Crypto Adoption in Nigeria is Growing

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The interest of Nigerian citizens in cryptocurrencies is increasing in spite of the efforts of the central bank of the country, Cointelegraph reports.

According to Google Trends, the country still ranks first by search interest for the keyword “Bitcoin” followed by Austria and Turkey.

What is happening in the country might be an example of what could happen in other parts of the world should the authorities try to crack on cryptos. But, what is happening in Nigeria? Simply but, Nigerians are using cryptocurrencies more and more despite the efforts of the central bank of the country to stop their use. In fact, Nigeria recorded one of the largest Bitcoin trading volumes last week.

We should take into account that China is also implementing multiple measures trying to prevent its citizens from using Bitcoin and other cryptocurrencies. However, the Asian country apparently has more tools to succeed in this mission. For example, the central bank of China is developing the e-CNY, the digital version of the yuan.

The adoption of cryptocurrencies all over the world is increasing in spite of the efforts of regulators. Cryptocurrencies, which allow users to pay for goods and services as well as to send and receive money without the intervention of centralized third parties, have emerged as a very attractive tool, specially in those countries suffering from a deep inflation or a tight control on transactions.

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