Topic: Nigerian volumes of crypto transactions are becoming increasing - page 2. (Read 377 times)

It is not hinder that Nigerian are all over in the world when you talked about crypto they are key players if you talked about business they are all over, if talk about countries they are also scattered in abroad. So I wouldn't surprised seeing them increasing overly as I know they must create a great impact in the cryptocurrency industry for that I can never underestimate them because they creates more awareness to the spaces and mostly found for their creativeness.

The impressiveness based on the highily volume of crypto adoptions and transactions in Nigeria you see today is not an encouragement of the Nigeria government.
So the Nigeria you know as a country has its governance which has never supported the dominance of cryptocurrencies amongst its citizens today.

Another thing to be recognized in this Nigeria that you know is that the government has been trying to manipulate the minds of the people against crypto adoptions and also been distabilizing the centralized exchanges which has been convenience platforms for the citizens to trade their coins by asking the exchanges to delist the naira from its P2P feature but yet, the Nigerians you know remains focus and courageous not to be distracted with their goals on the crytop currency especially Bitcoin being a most reputable crypto coin which has gained a most global dominance.
So if you want to give a remarkable applaud, it should be a recognition to the citizens as the Nigerians and not the government of Nigeria.


The future is uncertain but courageously we all hope for better days ahead. It is usually the government as an authority to decide on crypto centralized utilizations such as adoption for legal tender which means even the government sectors would accept it for an exchange of payments or varies of exchanges.

But though at now, cryptocurrency has never been an illegal currency aside the bridge of the government sectors not accepting it.

I can only tell that the volume of adoption would increase comparing to todays.

Cryptocurrency is not illegal in Nigeria, if it so, I doubt that we will be among the top crypto users in the world today and the adoption would not have increased to this level in the country. It is only that our government has not been supportive of it by allowing banks not facilitate cryptocurrency transactions and the recent issues with exchanges where we can not also carry out naira p2p transactions. I hope that our government will see the benefits of cryptocurrency as a job creation in the country and remove every restrictions so that Nigerians in the crypto industry in the country will be happy.

I'm not surprised that our volume of cryptocurrency transactions is increasing compared to many other countries, the harsh economic situation in the country is making people to seek for alternative sources of income. I believe that the number of Nigerians that will join crypto businesses will still be increasing because the economy is not getting better and the youths needs to engage in money making ventures.

first Bitcoin wasn't illegal just that the government See's Bitcoin as an asset that generate money through mining, so before 3years coming in this Nigeria I believe all the youths will go into Bitcoin. Because right now as you can see Nigeria is the one of the most highest population that are trading and working most, we all know that the united state are the one's in charge but I believe before 3years coming Nigeria will take over.

Nigeria is a center of trade, not just crypto transactions, but anything that has to do with social network Nigeria must top, the high rate of unemployment has made the youths to divert into many social media trades just be to okey, and crypto is one of the area naija youths dey really reply on, so dem dey always trade and buy,  couple with the population advantage,  naija is over populated, and a good venture for business. So I'm not surprised

Crypto and crypto transactions dey legal for Nigeria na, e no get when our government declare say crypto dey illegal. I know say them dey attack crypto and crypto users and dem never really publish regulatory framework wey dey clear, but crypto still dey legal. If you dey talk about legal tender status, then that one na another thing, and i don't think bitcoin will ever be a legal tender in Nigeria, and not just in Naija, but in most countries.

Nigeria is certainly the power house of commercial strength and the best part is that it's the youth of the nation that's fully involved in this. Nigeria are all about crypto and other high tech innovation because of the massive benefits and aid it gives us looking at how frustrating the government of our nation tries limit this but yet the business boom keep striving thanks to the internet and incredible sense of evolving ourselves to the situation around us.

I don’t think your argument if factual enough to justify why isn’t not right to say bitcoin is illegal in the country because having a physical shop where people trade bitcoin and cryptocurrencies doesn’t mean bitcoin is legal after all don’t we have physical stores where smoke accessories are sold ?

Bitcoin might not have been directly illegal in the country but meh the actions on it made it seem bitcoin was illegal and I don’t know for you but at some point, i felt extremely unsafe to let a security personnel I was a bitcoiner because it seems as at then that, bitcoin was associated with fraud.

@op, Nigeria is already a crypto hike and if you do a more deeper research you’ve find that, we’re one of the highest cryptocurrency adopters and that alone should speak volume for itself that Nigerians are seeking freedom through bitcoin and soon the government will have no choice but dance to the tune of accepting bitcoin obviously.

One thing you must put in mind is we cannot do away with the government in terms of cryptocurrency legalization so saying let's forget about the government means we can do without governmental play in the country which is never possible so put all things together even in the next 5 years to 10 years I don't see bitcoin or crypto generally being legalized.

For the record , Nigeria is not just a high capacity country it's a multinational state that gives it's the edge of performing higher than other countries around Africa but we are being suppressed with leadership and bringing the output of the crypto including the technological capacity down. With the revolution that is amid to strike soon temporary changes might apply.

Additionally, the increase in adoption of cryptocurrency is triggered by the demand of working internationally or as freelancers which payment is more easier to take in cryptocurrencies than in another payment method you can agree with me on that.

One of the pointer to which Nigeria has a high volume of Cryptocurrency transaction is the fact that, we have high numerical strength in terms of population. I think about 50% of the over 200 million persons in Nigeria are the youthful population which are highly into tech and other creative innovations, so seeing this percentage increase is not really surprising to me, though is a welcome development, as it's shows that we are competing at the global stage as a people.

Going by the link you shared about the Nigerian Government on restriction of cryptocurrency activities, I think it was an old story that had some restrictions on transactions on cryptocurrency which so far this current CBN Governor has been able to lift those suspensions, however cryptocurrency and it's activities was never at a time illegal in Nigeria.

crypto transaction has never been illegal in Nigeria and till date, it's still not illegal in Nigeria. What's the case is that banks don't accept cryptocurrency but outside of that, we have offices that are scattered around different states of the federation where people openly take courses on crypto and they never get arrested for doing so.

As for the growth of crypto in Nigeria, what you should know is that the more deficult it is to get local jobs in the country, the more people will tilt to other sources for thier livelihood and crypto will continue to gain momentum due to this. An average person that wouldn't have come into the crypto space is now an active crypto enthusiast because the benefit in it far surpasses what you get from working for our government. A large percentage of youths are in the digital sector and now find it more rewarding to work from home as opposed to working under our hot climatic condition and in a bid to work from home, crypto still plays a very vital role here. We can continue to list hundreds of reasons why we have a lot of active crypto users in Nigeria and why in the coming years, the numbers will even increase. As we increase in our numbers, the numbers of those carrying out crypto transaction in Nigeria also increases and possibly, we might become one of the strongest Bitcoin adoptors globally.

https://punchng.com/operation-rescue-naira-fg-plans-strict-rules-for-57bn-crypto-business/

Well guys this insight made me to do more findings on this, when I saw this on net it got me because the Nigerians that I no are now trying everything in there powers to be part of the crypto space.

Some research I did on this "Nigerian volum of crypto  transaction grew by nine per cent  year over years to $56.7bn as for 2023 this was said by the chainanalysis a United states of America based on international blockchain analyst firms.
So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think