P2P bitcoin trading volumes rise again despite Nigeria’s June Central Bank’s crypto restrictions

June 2021, the volume of peer-to-peer bitcoin trading in Nigeria was just under $ 38 million, according to the latest data.Dec. The increase is the second time P2P trading volumes in Nigeria have exceeded the $ 35 million mark in 2021. March 2021 is the only period in which bitcoin trading volumes on P2P nearly exceed the $ 38 million mark.

Nigerian P2P growth not hampered by Central Bank’s crypto restrictions
May June growth in volume in the country, however, was preceded by a slight decline in trade value to $ 35.2 million and $ 34.9 million in April and May 2021, respectively, according to the data. However, both volumes remain higher than the $ 31 million recorded in February 2021.

However, the latest data (from two P2P exchanges) once again show that Nigerian interest and the use of cryptocurrencies continue to increase, despite the Central Bank imposing restrictions on crypto assets.

In early February 2021, the Central Bank of Nigeria (CBN) ordered financial institutions to stop providing services to organizations dealing with cryptocurrencies. The measures took effect immediately and also led to an immediate decline in trading volume on Central exchanges. On the other hand, the increase in P2P volume seems to indicate that traders are switching to platforms that CBN cannot control or censor.

Ghana Overtakes South Africa
June May saw trading volumes in Kenya fall to $ 13.4 million from the $ 16.5 million recorded in May, the same data shows. However, the decline is the first time the country’s trend for growth in output this year has so far broken.

Meanwhile decidedly the latest data shows Ghana has overtaken South Africa as the country with the third-largest P2P bitcoin trade after reaching $ 11.2 million in June. With a trading volume of $ 7.7 million, South Africa currently ranks fourth on the continent. The volume, which is less Central African Republic

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