Bitcoin together with other virtual currencies have permeated into all corners of the world, and Nigeria is not an exclusion. Nigerians, as well as citizens of other developing countries, search for alternative ways to earn for better living — Bitcoin is one of popular alternatives. Bitcoin in Nigeria has not so convenient position, as it has in the USA or in the Great Britain, but users still can participate in the cryptocurrency sphere.
Place of Bitcoin in Nigeria
Nigerian government did not welcome Bitcoin, when it entered the country. It attempted to ban cryptocurrencies by different methods. The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) issued very strict notices about numerous risks and many pitfalls of investment in BTC and other digital currencies. These notices actively informed citizens that state currency is legit money protected by the government; and cryptocurrencies, on the contrary, are not regulated by official bodies and are very volatile, in addition. Authorities also warned people about cryptocurrency usage in the criminal sphere.
Moreover, in January 2017, the CBN issued a statement banning any transactions in Bitcoins, this was carried out by the banks’ regulator spreading this statement among all banks in the country warning them against facilitating the trading of Bitcoins in the country. Though, a lot did not follow this warning as most crypto exchanges went on to work in a usual manner. In 2018 Central bank confirmed its position regarding Bitcoin and altcoins, claiming that they are just a bubble.
At the current moment legal status of Bitcoin in Nigeria is vague. The country has not still introduced legal framework for cryptocurrency regulation. Locating in Nigeria, you can buy, sell and invest in BTC, you will have no problem with the law, of course, if you are not going to use the first cryptocurrency for criminal purposes.
Can I Legally Double Bitcoin in Nigeria?
We may conclude that using Bitcoin in Nigeria is not illegal, although today in the country there is no legal regulation of cryptocurrency usage. In the country function many cryptocurrency exchanges, which you can use for making investments. Moreover, you have a chance to double your bitcoins, for this purpose involve Bitcoin doublers, like our bitcoindoubler2x.com.