Nigeria is rising

Nigeria is known for having one of the largest and most dynamic bitcoin markets in all of Africa. The authorities in the country have apparently read it and now want to examine the phenomenon and decide what they can try to do about it.

The Senate of Nigeria, the upper house of the Nigerian legislature, has ordered an investigation into bitcoin trading in the country. The Committee of Banks and Other Financial Institutions had two weeks to "study the viability of bitcoin as a form of investment" and "make recommendations on how to control its uses and trade," said the Senate's vice president. , Ike Ekweremadu.

Lawmakers have also asked the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and the Nigerian Stock Exchange (NSE) to launch a campaign against the risks associated with bitcoin trading. The Senate urged these institutions to issue clear statements in all dialects spoken in Nigeria about the dangers of storing value in cryptocurrency. Last week, CBN Governor Godwin Emefiele said, "Cryptocurrency or bitcoin is like a gamble, and everyone needs to be very careful. "

Unfortunately, for those who want to control the use and trade of bitcoin in Nigeria, the country's market is more decentralized than most places and thus resists external influence. This is because a large volume of trade is occurring in private groups rather than in open areas, according to reports from the region.

While Nigerian P2P trade has recently experienced record growth, the prevalence of crooks in the country has pushed many traders into dozens of informal places on Telegram, where trusted members are just trading between them. These groups would review the identification and banking documents of anyone wishing to join them and would be difficult to infiltrate. Real transfers are also done in person, and in isolated places such as houses or behind small shops.