A recent report revealed that an increasing number of Nigerians, especially the youth, are still investing in cryptocurrency such as Bitcoin as well as other crypto-related businesses, despite its ban by the Federal Government of Nigeria.
The CBN governor raised concern about the continuous rise in secret cryptocurrency exchange and investment in Nigeria.
It was further revealed that many institutions including some exchange organizations and shopping malls still engage in using crypto coins, especially Bitcoin, as a form of exchange.
The reason for the continuous rise in crypto-currency trading in Nigeria despite the ban is simply because the youths are trying to make a living, in the face of unemployment and overbearing economic hardship!
The ban of cryptocurrency trading and business in Nigeria is the most “surprising” step ever taken by the Nigerian Government, though it was said to facilitate cyber fraud and terrorism.
Credit: Daniel Esther