News
Africa’s largest economy has become a bastion for crypto adoption.
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Nigeria News
Nigeria is seventh most populous country, and most populous in Africa. Nigeria also has the largest economy in Africa, with more than $500 billion of nominal gross domestic product. The Word Bank considers Nigeria to be an emerging market and is widely seen as a perspective economy. Still, it ranks 152nd in the Human Development Index and has a large variety of problems regarding the lack of education, organized crime and human rights. Bitcoin is legal in Nigeria, but the Nigerian SEC, or Securities and Exchange Commission, warned citizens about cryptocurrency investments being risky and sometimes even fraudulent. However, the Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria have plans to adopt cryptocurrency technology and have several sub-committees working on implementing blockchain into governmental insurance and financial services.
- Analysis
As access to crypto spreads across Africa, blockchain could be crucial in improving cross-border payments and settlement systems.
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“We want Nigeria to be strategically placed to capture value from this economic potential of blockchain,” stated the NITDA director-general.
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Despite facing hot-and-cold rules, growing crypto usage in sub-Saharan Africa is forcing regulators to reconsider the industry.
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African crypto adoption has exploded in 2020, prompting fears of a heavy-handed regulatory response
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A Nigerian business that had humble beginnings as an e-commerce startup is now offering Bitcoin payments to hundreds of thousands of people.
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‘Virtual crypto assets are securities, unless proven otherwise,’ the Nigerian SEC said.
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Africans are turning to cryptocurrencies to avoid high fees and currency instability, with transfers to and from the continent increasing 55% over the last year.
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Nigeria outperformed the rest of the world by the level of interest in Bitcoin over recent months.
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Numerous emerging crypto markets are showing dramatic growth in P2P trade, with India and Ghana producing enormous growth during 2020.
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Nigerian scammers converted millions of dollars into Bitcoin via Gemini exchange according to an FBI criminal complaint.
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The U.S. Treasury added six Nigerian individuals to its sanctions list for alleged cybercrimes.
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Peer-to-peer Bitcoin trading in the United States has surged to post its strongest weekly volume on record, with almost $29 million trading on Localbitcoins and Paxful.
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Crypto adoption appears to be growing across the continent of Africa.
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According to a new report, African nations have the highest rates of cryptocurrency adoption throughout the world.
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