The recent crypto boom in Nigeria is being attributed to increasing knowledge of blockchain technology and what it has to offer to the locals. Business people in the country have taken the initiative to educate willing participants on the benefits of partaking in the cryptocurrency market, although it hasn’t been an easy task given that majority of people in localities were still skeptical of the technology. However, Bitcoin education centers, conferences, and meetings in Nigeria have already come a long way in making sure more people understand and embrace digital money.
Lack of proper financial regulations in many countries has resulted inmany individuals using cryptocurrencies like Bitcoin for sending money overseas. Current regulations have made it next to impossible to make abroad transactions. The few people willing to tryusing the local fiat end up spending more than a fortunewith market giants like MoneyGram and Western Union, which is why easy access to local cryptocurrency exchanges and payment processors makes cryptocurrenciesmore attractive than the mainstream options for remittances.
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