Three months after the Central Bank of Nigeria (CBN) barred banks from servicing crypto-related companies, Nigeria’s peer-to-peer trading volume rose by 27%. сообщает Decrypt.
According to данным analytics platform UsefulTulips, over the past 90 days residents on Paxful and LocalBitcoins peer-to-peer platforms sold cryptocurrency for nearly $103 million. Three months ago this amount was $80.6 million.
A similar uptick is seen in Ghana and Kenya.
“Strict controls on capital outflows, high transaction costs for international transfers, and a $100 minimum card-transaction limit for payments on international sites are among the factors fueling the popularity of cryptocurrency in Nigeria,” Paxful said.
Analysts also point to Nigeria’s financial instability and unemployment running at about 33% as reasons for interest in digital assets.
Earlier in February the CBN banned commercial financial institutions from providing services to cryptocurrency exchanges and companies dealing with digital assets. The regulator said this was necessary to safeguard the domestic economy from risks.
Later, the Nigerian Senate proposed that the CBN regulate the sector, rather than restrict it.
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