Nigeria’s Bitcoin Interest Drops as CBN Clampsdown on Cryptocurrency
Nigeria no longer tops the list of the countries with the highest interest in Bitcoin as the CBN continues to clampdown on Cryptocurrency
The country’s Bitcoin interest score dropped to 61 while El Salvador goes top of the list with a perfect score of 100
Nigeria’s drop in Bitcoin interest is mostly due to the CBN clamping down on P2P crypto traders in the country
Nigeria has dropped from the top of the list of countries with the highest interest in Bitcoin.
Africa’s most powerful economy by GDP dropped to second with a Bitcoin interest score of 61, while El Salvador tops with a perfect score of 100.
The interest in cryptocurrency in Africa’s most populous country is due to the CBN’s move to clamp down on crypto trading.
In a circular that was released by the apex bank on November 3rd, 2021, banks were instructed to close the accounts of customers and place their funds in a suspended account.
It has become more difficult for citizens to access p2p traders due to the extreme clampdown on the industry.
People have now been forced to conduct their transactions through other methods or transact with traders who charge exorbitant rates.
The CBN’s clampdown on the cryptocurrency world was stepped up after the launch of its digital currency, eNaira.
Nigeria become one of the first countries to have its own official digital currency when the eNaira launched in October.
So far, 488,000 people have downloaded the wallet while 78,000 merchants have been enrolled according to Osita Nwanisobi, the bank’s spokesman.