https://ift.tt/Wn6bAdT sees a major spike in P2P Bitcoin trading volume.

The data from LocalBitcoins and Paxful show that peer-to-peer trading of bitcoin in Nigeria has increased by over 15% year-over-year since the country’s central bank enforced a crypto ban. Current weekly bitcoin trading volumes are at a slight lull, probably because of the downturn in the market. As reported earlier, the Central Bank of Nigeria enforced a ban on crypto in Feb. 2021, though it hasn’t done much in terms of reducing trading. 

Crypto adoption continues to increase in African countries. 

Crypto adoption in Nigeria continued to increase in 2021, hitting 24% — which made it the country with the highest adoption rate, ahead of Malaysia and Australia. P2P platforms allow buyers and sellers to directly sell between each other, avoiding any central platform. It is often used in countries where crypto trading isn’t permitted. Currently, there is over $400 million traded using these platforms in Nigeria. The citizens of Nigeria and other African countries are very keen on crypto, as proven by the high adoption rate.

Proponents of crypto in Nigeria are taking the fight to the central bank.

Proponents of crypto in Nigeria have begun to take the fight to the central bank, with a legal battle set to take the stage this year. Amid all of this, the Nigerian central bank has also been accused of ‘financial terrorism.’ It’s not all doom and gloom, however. The Nigerian Vice President has asked the central bank to regulate crypto instead of banning it. Whether this will have an effect on actual regulations remains to be seen. The African country has expressed a lot of interest in a central bank digital currency (CBDC) and has launched a website for the e-Naira.