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Dorsey’s take was a direct reaction to an oped written by NFL star Russell Okung in Bitcoin Magazine. Okung, a Nigerian descendant and self-acclaimed Bitcoin proponent, advised Nigeria to focus on achieving “economic independence and financial sovereignty” by establishing a Bitcoin Standard.
The people of Nigeria will lead #bitcoin :flag-ng: https://t.co/A8Ev3tMkJS
Nigeria is one of the largest cryptocurrency markets in the world. But the country’s central bank prohibited financial institutions from trading in cryptocurrency. Banks were also ordered to identify and close down all accounts involved in the transfer or exchange of cryptocurrencies.
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“The bank hereby wishes to remind regulated financial institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited,” the CBN said in a statement. Still, about $400 million worth of cryptocurrencies have been traded in Nigeria in 2021, Statista, a global market data tracker, said. The volume of trading places it behind only the United States and Russia in the world.
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Despite the government’s action, many young Nigerians found alternative ways of buying and selling cryptocurrencies as the country’s currency, the naira, continues to slide against the dollar.
