BEGIN ARTICLE PREVIEW:
Based on a recent report from Google Trends, the highest search interest for Bitcoin (BTC) globally comes from aspiring investors in Nigeria, followed by South Africa and Kenya—the top three cryptocurrency markets in Africa. However, that record is limited to trading activities on exchanges only and not widespread use or adoption.
Cryptocurrencies have struggled to get integrated into everyday use on the continent of about 1.2 billion people, responsible for over 50% of the global mobile money services. This is a completely bizarre phenomenon.
Why Has Cryptocurrency Not Received Major Integration In Nigeria and Africa?
While digital currencies are yet to be legalized in many countries, some countries are still skeptical about it. Most times, the inhibition towards cryptocurrencies is spurred by the seeming inability to regulate them.
Back in 2017, digital currencies were met with a very adverse reception when they entered Nigerian borders. The Central Bank of Nigeria passed a policy banning all financial institutions from engaging with digital currencies because they, digital currencies, were anonymous and untraceable, making them highly exploitable by bad actors.
Meanwhile, Infusion lawyers—a Lagos-based virtual law firm—spoke on the legality of cryptocurrency in West Africa in a report, which emphasized that there were …
END ARTICLE PREVIEW