Nigeria has one of the most exciting programming communities in Africa. Still, the government does not like to bootstrap innovation regarding cryptocurrencies.
At the beginning of the year, the government banned licensed banks from processing cryptocurrency transactions. But this did not stop the appetite for digital assets in Nigeria! According to Google Trends, crypto is more popular than ever before in the country! The West-African country still ranks number one by search interest for the keyword “Bitcoin.” – even though the government does not want to support this!
But why is this so?
The Nigerian Naira is one of the most inflationary currencies in the world. People want to secure their wealth from inflation somehow. And bitcoin is a good solution for that. Besides, Bitcoin makes corruption harder, which is a present problem in Nigeria as well.
In addition, bitcoin means freedom as nobody can take it from you! This all is very attractive to Nigerians as bitcoin basically solves many common problems in Nigeria.
If the government remains acting aggressively against cryptocurrencies is yet to see.