Experts: Cryptocurrency To Boost Trade in Nigeria

Experts during a cryptocurrency forum organised by Luno in Lagos recently highlighted the global characteristics of cryptocurrency as decentralized, universal, interoperable, faster and safer, controllable with equal access and optionally transparent, the experts were of the view that trading with cryptocurrency would enhance commerce and economic growth.

Presenting on “Building Trust in the Nigerian Cryptocurrency Market,” the Chief Operating Officer, Blockchain Solutions Limited, Mr. Lucky Uwakwe, said there is a rise in the global demand for cryptocurrency, with 65 per cent familiar with cryptocurrency, and 25 per cent owning a cryptocurrency, while 29 per cent own Bitcoin and Ethereum.

According to Uwakwe, 51 per cent view cryptocurrency as an investment, while 19 per cent use it for remittance, and 16 per cent use it for online shopping and 11 per cent also use it for transfer to family and friends.
Citing Google trends on Bitcoin, which is one of the many types of digital currencies.

Uwakwe said the interest in Bitcoin (BTC), which is driven by Luno in Nigeria, was beginning to gain more acceptance among Nigerians.

Stressing on the importance of Bitcoin, Uwakwe said:

Bitcoin is the first cryptocurrency to use peer to peer technology; It is a simpler implementation of blockchain technology; Functions as a payment tool that can be used to send money, and carries value as an investment tool.


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