Bitcoin Thrives In Nigeria Despite CBN's Warning - MnTrendsNews

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Monday, 19 February 2018

Bitcoin Thrives In Nigeria Despite CBN's Warning

Bitcoin lovers in Nigeria are trading close to $4 Million of Bitcoin every week, reports have shown. This is coming at a time when the Central Bank of Nigeria has issued warnings to the citizens saying that the currency is not recognized as a legal tender, but instead begin thinking of regulating the crypto-currency.

Summary:


  • Last year the Central Bank of Nigeria stated that “virtual currencies” were not legal tender and told banks their dealings with cryptos were at their own risk.
  • The Nigerian Deposit Insurance Corporation has warned Nigerians that they cannot rely on consumer protection when trading cryptocurrencies.
  • The Senate also ordered a comprehensive investigation of Bitcoin
  • However, those warnings and threats have not affected Nigerians' trading of the currency.
  • Though the value of Bitcoin has reduced since last year, the interest of Nigerians in the cryptocurrency keeps getting higher.
  • Nigerians continue to invest, averaging N1.38BN every week  which is, when converted, little greater than 3.8 million USD.
  • In Mid-December, the average trading was about N1.95 BN every week 
  • A Software developer in Nigeria, stated that the continued criticism by the Nigerian government of the cryptocurrency would only fuel speculation and encourage use of the currency by criminals.
  • Emeka Okoye, the developer feels that cryptocurrency will not remove fiat but will complement it by providing easy and efficient transfer of wealth.

What do you think? Will the Nigerian government rethink it's position and listen to experts? Tell us in the comments section.

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