As COVID-19 restrained the movement of mankind. The world realized the importance of digitalization. Nigeria was taking the whole connotation quite seriously and was seen spearheading the adoption of crypto in the country. The latest news from the African country revealed that it was formulating new laws to stimulate the adoption of crypto.
Nigeria To Spearhead Crypto Adoption
Several governments seemed to have become increasingly accepting of cryptocurrency post the COVID-19 frenzy. Nigeria seems to be jumping on the bandwagon. A Nigerian news portal, Business Day recently published an article revealing that the Securities and Exchange Commission [SEC] of Nigeria had been closely working with the Ministry of Finance. It was further reported that the agency and the Ministry were working together in order to formulate regulations for crypto as well as blockchain.
Several countries across the globe have put into place regulations to keep crypto activities in check. This is in light of the increase in value and the adoption of crypto. The efforts of the Nigerian SEC to regulate crypto in the country go way back. The Nigerian SEC recently categorized cryptocurrencies as securities. Nigeria is Africa’s largest economy, ranking eighth in the Cryptodoption Index for the year 2019-2020.
While blockchain technology has already worked its charm on governments across the globe, Nigerian officials revealed that they were hoping to generate a whopping $10 billion in revenue by 2030 via new technology.
Binance Steers Into Nigeria
Malta-based cryptocurrency exchange Binance has been making news following the record-breaking volume it’s recording. While the world’s largest exchange has been stepping into almost every country on planet earth, Nigeria was the latest choice of Binance. In a recent tweet, the exchange alerted its users that the “BinanceNigeria” Homepage was live. The tweet read,
🇳🇬 The BinanceNigeria Homepage is LIVE! 🚀
— Binance Africa (@BinanceAfrica) November 24, 2020
Crypto has been a savior to many. While it is time and again proven that economically oppressed countries have been seeking assistance via crypto, Nigeria seems to be walking on the same road. Nigeria has been struggling with violent civil unrest and disease. The increased adoption of crypto in the country is substantial proof that its citizens are driving towards the mass adoption of crypto.