Crypto adoption rises amid huge protests in Nigeria
Nigerian people are crazy toward crypto purchase despite regulatory pressure of government authorities on crypto trading. Records say, Nigerian beat North America in terms of P2P trading volume.
In the present time Nigeria is facing lots of confluence of political and economic crises. And this situation is going terribly wrong for their citizens. Because in the present time a huge protest can be seen between Nigerian citizens & government. In the protest struggle control, more than 50 civilians died as per report. But under these crises, adoption of crypto is going at tremendous level by Nigerians. Probably Nigerian citizens want to show that they can do their financial activities outside the government financial system.
In the present time, a ban is in effect by the Nigerian government which restricted the banks to issue license to facilitate transactions for crypto related services. So Nigerians are facing problems operating trade facilities at crypto exchanges. But they are rely on the P2P trading method. According to recent data analysis, Nigerian beat North America with P2P trading volume by $18.8 million.
In the present time, Gatefield is allowing journalists to cover the reports on protests that are going on in Nigeria, which is against the Nigerian government rules. That is why the government banned bank accounts so that they cannot pay their employees & working members. But Gatefield organization is taking support of crypto assets to pay salaries to their employees, since it is not official information but still reports says that they claimed that they are holding some funds, not enough, in crypto assets so that they can pay salaries to their employees.
Adewunmi Emoruwa, founder of Gatefield stated
“I think that EndSars is like the key catalyst for some of these decisions the government is making. It caused fear. They saw, for example, that people could decide to bypass government structures and institutions to mobilize.”
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