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.
Despite facing hot-and-cold rules, growing crypto usage in sub-Saharan Africa is forcing regulators to reconsider the industry.
Exploring the landscape of crypto regulations in sub-Saharan Africa
African crypto adoption has exploded in 2020, prompting fears of a heavy-handed regulatory response
Booming African crypto adoption drives concerns over regulation
A Nigerian business that had humble beginnings as an e-commerce startup is now offering Bitcoin payments to hundreds of thousands of people.
Crypto payments company wants to usher Africa into a new digital age
‘Virtual crypto assets are securities, unless proven otherwise,’ the Nigerian SEC said.
Nigeria regulators recognize digital assets in stunning new statement
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...
Small value crypto transfers in Africa have increased by 55%
Nigeria outperformed the rest of the world by the level of interest in Bitcoin over recent months.
Nigerian Crypto Activity Has Been On the Rise Since April
Numerous emerging crypto markets are showing dramatic growth in P2P trade, with India and Ghana producing enormous growth during 2020.
India Leads P2P Volume Records Among Emerging Markets