Nigeria’s peer-to-peer bitcoin commerce volumes went as much as just below $38 million in June 2021, the newest knowledge reveals. This surge turns into solely the second time Nigerian P2P traded volumes have breached the $35 million mark in 2021. March 2021 is the one different interval when P2P bitcoin traded volumes practically surpassed the $38 million mark.
Nigerian P2P Progress Unhindered by Central Financial institution Crypto Restrictions
Nonetheless, as the information reveals, the nation’s June volumes surge had been preceded by the marginal drop of traded worth to $35.2 million and $34.9 million in the months of April and Might 2021 respectively. Nonetheless, each volumes nonetheless stay increased than the over $31 million which was recorded in February 2021.
Nonetheless, the newest knowledge (which is sourced from two P2P exchanges) as soon as once more means that Nigerian curiosity and utilization of cryptocurrencies proceed to develop regardless of the imposition of restrictions on crypto property by the central financial institution.
In early February 2021, the Central Financial institution of Nigeria (CBN) directed monetary establishments to cease serving entities concerned in cryptocurrencies. The measures took fast impact and this additionally led to the fast decline in the traded volumes of centralized exchanges. However, the expansion in P2P volumes seems to indicate that merchants have switched to platforms which the CBN can’t management or censor.
Ghana Overtakes South Africa
The identical knowledge reveals that second-ranked Kenya’s June traded volumes dropped to $13.four million from the $16.5 million that was recorded in Might. Nevertheless, this drop represents the primary time the nation’s upwards volumes development development has been shattered thus far this 12 months.
In the meantime, the newest knowledge reveals that Ghana has now changed South Africa because the nation with the third-highest P2P bitcoin trades after its volumes topped $11.2 million in June. With traded volumes of $7.7 million, South Africa is now ranked fourth on the continent. The Central Africa Republic, which recorded volumes of lower than $50,000 in June 2019, is in fifth place after trades price $1.85 million have been recorded in June 2021.
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