Nigerians have found a way of using peer-to-peer crypto networks to trade cryptocurrencies, accounting for some of the biggest adoptions in the world.
In a recent crypto newsletter, Coinbase said Nigerians have continued to make use of the alternative currency to import goods as far as China.
“Digital currencies have become many Nigerians’ on-ramp to the global economy, despite government efforts to restrict crypto,” Coinbase said.
“Some Nigerians are using crypto to import goods — from China, for example — that can then be resold domestically. And Nigeria isn’t alone.
The report further suggests that throughout sub-Saharan Africa, more than $80 million in bitcoin was sent via peer-to-peer exchanges in the last month, roughly as much as was transferred in North America.
The crypto exchange said this matters because “developing economies lead the global adoption in crypto, requiring governments to come to terms with its existence”.
“India, which was reportedly planning a crypto ban earlier this year, is now working on a regulatory structure.”
“Both Nigeria3 and India are planning to launch Central Bank Digital Currency pilot programs soon (CBDCs are state-issued money, unlike BTC, which is decentralized), joining at least 81 countries around the globe, from China to Sweden.”
Nigeria has been ranked 6th on a list of top 20 countries globally with the highest grassroots crypto adoption.
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