Once upon a time bitcoin had little to no value and was written off as “too
volatile” refusing to recognize it as an asset. However today bitcoin is seen
as a form of investment though the future of Bitcoin in Nigeria is not certain.
Bitcoin the worlds most popular crypto currency in recent times has gain acceptance in most part of the world even as many ask what’s the future of
bitcoin in Nigeria a major player in the crypto currency market?
With the current ban on crypto currency transactions by CBN in Nigeria
many wonder what direction the country is heading towards as advanced
nations of the world embrace crypto currency even at grassroot levels.
Though lots of prominent Nigerians condemn the ban on crypto currency,
but some fintech platforms have already complied to the new CBN policy and
Nigerians have to resolve to other means of buying and selling bitcoin and other cryptocurrencies.
The Effect of Crypto Currency Ban in Nigeria
In a span of five years Nigeria has been one on the major players in the
cryptocurrency market and the future of crypto currency one hoped would have bring economic freedom in Nigeria and many other countries of the
However the current ban on crypto currency has shattered such hopes as crypto currency has been a major form of invest aside real estate investments for many young Nigerians.
Moreover experts predicts that the ban on crypto currency would have a
negative impact on the Nigerian economy as the future of bitcoin in Nigeria
and other crypto currencies is not yet certain.
As a result of the ban on cryptocurrency in Nigeria, hindering the direct
purchase of crypto currency from individual bank accounts the alternative is peer-to-peer exchange and exchange platforms such as Exchangeindeed and Nairadirect website.
Nevertheless, crypto currency exchange are unregulated all over the world, it is therefore imperative that one applies caution when engaging in peer-to-peer exchange.