Nigeria’s present disposition on cryptocurrency may not stand for too long. This is as almost all world economies are adjusting their trade activities to accommodate crypto transactions. The means of payment is also attracting new investors and appreciable use cases. Cryptocurrency, sometimes, simply called crypto, is a digital currency that can be used to buy goods and services.
It uses online ledger with strong cryptography to secure online transactions. However, much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward. The Nigerian government recently placed a ban on transactions on crypto through local banks, warning users of the uncertainty and heavy risks involved that can cripple an economy.
Meanwhile, world’s largest payment company, PayPal recently announced that it has agreed to acquire Curv, an Israelbased crypto-security firm as it expands its portfolio in crypto currencies and digital assets. It is a deal that could potentially open up new use cases for the crypto market. PayPal had recently created a new business unit focused on blockchain, crypto and digital currencies.