While the global interest in cryptocurrencies is growing wilder, they have found new use cases and are changing the status quo in both traditional finance and other sectors including education. The past few months have witnessed a peak in the adoption of cryptocurrencies in the retail industry with businesses becoming receptive to cryptocurrency payments.
In light of the above, electric vehicles manufacturers giant, Tesla had begun embracing Bitcoin payments for its electric vehicles earlier this year. Although they have discontinued the plans, citing environmental reasons as the rationale behind the discontinuation. Nevertheless, the wave of cryptocurrency has not backed down and is fast sweeping across the globe.
A Kano-based school in Nigeria is one of the many institutions to embrace cryptocurrency adoptions despite the disapproving stance of the Nigerian government and central bank. The school announced that it would begin accepting cryptocurrencies for school fee payments. In February, Nigerian government issued directives to banks across the country to withdraw their services to crypto exchanges.
Nigeria’s CBN Proposes CBDC Issuance
Mixed reactions had greeted the government’s decision. Despite this, the West African giant still remains a force to reckon with in the global cryptocurrency market. The volume of crypto transactions had increased in revolt against the government regulation. The central bank cited scams and the volatile nature of cryptocurrencies as the basis for its February regulation. In a separate report issued earlier this month, the principal bank announced that a CBDC was in the works for the country.
The crypto space continues to be hit hard by regulatory pressures from global financial regulators, however, the market has managed to sustain its balance although the last two months have seen the prices of crypto assets plunge badly, the global crypto community is predominantly optimistic about a bullish trend in coming years.