Why are crypto assets growing in popularity in Nigeria, where transactions should have been banned?

In Nigeria , a large amount of crypto assets are traded even though the central bank has banned crypto assets transactions at domestic banks. The Guardian, an overseas newspaper, explains why Nigeria is so popular that crypto assets are so popular that it boasts one of the largest trading volumes in the world.

Out of control and rising: why bitcoin has Nigeria's government in a panic | Cryptocurrencies | The Guardian

In February 2021, the Central Bank of Nigeria ordered all domestic banks to ban the trading of crypto assets. He identified individuals doing crypto assets on the banking platform, demanded that they close their accounts, and warned that they would 'face strict regulatory sanctions' if they violated. In addition, in July 2021, it announced a preliminary plan for a new and unique government-controlled digital currency, attempting to control crypto asset transactions.

However, despite the bank's regulations, the Nigerian people are trading by P2P, and the transaction volume of domestic crypto assets is increasing. According to research firm Chainalysis, Nigerian users received approximately $ 2.4 billion worth of crypto assets in May 2021 and $ 648 million in December 2020. It has increased significantly from (yen). Nigeria is ranked 8th in the world in the remittance of crypto assets over 100,000 dollars (about 11 million yen), which shows that crypto assets are very popular.

Nigeria is one of the youngest countries in the world, and many people are enthusiastic about digital currencies to escape poverty.

In addition, during the biggest protests of the police atrocities in July 2020 in decades, the government has cracked down on private organizations and individuals' bank accounts without warning, and is young. A feminist alliance organized by women has begun donating with Bitcoin. Twitter CEO Jack Dorsey also shared this, and finally succeeded in raising funds worth 150,000 dollars (about 16.4 million yen). In June 2021, President Muhammad Buhari of Nigeria mentioned that CEO Dorsey advertised Bitcoin, which is restricted in the country, and said that there are doubts about the operation of Twitter, so the operation of Twitter in the country will be indefinite. We took measures to stop at.
Twitter will be suspended in Nigeria indefinitely, the Nigerian government is flooded with criticism from home and abroad-GIGAZINE

Adeunmi Emorwa, founder of Gatefield, a public policy media group that helped journalists reporting on Nigerian protests, said: 'Young people who easily circumvent government regulation and openly criticize dominate. It shocks the layers, and the shock continues in the country. ' Many Nigerian people who trade crypto assets are said to have a horizontal connection with secure messaging apps such as Telegram and WhatsApp, but 'the fact that the regulators are out of sight means that users There is also a risk of being scammed. '

The reputation of crypto assets within the Nigerian government is not constant, and Vice President Jemi Osinbaho accused the central bank of banning crypto assets, saying, 'Instead of banning, we will establish a strong knowledge-based regulatory system. Should be. '

A key member of a social organization told The Guardian, 'Cryptocurrency is an important insurance against hostile intervention. We kept some securities in crypto, so staff when a bank account freeze occurred. I was able to pay my salary. ' The operator of the crypto asset trading platform in Nigeria said, 'It seems that the reality that crypto assets cannot be stopped effectively has been recognized within the government.'

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