Why Crypto Adoption In Nigeria Might Explode As SEC Begins Framework To Regulate Crypto Assets

Nigeria is not only the giant of Africa, it is one of the countries with the fastest growing adoption of cryptocurrency in the world. A recent report stated that Nigeria had the highest percentage increase in new users visiting Coinmarketcap.com in the first quarter of 2020. This attests to the progress Nigeria is making as regards crypto adoption.

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Despite the strides, however, the country's cryptospace, until very recently, continues to face great uncertainties. Crypto users have had to deal with the threats of account closure from overzealous financial institutions. Not only that, crypto users have had to deal with the nightmares from the country's Security and Exchange Commission (SEC) that continues to discredit Bitcoin.

At any rate, all that is about to change now as Nigeria's SEC recently announced its plans to regulate the use of crypto assets by citizens as well as residents of the country.

More than ever before, the future of crypto adoption looks quite promising in Nigeria because the involvement of SEC would result to the decimation of bad actors, restore confidence in potential and present investors, and promote the adoption and use of cryptocurrencies.

Another plus from the readiness of SEC to regulate crypto in Nigeria is that it could herald the involvement of local institutional investors with cryptocurrency. And if that happens, we would not only see an explosive growth in crypto adoption in the country but some new money flowing into Bitcoin and other altcoins.