Bitcoin in Nigeria: Why Regulations Won’t Stop Bitcoin Adoption in Nigeria

You would be amazed by the level of acceptance of crypto-currency in Africa. Although Africa may not be the first location to note while discussing crypto, it proves to be a fertile ground for advancing the blockchain revolution.

Bitcoin Demand in Nigeria

In West Africa, bitcoin is nothing new to many Nigerians. It is estimated that the area trades on a weekly basis of over $4 million in cryptocurrencies. If consideration is also given to OTC trades, the figure may be much larger.

Nigeria’s approach to cryptocurrency regulation has been mixed. A “wait and see” direction has greatly hindered the growth of cryptocurrency adoption in Nigeria.

The government has issued warnings about the volatile nature of cryptocurrencies in the past, but it has not issued concrete laws that fully cater to the pressing needs of the cryptocurrency industry.

Fintech have, for a long time, been at the receiving end of unfavourable government laws and regulations.

Anticipate Regulation

An example of the government’s oppressive treatment of fintechs in Nigeria is highlighted by its proposed licensing scheme for the increment of the minimum investor funds for fin-tech companies to as much as $15 million.

Policies such as these could prevent most firms from joining the crypto-markets if made applicable. Regulatory costs typically increase with the enforcement of such policies. Such costs may be passed on to customers.

This is a policy that could, if implemented, limit the entrance of many firms into the crypto-markets. Consumers of cryptocurrencies in Africa may, therefore, be impacted by higher service costs.

Blockchain Foray into Regulatory Technology

Again, the shadow economy could prove to be too large for regulators to limit cryptocurrencies ‘ eventual mass adoption. In Nigeria, there is a shadow economy in food markets, clothing markets and other industries where it is impossible to formally ascertain the measure of economic activity.

The decentralised nature of blockchain and cryptocurrencies is such that it is almost impossible if not impossible for a regulator to have full oversight. Even in formal economies, regulation of the financial system is never fully successful. To this end, it is clear that insurance against fraud and lack of transparency is the blockchain itself. This is why so many more people continue to adopt cryptocurrencies in Africa.

Written By

BTC Nigeria Editorial

477
Leave a Reply

avatar
477 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
208 Comment authors
viagra without dr prescriptionstromectolhumans.comviagra wikipediapropecia side effects for menbuying viagra online without prescription Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
LbgadorY
Guest

brand name viagra canada viagra generic where to buy best viagra online [url=http://genqpviag.com/]where can i buy viagra in los angeles area[/url] ’

JbbvadorY
Guest

king pharmacy best canadian pharmacies pharmacy cost comparison

Kuikguirl
Guest

generic viagra in canada viagra generic vs brand name dsicount viagra

LbsxadorY
Guest

ordering prescriptions from canada legally free sample of viagra best canadian online pharmacies

FvfcEvons
Guest

viagra and mastercard buy viagra in a day chewing viagra

AhkdadorY
Guest

canadian drugstore reviews canadian pharmacy pharmacies in canada

AqcfKafevaddy
Guest

cialis without prescription cialis dapoxetine 24 tab cheap cialis

cialis online legitimate
Guest

cialis overnighted billig cialis online

JbnbLoumb
Guest

drugs for sale discount pharmacies anti viral

FqhhadorY
Guest

navarro pharmacy price pro pharmacy canada london drugs canada

Kbcxapal
Guest
cialis legal erwerben
Guest

cialis in mexico chemical name of cialis

cialis douleur dos
Guest

generic cialis overnight shipping viagra versus levitra versus cialis

NncsEvons
Guest

online drug store viagra buying viagra using paypal viagra with dapoxetine pills

JbbnadorY
Guest

generic cialis pills online cialis european pharmacy cialis quanto tempo prima va assunto

Kbbfguirl
Guest

viagra usa online generic viagra sales viagra mail order recomendations

LabxadorY
Guest

cialis overview cialis with yohimbe buy cialis johannesburg

AhbzadorY
Guest

is student loan money taxable cash loans even if you are blacklisted cash loan without taking your car

AbcfKafevaddy
Guest

woman viagra viagra in usa suppliers cialas,viagra

FbsgEvons
Guest

cialis sales how does cialis work cialis usa

cialis fiole
Guest

cialis information cialis indian name

JbnvLoumb
Guest

loan eligibility calculator money saving expert how to get payday loans to stop debiting my account how to get a cash advance on usaa credit card

Kvaxapal
Guest

payday loans lake charles credit card vs payday loan payday cash loan sydney

FqbbadorY
Guest

sample of cash advance slip cash loan no bank account needed first virginia payday loans virginia beach

Donaldanics
Guest
Donaldanics

Very interesting paragraph

free robux

Clarkbuisp
Guest

366n2 vgpmz mb48

FjjuEvons
Guest

alcohol and viagra viagra stories viagra online no prescription

MarcosChins
Guest
MarcosChins

buy tadalafil: http://tadalafilonline20.com/ tadalafil 40

JasonSmeam
Guest
JasonSmeam

mexican viagra buying viagra online
viagra without a doctor prescription usa

ivermectin pill
Guest

ivermectin for fleas ivermectin buy canada buy ivermectin for guinea pigs ivermectin horse paste on humans for rosacea vs 1% prescription med which is very expensive

JasonSmeam
Guest
JasonSmeam

where can i buy viagra over the counter buy real viagra online
buy real viagra online

JasonSmeam
Guest
JasonSmeam

online doctor prescription for viagra viagra price
viagra 100mg price

albuterol vials
Guest

ventolin para nebulizar albuterol 90 mcg prescription where can you buy ventolin inhalers how to use ventolin hfa inhaler

ivermectin and rosacea
Guest

ivermectin injections stromectol online canada is ivermectin and ivomec the same how to tell if ivermectin is working

JasonSmeam
Guest
JasonSmeam

buy viagra online canada cost of viagra
buy generic 100mg viagra online

dog amoxicillin
Guest

cephalexin vs amoxicillin trimox 500 mg price amoxicillin 250 mg dosage for adults what is the antibiotic amoxicillin used for

ventolin recall 2016
Guest

benadryl and albuterol albuterol hfa ipratropium albuterol mechanism of action why is albuterol prescription only

lasix picture
Guest

spironolactone furosemide ratio lasix 240 mg torsemide to lasix dose conversion why give furosemide after blood transfusion

amoxicillin allergic reaction
Guest

uti amoxicillin amoxicillin 50 mg capsules side effects of taking amoxicillin amoxicillin how many days

MichaelHoope
Guest
MichaelHoope

http://diflucanfavdr.com/ – diflucan 150 mg canada
cheap medications

furosemide iv push
Guest

lasix hypokalemia can i order furosemide what happens when you stop taking lasix why push lasix over two minutes

zithromax sinus infections
Guest

zithromax food interactions azithromycin buy can you drink alcohol with zithromax what is azithromycin 500mg

MichaelHoope
Guest
MichaelHoope

http://zithazi.com/ – zithromax over the counter uk
best ed pills at gnc

azithromycin for diarrhea
Guest

azithromycin buy online generic azithromycin tablets is zithromax good for pneumonia how long do side effects of azithromycin last

alternative to clomid
Guest

clomid cycle length clomid rx price clomid and hcg trigger shot when should you ovulate after clomid

doxycycline injection
Guest

doxycycline for acne oral doxycycline can i buy doxycycline over the counter why can’t i have dairy with doxycycline

prednisolone 30 mg
Guest

prednisolone indications prednisolone for sale online uk what is prednisolone acetate ophthalmic suspension prednisolone is for what

uti doxycycline
Guest

doxycycline staph doxycycline hyclate 100 mg capsules dose of doxycycline for lyme disease what are doxycycline hyclate pills for

dhea and clomid
Guest

clomid and cancer clomid 12.5 how much is clomid at walgreens clomid how close to same tkme

Richardneeva
Guest
Richardneeva

viagra discount over the counter viagra
п»їviagra pills