The Cryptocurrency Industry in Nigeria Is Booming Despite Scams and Regulatory U

[Tnoy30]

The digital currency sector in Nigeria has been growing rapidly. Despite numerous scams and a lack of clear regulations, cryptos attract Nigerians with high profit potential.

Cryptocurrency first entered Nigeria in September 2013, according to LocalBitcoins, one of the first exchanges to operate in Nigeria. During that month the first Bitcoin transactions were recorded on the exchange. Bitcoin volume on September 21, 2013, was about NGN24,668. In the last 5 years, the country’s crypto industry has been booming.
The Cryptocurrency Industry in Nigeria Is Booming Despite Scams and Regulatory Uncertainty

[Richard_1]

The growth of digital currency in Nigeria shows both the positive and negative aspects of this process. The plus is the rapid development and demand for digital currencies, the minus is that little attention is paid by the authorities to the fight against fraud.

[Freemind]

Countries with serious economic problems are those that tend to accept and better implement new technologies in the hope of improving the lives of their citizens. It does not seem strange to me that countries like Nigeria are the next to launch a wave of new projects focused on the economy of the most disadvantaged areas.

[TomPluz]

I understand that Nigeria is one of the many countries where cryptocurrency is really booming and there is no stopping right now despite some "bad news" coming from the government or regulatory agencies. The more the government is moving more regulations, the more that people get interested. Of course, there will always be scammers taking advantage of this growing interest with cryptocurrency, some can even be introducing their own coins and tokens that got no worth behind them, using pyramiding schemes to entice people to invest.