between herdsmen and concentrated farmers are upgrading much of the country. Crucially, Mr. Buhari’s reputation for personal integrity has not translated into a discernibly more efficient – or honest – state. ”
Therefore, people chose to place their trust in cryptocurrency. A new form of currency has no control, ensuring absolute financial freedom.
Visualized changes in heat ranking of “Bitcoin” #BTC in Google search by each Country/Region from Jan 2011 to today.
Noticeably, relative search trends of “Bitcoin” within each country have shifted from West to East, and most recently, Africa. pic.twitter.com/9Gxx2CGJwr
— Binance Research (@BinanceResearch) September 26, 2019
Bitcoin is very popular in Africa
Bitcoin has been popular in many parts of the world since 2011. These include in Northern Europe, Russia, New Zealand, USA, Germany, UK, Singapore, and Hong Kong. But two years ago, Nigeria and South Africa seemed to be the world’s Bitcoin hotspots. Bitcoin transactions are so much that these two countries consistently maintain their top rankings. Moreover, this means that the majority of the population is aware of cryptocurrencies. On the other hand, Binance has listed Nigeria’s fiat currency, the Naira, as the first fiat-to-crypto trading pair on its platform.
Source: Google Trends
As AZCoin News reported, according to Twitter CEO Jack Dorsey, Dorsey, Africa is a continent capable of defining the future. That is why he was planning to go to Africa.
Sad to be leaving the continent…for now. Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020. Grateful I was able to experience a small part. ? pic.twitter.com/9VqgbhCXWd
— jack ??? (@jack) November 27, 2019
During the tour, he was seen actively participating in local Bitcoin meetings in Ghana. Ghana is also one of the countries with record-high Bitcoin transactions. This could be an excellent opportunity for payment companies or cryptocurrency exchanges to operate here.
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