tldr; Cryptocurrency usage in Nigeria is rising due to a foreign exchange crisis and inflation, with transactions reaching $59 billion from July 2023 to June 2024. Nigeria ranks second on Chainalysis’s Global Adoption Index. The FX shortage has led many Nigerians to use stablecoins for cross-border remittances and business payments. Despite government crackdowns, crypto adoption remains strong, driven by peer-to-peer transactions. Regulatory clarity is improving, with the SEC approving principles for crypto operators.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
kirtash93 on
Nowadays Nigerian princes only use crypto.
Slight-Syrup6769 on
Third world countries keep innovating while first world countries are busy k*lling it.
3 Comments
tldr; Cryptocurrency usage in Nigeria is rising due to a foreign exchange crisis and inflation, with transactions reaching $59 billion from July 2023 to June 2024. Nigeria ranks second on Chainalysis’s Global Adoption Index. The FX shortage has led many Nigerians to use stablecoins for cross-border remittances and business payments. Despite government crackdowns, crypto adoption remains strong, driven by peer-to-peer transactions. Regulatory clarity is improving, with the SEC approving principles for crypto operators.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Nowadays Nigerian princes only use crypto.
Third world countries keep innovating while first world countries are busy k*lling it.