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For those who might not know, cryptocurrency trading is currently banned in Nigeria, though this hasn’t stopped its people from doing such. Recent reports suggest that crypto trading in that country has reached 1.5 billion dollars.
Banned, but not out yet
The peer-to-peer trading platform of Paxful has revealed such information. With the figure mentioned above, it’s a clear indication that cryptocurrency trading in that part of the world is still alive and well, albeit the ban hammer.
The website even revealed the top four countries alongside Nigeria that widely used their services:
- United States
- India
- Kenya
- China
In addition, Paxful also noted they now have 6 million users to date, and over $5 billion has been traded globally on their platform.
Paxful CEO and their company’s mission
Speaking with Vanguard, Paxful’s Chief Executive Officer and co-founder Ray Youssef claim that the traditional trading system has failed 99 percent of the planet’s population. Also, he mentioned that there’s no way to get off from income inequality for most people around the world with the current setup.
Further, he explained that people deem cryptocurrencies as an alternative adding that it’s a way to “rest the financial system based on equality.” Youssef went on to say that their company’s mission is to “give everyone equal access to finance” regardless of where or who they are for them to build a future that they always envisioned alongside financial freedom.
Shunning their local currency
With the numbers Paxful has disclosed, it looks like the Nigerian central bank’s directive back in February to close down the accounts of their crypto clients left the country’s cryptocurrency scene unscathed. Bitcoin.com even stated that Nigerians are somewhat veering away from their local currency since other major currencies have overshadowed it.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
