Abstract：Despite the efforts by the Nigerian government to limit the wild involment in cryptocurrency trading in Nigeria, there has been an increasing rise of participants in cryptocurrency trading within the country. Today, Nigeria has been noted as the fourth country in the whole world with the highest number of cryptocurrency holders. With a total number of 27 million wallets found across different exchanges and personal wallets holding crypto currency in all it's different types. The research shows that over 6.31% of the Nigerian population are involved in Cryptocurrency trading in Nigeria today. Many believe that the way forward is for the Nigerian government to emulate India and legalize cryptocurrency trading within the country and possibly place a very little commission for doing so within the country just like the Indian government have done.
By: Damian Okonkwo
Nigeria has emerged the fourth country in the list of the research conducted for the top ten countries with the most Cryptocurrency holders. According to the observing of data analysts including c-sharpcorner.com, Nigeria has been remarked as the fourth country with the highest crypto currency holders today.
Previously Nigeria ranked the second last two years ago before the official ban placed on it by the government. However with the recent introduction of the Central Bank Digital Currency (CBDC) last year October, the interest in Cryptocurrency has attained it's apex once more in Nigeria. Many Nigerians today have returned to crypto currency trading as a means of their livelihood.
What is the way forward for Nigeria today given the increasing rise of interest in Cryptocurrency
Many economic experts believe that the only viable option for the Nigerian government is to emulate the India government and lift the ban placed on Cryptocurrency trading within the country. The Indian government for instance had banned their citizens from indulging in any form of cryptocurrency trading within the country. However when the government saw that the ban could not deter the jobless youths and other poor citizens from secretly trading cryptocurrency, there was need to revoke the ban. The Indian government rather saw the Blockchain technology as an avenue for generating income for the country and proceeded to lift the ban and would rather place some tax for trading cryptocurrency in India as a way of generating revenues for the country.
Similarly, many believe that the only way to control the involvement of the Nigerian citizens in cryptocurrency trading is simply to lift the ban once more and possibly place a very little commission for trading cryptocurrency in Nigeria as a way of generating income for the country.
Further legalizing cryptocurrency trading in Nigeria will further create an alternative source of income for the many jobless citizens especially the youths seeking for possible means to survive the difficult economic conditions within the country today.
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