Despite Nigerian authorities cracking down on cryptocurrency trading, Twitter co-founder and CEO Jack Dorsey claimed on Sunday that “the people of Nigeria will lead bitcoin.”
Dorsey’s remark was in response to an op-ed in Bitcoin Magazine published by NFL player Russell Okung.
Nigeria should focus on obtaining “economic independence and financial sovereignty” by adopting a Bitcoin Standard, according to Okung, a Nigerian descendent and self-proclaimed Bitcoin proponent.
Nigeria has one of the world’s largest cryptocurrency markets. However, the central bank of the country has made it illegal for financial institutions to trade in cryptocurrencies.
All accounts engaged in the transfer or exchange of cryptocurrency must be identified and closed down, according to the decree.
In a statement, the CBN said, “The bank wishes to remind regulated financial institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is banned.”
Nonetheless, according to Statista, a global industry data tracker, over $400 million worth of cryptocurrencies were traded in Nigeria in 2021. It is just behind the United States and Russia in terms of trading volume.
Despite the government’s actions, many young Nigerians have found new ways to acquire and sell cryptocurrencies as the naira, the country’s currency, continues to fall against the dollar.