Do you know that Nigeria appears in the highest bitcoin market all over Africa having the second-highest bitcoin volume worldwide? For the last 4 years, the spurring growth of bitcoin in Nigeria has blown storms due to its skyrocketing profits and valuable help to escape poverty; says Bitcoin Equaliser.
However, not long ago the Central Bank of Nigeria imposed a ban on cryptocurrency in the entire country. They issued a public notice in which the government discussed the potential risks of these virtual currencies and how it has affected the country’s financial growth by the individuals making huge money from an independent source.
As a result, GON strictly announced the closing of bank accounts that are involved in any activity related to cryptocurrency. As well, any exchange service taking remittance charges for the cryptocurrency will also be kept under custody and charged high punishing costs. The actual public notice was released on 5 February 2021 but the press release delivered after 2 days on 7 February further cleared the significant reasons behind the prohibition on crypto use in the country.
The eye-opening effect of the ban on Nigeria was somehow predicted as the Nigerians had been deeply involved in the use of crypto and had ultimately realized the capability of this revolutionary digital asset.
With that said, here is a compilation of different reactions of locals and other people on this crypto ban and how they cope up with this issue.
Surprisingly, Nigeria is also known to be the world’s second-largest peer-to-peer network with a myriad of trading exchanges carried out daily. All these factors highly disturbed the financial state of Investors who already had their money invested or were looking to invest in crypto for rapid profits and success.
Rule for Trading Cryptocurrency in Nigeria.
Conclusion: To simply put, this counteractive ban of cryptocurrency in Nigeria influenced the whole country including the individual investors and huge service providers. Neither Nigerians are allowed to mine crypto or trade it from any platform due to the transparency of cryptocurrency. All this caused numerous protests in the country by the name of #End SAARS.