Nigeria To Reconsider The Crypto Ban

Nigeria may soon get rid of its crypto ban, as representatives from the Nigerian Communications Commission (NCC) discussed the advantages of emerging technologies with technology enthusiasts, government officials, and academics.

The discussion panel was a part of a two-day workshop organized by the Commission in partnership with the Bureau of Public Service Reforms (BPSR). During the workshop, participants agreed that efficient policies in the form of guidelines, rules, and directions, could provide a solid ground for innovation and growth in Nigeria’s crypto space.

The event was also joined by financial institutions, the Nigerian military, and paramilitary forces, the Nigerian Cyberwarfare Command, as well as the private sector.

“Good regulatory policies are the bedrock of innovation and growth and it is the aspiration of the Commission that Distributed Ledger Technologies (DLTs) otherwise known as Blockchain and other innovative technologies and services would continue to thrive and contribute to the growth and development of Nigeria.” NCC’s Director of New Media and Information Security, Dr. Haru Al-Hassan, noted.

Al-Hassan’s opinion was backed by Dr. Dasuki Arabi, Director-General of the BPSR, who added that Nigeria’s government already started adjusting its public service sector to the emerging crypto sector.

Nigerian crypto market explodes

Meanwhile, data from a report by the Paxful crypto exchange shows that Nigeria is effectively the largest crypto-trading country in Africa with a trading volume worth over $760m in 2021. Furthermore, Nigeria’s growth is in sync with Africa leading the way for crypto trading since the African market expanded by over 1,200 percent with countries like Kenya, South Africa, and Nigeria leading the race in crypto adoption.

The report also noted that over 75 percent of its population is under the age of 35, which ranks Nigeria as one of the youngest populations in the world.

Paxful added that the growth across the continent has been seen by the exchange first-hand.

“With over nine million users and nearing 10 million globally, much of the growth we have experienced has largely been driven by Africa, specifically the people of Nigeria. Africa is leading the way for global Bitcoin adoption and the rest of the world is getting a front-row seat.” the exchange noted.