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WHY NIGERIA BANISHED BITCOIN - THE CRYPTOCURRENCY PROBLEM
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Estimates show that out of the top 10 countries by BITCOIN trading volumes, Nigeria ranked third after the US and Russia in 2020, generating over 400 million USD in transactions.
But you might be wondering why the number of bitcoin or cryptocurrency users has grown so much and so fast in Nigeria. Well that and due to some factors, of which the most important are: Scarcity of the dollar, Difficulty in receiving and sending money out of the country,
Depreciation of the national currency. Well, let's face it, the increase in the use of bitcoin hasn't helped much in that last aspect.
But In June 2021, the Central Bank of Nigeria announced plans to launch its own digital currency (eNaria) before the end of the year in October 2021 the Central Bank launched the first African digital currency.
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