The Nigerian Government has been hesitant to regulate cryptocurrency, but there are several ways that it can do that. Here are a few suggestions:

Create a regulatory framework. The Nigerian Government can create a regulatory framework for cryptocurrency, similar to the framework that exists for other financial products. This would provide clarity and certainty for businesses and investors, and help to protect consumers from fraud and abuse.

License cryptocurrency exchanges. The Nigerian Government can license cryptocurrency exchanges, similar to the way that banks are licensed. This would allow the Government to monitor and regulate these exchanges, and help to ensure that they are operating safely and soundly.

Tax cryptocurrency transactions. The Nigerian Government can tax cryptocurrency transactions, similar to the way that it taxes other financial transactions. This would help to generate revenue for the Government, and could also help to discourage speculative trading.

Educate the public about cryptocurrency. The Nigerian Government can educate the public about cryptocurrency, including the risks and benefits of investing in this asset class. This would help to protect consumers from making uninformed investment decisions.

Work with international partners. The Nigerian Government can work with international partners to develop a coordinated approach to regulating cryptocurrency. This would help to ensure that Nigeria's regulatory framework is consistent with international standards, and would make it more difficult for criminals to use cryptocurrency to launder money or finance terrorism.

It is important to note that there are several challenges to regulating cryptocurrency. One challenge is that cryptocurrency is a global asset class, which makes it difficult for any one country to regulate it effectively. Another challenge is that cryptocurrency is a relatively new asset class, and there is still a lot that we do not know about it. This makes it difficult for regulators to develop effective regulations.

Despite these challenges, the Nigerian Government needs to take steps to regulate cryptocurrency. Cryptocurrency has the potential to be a disruptive technology, the Government needs to be prepared to address the risks and opportunities that it presents.

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Nigeria has shown more interest in crypto assets like Bitcoin and Ethereum than any other country in Africa, according to a research report just released by price tracking firm CoinGecko.

A Year-to-date, data breakdown shows that Africa’s most populous country accounts for 66.8% of the continent’s cryptocurrency interest, nearly eight times as much as the next African country. Nigeria was previously considered the country with the most cryptocurrency interest in the world, alongside Kenya

South Africa, Morocco, Ghana, Egypt, and Côte d’Ivoire have not contributed significantly to cryptocurrency interest in Africa.

The remaining 48 African countries have the lowest relative interest in cryptocurrencies across the continent, at less than 2.0% per year.

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Specifically, only 41 out of 54 African countries have expressed interest in cryptocurrencies this year, and 13 countries currently share no interest in cryptocurrencies across Africa. Africa’s largest economy with over 200 million people is also the largest source of BTC trading volume on the continent.

According to a recent report published by Blockchain.com, Nigeria has emerged as one of the fastest-growing cryptocurrency markets in the world.

Recall that a 2020 online survey by data platform Statista found that 32% of Nigerians who participated were using cryptocurrencies. This is the highest percentage of any country in the world.

Nigeria is one of the countries with the largest youth population in the world, with an average age of 18 in her and most of the population between 15 and 65 in her. It represents an opportunity to harness the potential of young people for sustainable development and growth.

What you need to know

In terms of Bitcoin interest, Nigeria has the second highest just after El Salvador. Likewise, the country is also Africa’s largest source of BTC trading.

Experts say scarcity of FX and stringent requirements by African banks has been a catalyst for high interest among its citizens as locals battle such problems with digital assets that already prove to be able to solve, such as hedging, remittance and providing relief during times of economic uncertainty.

In addition, unemployment remains very high in Nigeria, with KPMG estimating the unemployment rate at 40% this year. However, the crypto industry has created new job opportunities for young Nigerians, which is partly one of the reasons for the widespread adoption of crypto assets within Nigeria. In 2020, the number of jobs in the cryptocurrency industry has more than double the previous figures.

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