In Nigeria, the craze towards crypto-currencies is difficult to manage

Every week in Nigeria, nearly € 3 million of Bitcoins are traded on the thirteen platforms that are present in the african country. What worries the authorities and the members of the government, the latter calling for caution. Unfortunately, the warnings issued are for the moment not heard of the populations.

A craze is amazing for crypto-currencies

For several weeks, the warnings abound in Nigeria. Given the enthusiasm of the population towards crypto-currencies, the government calls for prudence. Investors are far too numerous and don’t always take consciousness of the risk taken when buying the crypto-currency. And yet, nothing changes. These warnings do not discourage by the Nigerians, on the contrary. In effect, they have traded up to 3.1 million euros during the month of February, after a weekly average of 2.9 million euros at the end of the month of December.

Pixababay – RawPixel / Nigerians rush to purchase Bitcoins without having awareness of the dangers.

However, the position of the regulators, the nigerian firm. Thus, for example, the central Bank of Nigeria has reiterated that digital currencies were not a legal tender. The Nigeria Deposit Insurance Corporation, has reminded investors that they had no guarantee when they bought Bitcoins. But these warnings have absolutely no impact on the populations.

A pedagogy required to educate investors

The authorities have therefore taken the decision to educate investors in an educational manner. They want to rethink the regulation, not ban crypto-currencies, but rather teach people to use them with caution. The priority is therefore to make it clear to investors what are the dangers linked to the volatility of the digital currency.

Pixababay – Géralt / Nigerians buy almost exclusively Bitcoins.

The situation seems to be particularly complicated to manage. And it is for this reason that the members of the government are taken out of the silence to remind us that there was an urgent need to act and protect the citizens.

Source : News Bitcoin