Browsing: Crypto adoption in Africa

• The Nigerian Central Bank (CBN) has taken a significant step in the financial sector by lifting the ban on cryptocurrency transactions. 
• Nigeria has emerged as a leader in cryptocurrency adoption in Africa, with an estimated 22 million cryptocurrency owners.
• The growing trend of cryptocurrency ownership in Africa reflects the continent’s increasing adoption of digital assets.

Nigeria lifts ban on cryptocurrency transactions

The Nigerian Central Bank (CBN) has taken a significant step in the financial sector by lifting the ban on cryptocurrency transactions, a move that is expected to reshape the country’s digital economy landscape. This decision comes after a two-year restriction, reflecting a broader trend toward the adoption and regulation of cryptocurrencies globally.

According to a circular issued on December 22, 2023, signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department at CBN, the bank has directed all financial institutions to comply with new operational …

• Treatment centres worldwide are now considering cryptocurrency trading as an addiction, with some asking for as high as US$90,000 to treat the “ailment”
• There are more than 12,000 cryptocurrencies. At the end of 2021, the market was adding about 1,000 new cryptocurrencies every month
• According to Jan Gerber, a clinic owner, inquiries about crypto-related issues have increased by 300 per cent between 2018 and 2021

One would be tempted to ask, how is crypto trading addictive, and if it is, how much would it cost to treat a crypto addiction? Treatment centres worldwide are now considering cryptocurrency trading as an addiction, with some asking for as high as US$90,000 to treat the “ailment”.

A report by Bloomberg revealed that many people are considering crypto trading addictive and are seeking medical help for it. Crypto addicts have gone as far as comparing their addiction to drugs and gambling.

How is

CertiK, a blockchain security firm, reports that the amount exploited in the first four months of 2022 surpasses the total amount stolen in 2021 (US$1.3 billion) and 2020 (US$516 million) combined. The month of March alone beats 2020 by US$203.2 million.

The decentralized finance (DeFi) space has been stained with hackers, exploiters and scammers. Over US$1.6 billion worth of crypto has been stolen from users in the first quarter of 2022, the highest ever recorded.

CertiK revealed the statistics on May 2; the month of March recorded the highest stolen value of US$719.2 million.…