Africa remains the most emerging cryptocurrency market and has performed well over the last decade.
However, there have been forces that are mitigating against the growth of cryptocurrency in the black continent.
For example, Nigeria, despite being the second-largest BTC market in the world, had a recent embargo placed on its crypto market. Prohibiting the trading of BTC and other cryptos via bank transactions. Hence, treading the same path as countries like China.
The Central Bank’s reasons for the ban in Nigeria were money laundering and depletion of foreign exchange reserves. The first reason was touted to aid banditry and terrorism.
The restrictive action of the policy has not completely deleted crypto exchanges in Nigeria since buyers and sellers have resolved to trade via the P2P system offered by some exchanges in Africa. This momentary difficulty has increased the resolve of the Nigerian market to trade crypto.
Nigeria’s cryptocurrency future
The prominent unemployment and poverty level in Nigeria has made most people in this country to look beyond their immediate surroundings and massively delve into cryptocurrency. Humongous ROI on cryptocurrency investments has already made thousands of Nigerians millionaires in a shorter period of time than five governments put together. The sweetness can only allow more Nigerians to become more elusive to the restrictive policy and venture more into the P2P system of trade.
How to trade P2P in Nigeria
Platforms like Binance offer a secure process in P2P crypto exchanges. All you need is to register there and get your documents ready for verification.
You can buy small quantities of coins and also sell at your preferred rates if you are a seller.
Go check out the site and register: https://accounts.binance.cc/en/register?ref=46861198
It seems in the meantime, no policy can stop us from being part of the journey.
To the MOON!