What brought you to crypto? This is a question I sighted on the Coingecko twitter early hour of today with different options highlighted, but none is relative to how I got to crypto which I'm sure many that are reading this piece also have a different story about their crypto journey.
Adoption of crypto in Africa, especially in Nigeria got promotion from FG has ban was placed on banks from transacting Crypto. This singular ban caught the attention of many and set them on an errand of what is cryptocurrency? Though I don't have the statistics of newbies that joined crypto space between Feb 5, 2021 (the date when CBN ban banks crypto operation) and now, but many joined due to the announcement that was made by the FG.
The State of Crypto In Nigeria
The launch of E-Naira by the FG caused some confusion to those that just enter crypto space thinking E-Naira is a cryptocurrency and asking if FG banned crypto why the launch of E-Naira? E-Naira is a digital currency like digital gold that serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments and presently being the first Africa digital currency, it has successfully completed N46.3 million worth of transactions in less than two weeks of launch.
The boom of crypto in Nigeria keeps growing and crypto enthusiasts in the country always seek seamless ways to transact, but due to regulation in the country, some crypto exchanges in the country are relocating to another country to render their services to crypto investors.
The latest news is about Patricia Technologies Ltd. which is a known cryptocurrency exchange in Nigeria and has already moved its headquarter to Estonia. The company started with less than $2,000 4 years ago and to meet up with the requirement of upgrading their technology, they set to raise as much as $50 million to upgrade its technology and already hire blockchain engineers and expected to raise the funds in the next six months as revealed by the founder.
What of traders in the country, will regulation stop them from transacting as many are panicking about what will happen next?
Binance been the world biggest crypto exchange has provisions for over 180 countries though the exchange faced regulation issues in some countries but still serving Nigerians via Peer-to-peer transactions. In October last year, I released a video about Binance peer-to-peer transaction to guide newbies to cryptocurrency transactions.
With the step Patricia technology Ltd is taking on its technology upgrade and the exponential growth, the company may emulate larger rival Binance Holdings Ltd in some of their features in order to satisfy their users and increase the number of visits to the exchange.
In conclusion, CBN already made a statement that the financial system of the country does not have a space for cryptocurrency, but been the fact that cryptocurrency operates under a decentralized system it is difficult to stop people from using it, rather, they find means to transact in a very secure place.
Are you confused about how to go about the crypto transaction? Reach us and guidance will come your way.
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Thanks for sharing, I'll look out for Patricia technologies limited, as the level of centralization in Nigeria keeps rising day by day. There will always be a way out..
Thanks for sharing, your post are always educative 💎
Thanks for commenting
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Thanks for sharing this