Nigerian hotel becomes country’s first to accept Bitcoin payments

[Nathrixxx]

George Residence in Lagos has announced plans to start accepting BTC payments. The company has already converted 50% of its balance sheet to Bitcoin.

A luxury hotel in Lagos, Nigeria will reportedly accept Bitcoin (BTC) as a form of payment and adopt the digital asset as its primary reserve currency as concerns about inflation continue to grip Africa’s largest economy.

George Residence confirmed its intent to begin accepting Bitcoin this weekend, according to 1st News, a Nigerian news publication. George Residence, which offers luxury hotel and premium apartment suites, will accept BTC through Coinvest Africa, a regional cryptocurrency brokerage.

"We have allocated around 50% of our cash reserves to Bitcoin. [...] We hope to increase that as time goes on,’’ said ‘Yanju George, the company’s CEO. “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.”

He continued:

“Bitcoin permits our guests a faster and more secure way to enjoy the comfort we offer. Our residents desire simplicity, and we are excited to be able to offer that to them.”
Nigeria’s inflation rate has been in the double digits since 2016. Recently, it peaked at 17.33% — the highest since February 2017 — as the economic impacts of COVID-19 and a weakening local currency continue to take their toll.

Inflation is one of the reasons why Nigeria has become the bastion of crypto adoption in Africa. Since 2015, Nigerians have traded over 60,200 BTC on Paxful, a crypto peer-to-peer trading platform, second only to the United States.

The legal status of cryptocurrencies is being disputed in Nigeria after the central bank banned financial services companies from servicing digital currency exchanges. However, Edward Lamekek Adamu, deputy governor of the Central Bank of Nigeria, later clarified that the regulator didn’t ban Nigerians from trading or holding cryptocurrencies.

As Cointelegraph recently reported, the Securities and Exchange Commission of Nigeria is working with the central bank to develop a new legal framework for digital assets.

https://cointelegraph.com/news/nigerian-hotel-becomes-country-s-first-to-accept-bitcoin-payments

The world of crypto expansion has gain a positive karma even in the developing country like Nigeria, where Bitcoin is set to be used as a means of payment in one of the hotels in Lagos city Nigeria, yes we can see how Nigerians are tripping in for Bitcoin even despite the govt recent ban and how the economy could rely so much in Crypto to make it balance very soon btc adoption will evolve round the nooks and crannies of the developing and under-developed countries.

[Charles-Tim]

That news is not new anymore, we even discussed about it on this forum, try to make use of the forum search engine before creating such topic.

George Residence becomes first hotel to accept Bitcoin in Nigeria

[Slow death]

although the news is old, in africa things are very complicated and it always has a political influence if this hotel has a lot of influence on the policies that are governing nigeria then they could easily implement bitcoin as a means of payment if they are from the opposition or have 0% influence over Nigerian politicians so they will not be able to implement bitcoin as a means of payment in their hotel

[GeorgeJohn]

although the news is old, in africa things are very complicated and it always has a political influence if this hotel has a lot of influence on the policies that are governing nigeria then they could easily implement bitcoin as a means of payment if they are from the opposition or have 0% influence over Nigerian politicians so they will not be able to implement bitcoin as a means of payment in their hotel

Even though the news is obsolete or outdated i think some person's here is novice about the information, because multiple users don't discuss in bitcoin discussion board to be informed concerning the news, if i said the information is foreign to me, i think I'm not mistaken, for the news to repeat itself that means it's real and it's very easy for someone here to emulate and use the same to practice in he or her country also, is not here we heard that someone bought pizza with cryptocurrency and more especially bitcoin, so it's a circulation of information from my own perspective, because when such happened some of us did not plan to join the community, but today we all is aware of it.

[Kemarit]

As far as I know, travala.com accepts BTC with you book a hotel with them.

https://www.travala.com/payment/bitcoin-btc

Nevertheless, a African country such as Nigeria, who are spear heading Bitcoin adoption in that continent is welcoming news indeed. Maybe it's one way to attract tourist too (assuming that the pandemic will be over).

[yhiaali3]

 and how the economy could rely so much in Crypto to make it balance very soon btc adoption will evolve round the nooks and crannies of the developing and under-developed countries.

The economy can rely on bitcoin and cryptocurrencies not only in Nigeria, developing and underdeveloped countries, but also in developed countries alike, even developed countries suffer from inflation and the deterioration of the economy, especially after the Corona epidemic, so resorting to cryptocurrencies to protect the economy from inflation and collapse is the solution that will resort To it many governments in the future.
Yanju George, the company's CEO, appears to be a very smart and futuristic man when he said, “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.”

[Gbniman]

This can't be latest news because Nigeria as a country can't allow that due to the ban of cryptocurrency in the country to me this is old news.
Actually it possible happen maybe later trust we can't trust Nigeria government to that level things change easily in Nigeria but believe me if it can happen in Nigeria it will be a good news to the country.
There alot of Luxury hotels in Nigeria precisely in Lagos City which i know will accept the Bitcoin payment.

[Yogee]

Most likely, this is an advertisement and nothing more. It is unlikely that they will accept bitcoin as a payment for a long time.

Perhaps it's also part of advertisement but the hotel management looks pretty serious to me. They have every reason to accept BTC for long term. Did you not read the part where they converted 50% of their cash reserve to bitcoin so they could fight of the increasing inflation?

[BIN-BIN]

Most likely, this is an advertisement and nothing more. It is unlikely that they will accept bitcoin as a payment for a long time.

I quite agree with you, this is just a means for the hotel to gain popularity but in reality, there are not accepting Bitcoin. How can a hotel in a country where the use of cryptocurrency is prohibited accept a highly decentralized coin such as Bitcoin?

[cotton ball]

Inflation is one of the reasons why Nigerian hotels accept bitcoin payments, Nigeria being a stronghold of crypto adoption in Africa. Since 2015, Nigeria has traded over 60,200 BTC on Paxful, a peer-to-peer crypto trading platform, second only to the United States.
The legal status of cryptocurrencies is being debated in Nigeria after the central bank banned financial services companies from serving digital currency exchanges.

[BOAEDAN]

The adoption of Bitcoin as a means of payment continues to expand. In fact, there are luxury hotels that announced plans to start accepting Bitcoin payments and converting 50% of their balance into digital coins, Nigerian hotels accept bitcoin payments, I think this review has been discussed in this forum for a long time, because Nigerian hotels have long accepted bitcoin as a means of payment, The reason they do that is because they are afraid of inflation.