One thing that is becoming clear globally is that governments can longer deter investor hunger for cryptocurrencies. A few days ago, South Korea proposed strict tax rules on crypto, which led to uproar from the population.
The defiance is also quite evident in Nigeria. Recently, the country’s central bank placed a ban on crypto, but this has not deterred investors from participating in the markets.
Since the ban only applies to banks, investors have turned to alternatives for their trading activities. Data shows that there has been a surge in activity on Paxful, one of the biggest peer-to-peer crypto markets in the country.
Per a local media report, trading activity on the platform has hit $1.5 billion, from about 1.5 million users. In the past week, Nigerian traders on Paxful have traded over $6.3 million and $77.4 million in the last 3-months. It is an indicator that the ban aimed at deterring crypto trading has had the exact opposite effect on the market.
Interestingly, the Nigerian market is not the only one where Paxful is growing in adoption. According to the company’s CEO, Ray Youssef, cryptocurrencies are now an alternative that meets needs that the traditional financial system cannot. He added that Paxful was on a mission to give anyone who wishes, a chance to access the financial markets.
With more people looking for alternatives despite government bans, it will be interesting to see how governments react in the long run. Bottom-line is that more people, especially the young, are increasingly more confident in the crypto market as a mainstay investment.