China, Nigeria lead world Bitcoin transactions ter – BUSINESSDAY
China and Nigeria lead the world&rsquo,s peer-to-peer (P2P) bitcoin transactions te the year outpacing major European countries, the United Kingdom and the United States of America, according to gegevens from LocalBitcoins.com.
Despite the clampdown on bitcoin exchanges and orders for start-ups that embarked on initial coin offerings (ICOs) to terugwedstrijd investors&rsquo, money ter China te , transactions stayed bullish growing more than Two,000 vanaf cent te dollar terms this year.
Nigeria came a distant 2nd with an increase of almost 1,500 vanaf cent this year, buoyed by a foreign exchange keerpunt that eyed an overhaul of the market and the weakening of the naira to spil much spil 12.Four vanaf cent this year.
&ldquo,Wij just announced 1 million users on our toneelpodium, inbetween then and now wij have added about 500,000 more customers,&rdquo, said Owenize Odia, Luno&rsquo,s country manager ter a talk with BusinessDay. Luno provides restringido bitcoin services to Nigerian customers and had recently added Ethereum on its toneel.
&ldquo,Wij are getting more signups on a daily fundament, people have bot calling asking for bitcoin. Everybody is like joining the wagon despite the criticisms the crypto currency has faced,&rdquo, Odia said.
The situation ter Nigeria is not too dissimilar from Zimbabwe, whose unstable economy and depleted foreign exchange markets spotted citizens turn to bitcoin spil storage of value this year. At one point, Zimbabwe had the highest bitcoin price te the world.
According to statistics from localBitcon, ter , Nigeria had a total puin trade of 7,913 spil Lagos leads the list of cities trading with bitcoin ter Nigeria with a total of 1, 496, followed by Abuja with 381, and Port Harcourt with 314, Kaduna and Benin City had 141 and 90 respectively to accomplish the top five cities trading ter bitcoin.
&ldquo,The people of Nigeria are displaying the world the true transformative power of bitcoin and cryptocurrency that makes a vivo difference ter people&rsquo,s lives,&rdquo, said Ray Youssef, co-founder and CEO of Paxful. &ldquo,Wij all thought bitcoin would be used by people making under $Two a day but te reality, it is being most used by entrepreneurs and the African middle class to safeguard their wealth from inflation, make online payments, restore their importing and exporting power. P2P is the way Africa chooses to use crypto for ease of use, accessibility and speed.&rdquo,
Meantime, bitcoin prices surged to record high of $20,300 on the Coindesk Bitcoin Price Index since the CME Group listed it on its futures toneel. It retreated to $Lícito,285.50 spil at the time of writing this article.
Analysts at Naira Exchange (Nairaex) told BusinessDay that the growing market ter South Korea may have affected request for the cryptocurrency.
&ldquo,Bitcoin has bot embraced by the nation due to its swift transaction times and potential to rival traditional fiat currencies. Due to the aggressive buying of bitcoin coming from the region even the state has stepped te attempting to control and regulate the trade,&rdquo, the Nairaex analysts said.
&ldquo,Te the Westelijk, the primary catalyst for bitcoin growth remains the bitcoin futures which have bot launched by CBOE (and recently CME), institutional investors can legally dip into bitcoin markets via regulated channels. The Chicago mercantile exchange will also be launching bitcoin futures straks next year.&rdquo,
Analysts say it may be difficult for authorities to regulate cryptocurrencies which they have little control overheen, because they do not depend on central banks or financial institutions rather they depend on online trading platforms that facilitate exchanges and can be transferred anywhere te the world.
So far, Nigeria&rsquo,s Central Handelsbank of Nigeria (CBN), like most apex banks across the world, has issued warnings on the risk of cryptocurrencies. The apex handelsbank also collaborated with the Nigerian Deposit Insurance Commission to understudy cryptocurrencies. The committee began sitting this year.
Nevertheless, particular bitcoin exchanges are bracing for the future of regulation. Odia told BusinessDay that Luno has since waterput together structures that could possibly align with the requirement of the regulator.
&ldquo,Wij see the CBN committee on bitcoin coming up with something very likely next year,&rdquo, Odia said.
Open ELEANYA & OLADIPO OLADEHINDE