maybe all countries will carry out different implementations and it is only the readiness of that country to prepare a legal umbrella that can bridge so that they can do things safely.

In my country, there has not been any status regarding bitcoin, because in the country where I live, Fitcoin has not yet been adopted, so from that we can say that bitcoin has not yet received a permanent law regarding the circulation of bitcoin in my country, so it will be difficult for us. explain information about bitcoin

It may be recalled that the apex bank along with some observers had expressed concerns that inexperienced investors could lose their meagre savings gambling on a highly speculative asset. “Small retail and unsophisticated investors also face high probability of loss due to the high volatility of the investments in recent times,” the bank said, as it sought to clamp down on the trade. Bitcoin experienced a similarly wild upswing in 2017, only to then plunge 80 per cent from its peak.

Nigerians turned to bitcoin when the government froze the bank accounts of leaders of the EndSARS protests against police brutality that swept the country last autumn. Supporters began donating to the cause using bitcoin, a practice that was encouraged by the likes of Twitter chief executive Jack Dorsey.

The frenzy over digital currencies prompted the central bank to reiterate 2017 guidance prohibiting local banks from serving customers with crypto accounts. In a memo this month defending its decision, the bank argued that cryptocurrencies were prone to use by criminals, drug traffickers and terrorists. But the central bank’s message “had the opposite effect the CBN wanted it to have”, said Ibukun Akinnawo, who hosts an investment club for mostly Nigerian 9-to-5ers on the social networking app Clubhouse and has invested in digital currencies. “People were now really wanting to talk about crypto.”

Yele Bademosi, the founder of Bundle, a Nigerian crypto and cash payments app, said volumes on his exchange remained high after the central bank ruling because people relied on peer-to-peer markets. He said the CBN crackdown could push crypto the way of the Nigerian naira, the local currency in which there is a thriving black market. “It’s going to look a lot more like the parallel market FX situation,” he said.[\Quote]
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