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Nigerians Ignore Warning Trade Up to $4 Million in Bitcoin

Warnings Have no Effect on Nigerians

Regulators and legislators in Nigeria have taken a hardline stance on cryptocurrencies. The latest manifestation of their attitude came in the form of an investigation into bitcoin trading ordered by the Senate. There have been multiple warnings from other institutions, as well. Last year the Central Bank of Nigeria stated that "virtual currencies" were not legal tender and told banks their dealings with cryptos were at their own risk. The Nigerian Deposit Insurance Corporation has warned Nigerians that they cannot rely on consumer protection when trading cryptocurrencies.

However, all those warnings have not changed the minds of Nigerians as the latest trading data shows.
Nigerians have continued to invest, trading weekly up to N1.389 billion worth of bitcoin ($3.8 million) in February after an average of N1.299 billion ($3.6 million) recorded at the end of December 2017.

Up to 13 cryptocurrency exchanges are currently operating in Nigeria. Trading on local platforms scored a weekly record high of almost 1.95 billion Nigerian Naira worth of bitcoin in mid-December, as reported. The amount is equal to $5.4 million USD under current exchange rates.

Emeka Okoye made this clear that Nigerians are investing in other cryptocurrencies as well, stated that criticism would only fuel further speculation and encourage the use of cryptocurrencies by criminals. And urged government institutions to rethink their approach to regulation and adopt "smart regulation", rather than an outright ban.
It is an attitude of allowing innovation to move forward and let regulation follow. It is about the consumers and not about the players. If authorities ban cryptocurrencies, they would be outlawing a tech tool. Then outlaw will use these tools, and you have no control-people will have to live with the consequences".

Emeka holds that cryptocurrencies will not completely replace fiat money but would only complement it by providing for easier and more convenient transfers of wealth. In his opinion, the value of cryptocurrency is being driven by the current trend of speculation, which is causing a distraction from its real value.

Do you think Nigerian authorities will listen to experts and change their policy towards bitcoin and the crypto sector in general? Tell us in the comments section below.

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