Despite the shakedown on the Nigerian crypto space by the country’s authorities, the level of cryptocurrency adoption continues to swell with the use of peer-to-peer trading methods.
Google Trends data shows that Nigeria ranks high in the search for “Bitcoin” as a keyword. Useful Tulips also placed Nigerian P2P BTC trading as the second largest after only that of the United States. This rise in crypto adoption has placed Sub-Saharan Africa ahead of North America in the peer-to-peer volume with $18.8 million and $18 million, respectively. Experts believe that crises like inflation, social repression, deflation faced in the regions have contributed to the increasing adoption rate.
Since the authorities restricted financial service providers in the country from providing their services for crypto-related transactions, citizens of Nigeria have depended largely on P2P trading with the country recording over $30 million worth of trade since February. According to a previous report from us, the most populous black nation saw its “P2P trading volume spike to around $38 million for the month of June.”
A stakeholder in the communication sector, Adewunmi Emoruwa, who founded Gatefield, said crypto usage and adoption rose after the End Sars protest. According to Emoruwa, “I think that EndSars is like the key catalyst for some of these decisions the government is making. It caused fear. They saw, for example, that people could decide to bypass government structures and institutions to mobilize.”
The EndSars Protest was a massive public protest in which the mostly youthful population protested against police brutality. In an attempt to crackdown the protest, the government imposed some economic sanctions which forced the protesters into accepting crypto donations.