Bitcoin per country volume

Against this backdrop, Bitcoin and other cryptocurrencies soared in popularity last year, as both a hedge against the eroding purchasing power of the naira, as well as a way to move money around more easily.

Legality of bitcoin by country or territory

But it does not appear to have curbed appetites for crypto. The data suggest that despite the CBN directive, Nigerians are determined to leverage cryptocurrencies to increase their earnings, especially with rising inflation and limited access to foreign exchange liquidity.

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Annan said if anything, the CBN directive only served to amplify the popularity of Bitcoin and pique the curiosity of crypto sceptics. VP calls for robust regulation of cryptocurrency, not prohibition. Torinmo Salau. More from Economy. Alibaba-backed video site Bilibili slumps in Hong Kong debut.

Nigeria’s crackdown on Bitcoin echoes global crypto conundrum

By Aftab Ahmed , Nupur Anand. The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency.

Instead, the bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied, said the official, who asked not to be named as the contents of the bill are not public. If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal.

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Even China, which has banned mining and trading, does not penalise possession. The Finance Ministry did not immediately respond to an email seeking comment.

How To BEST Read Cryptocurrency Charts

No official data is available.