Bitcoin has had a volatile past in Nigeria. Considering various other African countries aim to develop infrastructure for the future of Bitcoin, Nigeria is one of the few countries to edge further to adopting the Bitcoin on an official basis as the naira depreciates further. Unlike various other African countries, the CBN has actively warned against the use of Bitcoin but has to clarify its position on cryptocurrencies as a form of asset.
The bank has clarified its stance on Bitcoin, in its defence it explained how warnings were related to the use of Bitcoin in the MMM scheme and how such investments were an Achilles heel for cryptocoins in which transactions can’t be reversed.
A lot of people misinterpreted it that we wanted to stop Bitcoin. I need to be clear that we are not here to stop the Bitcoin usage, but we are just throwing caution to Nigerians, just the same way we did when the MMM was introduced in the country.
Bitcoin versatility has been expanded by various exchanges which allow Bitcoin to be bought only needing an internet connection. A lesser reliance on traditional financial institutions’ such as banks for storage and asset management has further promoted the use of Bitcoin even in the retail industries as we covered its increasing use consumer side as payment gateways are integrating the cryptocurrencies, and in industry as Bitcoin allows easy payments to suppliers in china at competitive rates.
To conclude Bitcoin is poised to dominate the developed fintech industry in Nigeria depending on the success of the ETF. Currently the level of internet and mobile penetration is over 80% in both cases, allowing a huge audience for Bitcoin projects to be trialed on. The fintech industry has grown over $200 million last year and remains one of Nigeria’s most viable industries as oil and commodities depreciate in value. You can purchase Bitcoin via Nigeria’s leading exchange, NairaEX at premium rates and have your Bitcoin delivered within a matter of hours!
