Nigerian volumes of crypto transactions are becoming increasing

[Callido]

A lot of people don't realize this but Nigeria is going to be one of the largest crypto countries. This would happen even though the federal government is unwilling to roll with crypto and chose to stand against it as they gave done in the past. In spite of the government's best effort to stop crypto, it's interesting to see that we still rank up nicely in the list of top countries according to crypto volume. Crypto is here to stay and the slow economy + inflation will drive people further into crypto.

Bad to see that our ruling government are locals, who do not understand anything about cryptocurrency or Bitcoin but claim to understand what they don't actually know. Nigerians are getting digitally skilled with Bitcoin and Cryptocurrencies not left out, the statistics says it and I believe is a welcome development that is worth embracing. Even the government cannot end the adoption of Bitcoin/cryptocurrencies, we Nigerians always get a good turn round the corner, the earlier the government accepts and supports the better we can achieve a lot together.

[Antotena]

Bad to see that our ruling government are locals, who do not understand anything about cryptocurrency or Bitcoin but claim to understand what they don't actually know. Nigerians are getting digitally skilled with Bitcoin and Cryptocurrencies not left out, the statistics says it and I believe is a welcome development that is worth embracing. Even the government cannot end the adoption of Bitcoin/cryptocurrencies, we Nigerians always get a good turn round the corner, the earlier the government accepts and supports the better we can achieve a lot together.

About 2 months backs, the minister of information posted something about some illegal crypto machines that were been seized by the Nigerian customs and when I check, I was embarrassed and disappointed by the news that I saw, it was actually hardware wallet seize by the customs which many people bought from outside the country probably for cold storage and this government had the audacity to shame theirself on the internet calling that crypto machine, such an illeterate group.

I never even knew we have minister of youths in this country until I saw a baseless comment from him about the protest that was planned next month and from the way she spoke, you will,understand that she was paid well to act her role, instead of staying truthful and align with the youth, she is employed to do their bid and get paid. Sometimes, I feel lost in this country.

[Smartvirus]

It’s evidently the case when you try to place an embargo on some activities, especially one that isn’t a crime and by some means, offers a means to earn a livelihood. What you actually do is create room for enquiry and it even pushes people to seek means of doing it safe. That’s the case with Bitcoin and how it’s always been known to use all the negativity about it for its forwardness.

Nigerians are such stubborn people and you can admire our desire to succeed even by a government and in an economy that seems to bury every move by the citizens towards any financial stability. Am not surprised at the adoption in Nigeria, its just how we leave in this part of the world.

[Doan9269]

i like hearing news on this, because there is always an increasing bitcoin adoption in Nigeria and the more we keep on having this, the higher the expectations on the numbers of users making a daily transaction with the use of bitcoin for their own purpose, it will soon get to a stage whereby most people will be so dependent on the use of bitcoin for making their daily payment on commodities and whether the government support for it adoption as a legal tender or not, we will always recognized the importance of using bitcoin in making our daily transactions because its an entire different thing from the use use of centralized currency which is fiat.

[iBaba]

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.

Since the introduction of Bitcoin in Nigeria is has continued to grow up in ladder and that's why we see this statistics today. And like you mentioned, throughout these period of time, bitcoin was not declared illegal however the past governments failed to implement long lasting realistic regulations to guide the activities of the digital currencies. I think that's because most government at a time were skeptical about the growth of Bitcoin and how it's likely to disrupt the centralized system controlled by the government itself.

That chart further shows the level of inclination that Nigerians have over the adoption of Bitcoin and the community have been growing rapidly lately. What I think the government is still yet to do is to take the full responsibility of regulation of Bitcoin and other cryptocurrencies in Nigeria hence the reason why we faced the loggerhead between the government and P2P exchange platforms in the country.

[Sonia_123]

With the country's current situation and the reality that Bitcoin is real ,alot of persons are now aware of it ,and the government policies has made mainly the youths see Bitcoin as the best and their saviour in these hard time. High rate of Unemployment, inflation and the financial economic challenge has left many persons depressed which has made people look out for another alternative source of livelihood and found Bitcoin .

[Zigabel]

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

There's no way you can be discussing this especially a financial issue that has got such huge volume involved and wand to sidelines the government, they may not be fully involved in it but somehow they have got a really huge role to play in this whole thing as the volume of transactions isn't such that can or would be ignored just like that and allowed to flow without the inference of the government at some point and beyond now, in the future, it's expected the volume grows far beyond this , mores reasons the government will get involved.

Normally we dey pry say may crypto become something wey our government go see as legit and allow us make we dey run am freely, w go make sense well and even oda African counties sef go follow once dey c say Naija don dey run am legit full time.based on say na we dey on top for the mater for rhe whole Africa.

[DubemIfedigbo001]

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.

transacted more than 56.5 trillion naira worth of digital assets in the crypto market between July 2022 and June this year...
ttps://x.com/olumidecapital/status/1704447116288938175?t=kIGf_iO9plFt4budkowsmA&s=19

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

Crypto is the one of the best(if not the best already), ways people survive in this country as of today, and what do you expect when the government care less about the well being of the masses? They turn to whatever makes them independent of the government oppression, and that is crypto being at the beck and call of the citizens owing to its overly non-dependence on the government.

As against what the former president said, The youths are not lazy, but want a career or job with good sense of involvement and security, and crypto involvements made a lot of youths their own boss. We can see how hardworking the youths are on the crypto space.

This is just the beginning, in time to come people especially youths would be so engrossed into crypto that there would be little workforce available in the labour market and the manpower would dwindle significantly that the government wouldn't have any other option  than to consider remote jobs in civil service. Crypto is the people's savior and it has come to stay. We anticipate more adoption in the coming months.

[Odusko]

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

Abobi, this statement is not right, crypto transactions in Nig is not illegal, so don't get it twisted because that will mislead others About the status of cryptocurrency in Nig, as you know the government is against p2p exchange and their main concern is the influence of crypto trading on the Naira value, even as cryptocurrency trading was not the cause of the currency crisis in the country.
Lastly Nig have being topping on the list of countries that have high volume in cryptocurrency trading for Age's so this not not a new thin, and as a matter record, because of the recent exit of some prominent excahges from Nig currency market like p2p on binance and kucoin, this will indeed reduce the rate and volume of trading eventually,, this data may be the lowest percentage that that Nig volume of cryptocurrency trade's have recorded in a long time now.

[Bitco55]

I guess a bad economy would definitely teach you something. It's either to be innovative and hardworking or to be tired and blame the government for all your problems. In the past, most countries involved in Bitcoin was due to the rise in inflation and bad economy. From Argentina, Zimbabwe, and so on. So, it's good we're coming up on all these tech and stuff

About Bitcoin becoming legal in the next 3 years, I continue to wonder, if Bitcoin was made to be decentralized and was never illegal, why are we still hoping it'll be legal in Nigeria? No one stopped you from buying and selling Bitcoin yeah? I get that the government rules concerning Bitcoin are sometimes limiting and a hindrance, but Bitcoin would continue to be alternative money, digital gold, and so on. What should be your hope in the next 3 years and going should be that Bitcoin doesn't become illegal in our country, not it becoming legal.

[DubemIfedigbo001]

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

We can't leave the government out of this because they're the ones to legalize it and not you and I. We can only keep grabbing our share of the crypto goodies, but we can't internalize it in our environment unless the government consents it, else little or no average person would accept it in exchange for their goods and services.

A whole lot of service providers would love to accept crypto as a means of payment, but the government would be very resistant tho grant them license, so when it wouldn't be legalized, then it would not be commercialized and we're are left with trading activities only.

The government are greedy, wanting to reap where they did not sow instead of creating an enabling environment for crypto enabled activities to thrive in the country. We all can bear witness with the number of exchange discontinuing services with Nigerians, what a shame

I don't see crypto being legalized in this country any time soon, at least not in the next three years, but I see more people embracing it and investing in profitable ones like Bitcoin.

[Stable090]

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal??

I can’t really remember when this current administration talk say crypto Dey illegal for dis country, Wetin I know say the administration Dey fight na p2p service because dem Dey reason say dem Dey use am manipulate dollar to naira rate, so if you check most exchanges, na just their p2p service dem close, but trading and other things still Dey go well, if to say na crypto dem wan ban, then all those exchanges no go work for dis country again, if we wan use am, maybe ma VPN we go Dey use be that.

And I no go lie plenty youths now na crypto dem Dey use hold body as job no really Dey dis country, even some youth wey we think say na fraud dem Dey do, make I no lie na crypto some of them Dey do. So even if government ban crypto, Dey no fit stop people from making use of crypto, because we go find way access exchange.