Despite the crypto ban, Nigeria saw 24% adoption rate

Bitcoin trading and adoption are still increasing in Nigeria even government announced a ban on this industry in last year.

At present crypto is banned in Nigeria. In February of last year, the goverment announced that crypto is not legal to trade in the country. However, after the announcement, government did nothing to kick out the industry and restrict the citizens to not using crypto, so people are still investing money and doing trading. 

Data available by LocalBitcoins and Paxful showed that p2p Bitcoin trading surged by around 15% over last year in Nigeria. In recent weeks, the country saw less trade volume because of the downturn in the market. 

Here if we will notice the adoption rate of Bitcoin in the country then it is 24% over last year. And this adoption rate is still higher in comparison to Malaysia and Australia adoption rate.

P2P trading: A game-changer option for the crypto industry 

P2P trading is a type of trading that took place between two people and P2P service providers act as middleman to provide escrow services. 

In every country, when the crypto industry faced any type of restrictions to use crypto with banking services support then in that situation, P2P changed the game for crypto investors to allow them to trade independently.

Here it is not only the Nigerian crypto community, which is inclined to the P2P services but also many other African countries are using P2P, where banking services are not in support of crypto services under rules and regulations. 

Here we should not consider that Nigeria is a very less developed country and not a follower of blockchain technology. Nigerian Central showed its full solid stand in the world with the annnoucment of the pilot phase of Nigerian CBDC, or say e-Naira.

Read also: India may launch its CBDC by 2023