While Nigeria continues to prohibit financial institutions from dealing in cryptocurrencies, Russia and India have chosen a different path.
The Bank of Russia on Wednesday announced that it has reached an agreement on how to regulate cryptocurrencies. They are currently working on a draft law that will classify cryptocurrency as a “analogue of currencies” rather than digital financial assets, with a deadline of February 18th.
Despite the crypto ban, Nigeria’s peer-to-peer transactions increased by 16 percent on a yearly basis, demonstrating the cryptocurrency space’s resilience in the face of government opposition.
Nigeria presently has $400 million in P2P volumes on two main P2P platforms (Paxful and Local bitcoins), followed by Kenya with more than $160 million and South Africa with $117 million.
In light of the increased acceptance, Russia has opted to capitalise and position itself to profit from the blockchain revolution.
Related posts:
CBN May Legalise Use of Bitcoin for Transactions, Says NDIC
Over 180,000 crypto investors liquidate following Bitcoin crash
Canada announces ban on importation of handguns in wake of US mass shootings
Senior Kremlin official resigns in wake of Russia’s invasion of Ukraine
India set to ban crypto trading, penalise traders, miners
FG to legalise activties of Artisanal Miners
Marwa warns against attempt to legalise cannabis
Attempt to legalise Marijuana will fail in the National Assembly – Marwa
