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Twitter co-founder and CEO Jack Dorsey yesterday asserted that from every indication, the people of Nigeria will ‘lead bitcoin’ despite the Nigerian authorities clamp down on the trading of cryptocurrencies in the West African country.
Dorsey was reacting to an oped written by NFL star Russell Okung in Bitcoin Magazine which was well circulated amongst Nigerians when he made the claim.
Okung, a Nigerian descendant and self-acclaimed Bitcoin proponent, took to social media to advise Nigeria to focus on achieving what he termed ‘economic independence and financial sovereignty’ by establishing a ‘Bitcoin Standard.’
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Africa Today News, New York understands that Nigeria is one of the largest cryptocurrency markets in the world. But the country’s central bank prohibited financial institutions from trading in cryptocurrency.
Banks were also ordered to identify and close down all accounts involved in the transfer or exchange of cryptocurrencies.
Despite the government’s action, many young Nigerians found alternative ways of buying and selling cryptocurrencies as the country’s currency, the naira, continues to slide against the dollar.
El Salvador, last week, became the first country in the world to recognise bitcoin as a legal tender, weeks after China renewed its crackdown on cryptocurrency.
The CBN recently said it was starting a digital currency of its own later this year.
AFRICA TODAY NEWS, NEW YORK