The Central Bank of Nigeria has recently stated that it is not actively discouraging people from trading, and this also applies to cryptocurrency. Apparently, there had been some confusion and misunderstanding regarding the bank’s intentions, as there had been rumors of a crypto ban in the country some time ago. However, these rumors turned out to be just that as the bank has now stated that individuals are free to go about their business and that they have no issues with Nigeria potentially becoming a ‘so called BTC nation.’
Prohibitions only applicable to financial institutions
Upon further elaboration regarding their supposed ban on all things related to crypto in Nigeria, the central bank has now clarified that the prohibition of cryptocurrency was primarily meant for the financial institutions of the country and not individuals themselves. Essentially, the central bank had decided to make a clear-cut distinction between crypto activities being conducted by the banks and those by individual investors.
Simply put, Nigeria is more than open to having cryptocurrency be an integral part of their economy, as long as it is done in an honest and straightforward manner without any fraudulent and illegal activities taking place.
Interest in crypto adoption leads to boom for Africa
As of the time of this writing, Nigeria currently holds the largest BTC trading volume within the region of Sub-Sahara Africa, nearly tripling the volume held by its competitors. Furthermore, Nigeria had also managed to move approximately $9 million in BTC just this past week, an amount that is worth more than the overall combined trading volume of all of Africa.
Naturally, this has all resulted in a boom of sorts for the African cryptocurrency scene, attracting investors from near and far. With players such as altcoin developer Charles Hoskinson on board, there continues to be steady interest in the utilization of use cases of cryptocurrencies within the region. Moreover, according to Hoskinson himself, Africa is about to be transformed into a very important part for Cardano and their respective plans for the future. He concluded by saying that we really shouldn’t be surprised to see multiple headquarters being set up all over Africa in the near future, as investors from all over the world set out to get their piece of the African cryptocurrency craze.
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