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HomeCryptoEnthusiasm for Bitcoin in Nigeria is unabated despite regulatory restrictions

Enthusiasm for Bitcoin in Nigeria is unabated despite regulatory restrictions

Amid anger among Nigerian youth over President Tinubu’s administration’s crackdown on peer-to-peer (P2P) cryptocurrency trading, this group’s enthusiasm for Bitcoin remains undiminished.

According to Google Trends statistics, Nigeria, Africa’s largest cryptocurrency market, is currently the country with the highest interest in Bitcoin (BTC), followed by El Salvador.

Source: Google Trends

Geographic analysis shows that Delta state leads in interest in Bitcoin, followed by states such as Anambra, Ekiti, Enugu, Ondo, Ebonyi, Bayelsa, Osun, Edo and Imo. Notably, Lagos, Nigeria’s key commercial hub, is not among the top 15 cities in terms of Bitcoin search interest on Google.

These regions share common characteristics of being insecure, with few people using banking services, and a high percentage of young people likely to accept Bitcoin as a reliable store of value and payment support. than.

Nigerians have turned to stablecoins, mostly pegged to the US dollar, as a hedge against inflation and currency fluctuations. USDT dominates the market as the most popular stablecoin, and its use is becoming increasingly practical for local businesses and diaspora communities to make transactions.

According to one study According to the United Nations, Nigeria is currently one of the youngest countries in the world and one of the fastest growing countries in Africa. The age group under 15 accounts for 43% of the population.

Control the cryptocurrency market

The Nigerian government has recently taken some questionable actions in an attempt to address economic problems and prevent currency collapse.

In May 2024, the Nigerian government began preparing to introduce new regulations banning P2P cryptocurrency trading using the local currency naira.

The Nigerian Securities Exchange Commission (SEC) has also accused the Binance exchange of engaging in currency manipulation and speculation, which it said has led to the devaluation of the naira and requires intervention. government invitation.

The regulator’s firm stance was demonstrated earlier this year when it imposed a ban on Binance’s operations in Nigeria, followed by the arrest of top executives Tigran Gambaryan and Nadeem Anjarwalla, to demonstrate determination to maintain regulatory standards.

While Anjarwalla escaped from custody, Gambaryan was detained in Abuja and now faces trial on money laundering and tax evasion charges.

In January 2024, the Central Bank of Nigeria issued initial guidelines for banks to open cryptocurrency accounts, although banks are still not allowed to trade or hold virtual assets in the initial category. their own privacy.

Itadori

According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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