The Nigerian government has warned his citizens about cryptocurrency time without a number. Sometime last year, the House of Senate declared bitcoin in Nigeria to be illegal.
However, this could have been so for two reasons
- The government gave warning against cryptocurrency because of its volatility in nature.
- There were lots of ponzhi schemes everywhere in the country. The level of fraud was on an increase. Bitcoin in Nigeria therefore, was at that time considered to be another scam as well.
BITCOIN RECENT SURVEY IN NIGERIA
However today, what is the true nature of Bitcoin in Nigeria or other cryptocurrencies in the country? Has the warning given by the government prevented the citizens from trading in bitcoin or other cryptocurrencies?
Well, let’s hear from the horses mouth.
“I can use Bitcoin for anything now”, said Soji a Lagos web designer. He continued “It means I can invest and also pay anybody currently, except old people, I will send them bitcoin. But some people think it is a scam to deal in Bitcoin and they also fear being hacked, as many people do not know how to protect themselves online.”
Further research also revealed that millions of Nigerians are trading in cryptocurrencies. Youth, traders, business men/women and students who are in the universities.
Majority of the crypto traders are in Lagos, Nigeria’s largest city.
Bitcoin gets considerable flack in professional financial circles for its legendary volatility. Wild price swings can for sure occur, and have. However it is no match for Nigeria’s Naira. Hence, because of this many Nigerians have refused to heed the government warning. Nigerians Trade $4 Million in Bitcoin Weekly, despite Warnings from government.