Nigeria has 13 local crypto trading venues and every week, the country’s citizens trade approximately $4 million of BTC. This weekly Bitcoin trading boom comes despite the efforts made by the Nigerian government to caution her citizens against the use of digital currencies since there is no regulation governing it. The Nigerian government on several occasions has cautioned her citizens about the jeopardies that cyber assets bear.
Since it has been observed that all the government’s efforts against the adoption and use of digital currencies are not working, experts in the field have called the competent authorities to review their position concerning the use of virtual or digital money in Nigeria.
Nigerian citizens are ignoring government cautions against cyber assets – A call for cyber asset legislation
For the past years, Nigerian lawmakers have been maintaining a rigid attitude on the adoption and use of cyber assets. The most recent example at hand is that which emerged from a probe concerning BTC trading. Note that it was filed by the Country’s Senate. Apart from this, there were more warnings that were sent out to no avail. Moving back to 2017, we remember that the Nigerian Central Bank pointed out that Bitcoin and its brethren were in no way legal tender. And as a result of this, the institution turned to all Nigeria Banks warning them against their businesses with virtual money. In simple terms, all Nigerian Banks were told that all transactions carried out by them with the use of digital currencies were at their risk.
Unfortunately, all the above warnings have not worked in any major way. Contrary to what the government was expecting, Nigerian’s interest for digital currencies is rather increasing. Nigerians are becoming more interested in the use of Cryptocurrencies in settling their financial transactions within a national and an international level. Although their interest has not yet reached its full potential, we believe that it won’t be long. Nigerians keep piling their funds in Bitcoin and trading about $3.8 million. It is without doubt that this is a call for the government to come up with a legislation surrounding the use and trading of Bitcoin.