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In recent weeks, the price of Bitcoin has approached $45,000 per Bitcoin, displacing other major cryptocurrencies such as Ethereum and XRP.
Now that China is quietly moving to crypto, Nigeria, the country with the highest Bitcoin and adoption rate after India, has suddenly lifted restrictions on banks processing crypto transactions.
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“Recent global trends have demonstrated the need for Virtual Asset Service Providers (VASPs) to regulate activities related to cryptocurrencies and crypto assets,” the Central Bank of Nigeria (CBN) wrote to banks in the country . Reports. By 2021, the ban on commercial banks providing services to crypto exchanges in the country has been lifted.
However, banks are still prohibited from dealing, dealing or transacting in cryptocurrencies through their respective accounts.
"It's good news."Jeremy Aller, CEO of the stablecoin company, wrote in this world
: Technology innovators.According to a September report from researcher Chainalysis, crypto trading volumes in Nigeria increased 9% year-on-year to $56.7 billion between July 2022 and June 2023.
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Interest in Bitcoin and cryptocurrencies has exploded in Nigeria, as Africa's largest economy grapples with a rapidly depreciating currency and rising inflation.
“People continue to devalue the naira and are looking for ways to cope with the post-Covid economic downturn,” said Moyo Sodipo, co-founder of Busha, a Nigeria -based cryptocurrency exchange.