While the legal status of crypto-currencies in Nigeria still remains fuzzy, the Nigerians, however, have a real interest in these assets. They hold the first rank as a traders of crypto-currencies of Africa. Given this progress, Blockstale decides to install an ATM Bitcoin, the first in the country, and the fifteenth in the whole of Africa.
Supporting the crypto-sector on the nigerian
For this first implementation, Blockstale chooses the Dazey Lounge and Bar, a bar located in the State of Lagos, to house the new equipment. The company wants to deploy a thirty terminals across the territory.
The implementation of the first ATM will be sure to invigorate the crypto-sector in nigeria, which will compensate for the difficulties which the country has been facing for the standards of KYC are specific to the crypto-industry.
Indeed, the volume traded on Local Bitcoins in Nigeria had dropped to 220 bitcoins, with a value of approximately 1.38 million dollars, which represents a decrease of almost 50%, after that the requirements of KYC have been implemented.
The african continent is progressively adopting crypto-currencies
Placing himself in the first rank given the density of population and economic activity in Africa, Nigeria is also the head of the list as far as the volume of trading of crypto-currencies compared to the other countries of the continent.
But for the accommodation, ATM Bitcoin, other african countries have already taken the initiative well before the Nigeria. Seven countries in the continent have 14 ATM cryptos on their respective territories. According to the data of Corner ATM Radar, South Africa presents to it only half of the atms secretly installed on the continent, followed by Ghana with his two ATM.
As for the others, Zimbabwe, Uganda, Kenya, Djibouti, Botswana and recently in Nigeria, they contain all of the ATM crypto each.
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