This year have been a glamorous year for others following the surge in the crypto market, while some are going to mark the year as an unforgettable one in their history.
This year marks as a sad year to the crypto enthusiasts in Nigeria following the ban put in place by the central bank of nigeria (CBN) yesterday 5 February 2021.
Despite some government's effort trying to regulate the crypto ecosystem, others have taken drastic measures already to control it's use.
In 2017, the central bank of Nigeria (CBN) had passed a circular to inform all nigeria banks, financial institutions and non financial institutions that all transactions in bitcoin and other cryptocurrencies is to be ban nation wide.
The CBN had equally said in 2018 that bitcoin and other cryptocurrencies were used as a means of transaction by terrorist to carry out illegal operations.
Following the bill passed by the CBN, all institutions supporting the transaction of cryptocurrencies should immediately without notice close down the accounts of any person/entity transacting or operating in crypto currency on their platform.
What's the future of cryptos now in Nigeria?
The decision taken by the CBN will greatly affect Africa and Nigeria in particular, as the continent is likely to see fewer trades in the coming months ahead as the giant of Africa will now be facing some serious restrictions on the blockchain technological era. Because of Nigeria, Africa was at the forefront of becoming the highest bitcoin trading continent taking the second spot in 2017 after surpassing Latin America in terms of trading volumes.
60,215 bitcoins have been traded in Nigeria in the last 5 years, calculating the current btc price, that equals 2.387B.
2020 alone saw the highest trading spike creating a 30% increase which amounted to 20,500 bitcoins that equals 818M USD alone.
Let's see what the future unfold in the coming months ahead in Nigeria.
