Source
The government and banks in nigeria tried to regulate and crack down on cryptocurrency but their plans haven't worked, nigeria is an example on how people will turn in other to survive in a bad economy despite the ban by the government.
According to the research in blockchain by chainalysis, the dollar received by people in nigeria has been increasing in 2020-2021 which is related to this year bull market, in may nigeria received $2.6 billion dollar worth in crypto more than $687 million dollars last december according to the analytics firm.
This shows that cryptocurrency is alive in nigeria
Economic condition also fuels the adoption of cryptocurrency in nigeria
In recent times the nigerian naira has continued to loose value with the country inflation rate at 18% while us dollar is hard to get in nigeria, bitcoin seems to serve as dollar allowing people to hedge against inflation because nigeria import most of the goods used by it's citizens so US dollar is in high demands meaning that there is not enough of dollar to go around.
This has made some nigeria importers to switch to cryptocurrency as a payment method according to keith mali chung who is a president and co founder of loopblock network an african blockchain firm.
“Over 70% of all that is being consumed in Nigeria is imported, and with financial restrictions, bitcoin is gaining all the attention it deserves,” keith mali chung
Source
The government and banks in nigeria tried to regulate and crack down on cryptocurrency but their plans haven't worked, nigeria is an example on how people will turn in other to survive in a bad economy despite the ban by the government.
According to the research in blockchain by chainalysis, the dollar received by people in nigeria has been increasing in 2020-2021 which is related to this year bull market, in may nigeria received $2.6 billion dollar worth in crypto more than $687 million dollars last december according to the analytics firm.
This shows that cryptocurrency is alive in nigeria
Economic condition also fuels the adoption of cryptocurrency in nigeria
In recent times the nigerian naira has continued to loose value with the country inflation rate at 18% while us dollar is hard to get in nigeria, bitcoin seems to serve as dollar allowing people to hedge against inflation because nigeria import most of the goods used by it's citizens so US dollar is in high demands meaning that there is not enough of dollar to go around.
This has made some nigeria importers to switch to cryptocurrency as a payment method according to keith mali chung who is a president and co founder of loopblock network an african blockchain firm.
“Over 70% of all that is being consumed in Nigeria is imported, and with financial restrictions, bitcoin is gaining all the attention it deserves,” keith mali chung
Chung said it is hard to estimate how much money is moving from nigeria to china this way but he has evidence and he said he knows individual [merchant] who transact over $2 million to $5 million dollar daily and they are countless and the number keeps increasing.
Young nigeria sees bitcoin and other small cryptocurrency as a way of making money as the traditional economie lags because of the corona virus pandemic.
