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Wednesday, November 25, 2020

Nigeria is Africa’s leader in Bitcoin transfers, transacts $8 million weekly

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Nigerians increasing their use of BTC is no longer news, but what seems astonishing is the volume that they transact with BTCs weekly, compared to other African countries.

Data shows that the use of Bitcoin for peer to peer lending in Nigeria is on an astronomical run.

Recent statistics obtained from usefultulips, a BTC analytic data provider, stated that Nigeria leads Africa peer to peer lending in 2020, posting weekly P2P volumes of between $8million, followed by South Africa and Kenya posting about $2 million weekly.

READ: Has the President erred in stopping CBN from funding food imports?

Quick Facts: In BTC’s case, peer to peer is the exchange of BTC between parties (such as individuals) without the involvement of a central authority. This means that peer to peer use of BTC takes a decentralized approach in the exchange of Bitcoins between individuals and groups.

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It shows that BTC’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.

READ: Unknown Bitcoin whale moves $1.3 billion in minutes

The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system, as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches.

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This is a testament to the fact that Nigerians truly love their Bitcoins.

It’s important to note that Nigeria’s Securities and Exchange Commission is aware of the high precedence of crypto use in Africa’s biggest economy, and has up come with rules recording to the fast-changing financial sector

READ: SEC discovers 12 ponzi scheme operators, warns investing public

Chimezie Chuta, Founder, Blockchain Nigeria User Group, spoke with excitement on the long-overdue legal framework by the Nigerian Securities and Exchange Commission regulating digital assets and blockchain investments.

“SEC Nigeria has consistently shown that it has a clear understanding of her role in creating a conducive environment for the growth and development of Virtual Financial Assets, and Cryptocurrencies in general.

“This recent publication will act as a catalyst for mass adoption. It will also create much needed institutional investor confidence for the Nigeria Capital Market.”

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