A Nigerian hotel to accept bitcoin payments, the first of its’ kind
Bitcoin payment – Do not express doubt when you hear that, “Bitcoin is currency of the future.” Cryptocurrency adoption in Nigeria and Africa has been in top gear to say the least.
It may come as a surprise that, despite the Central Bank’s commitment to stamp-out crypto trading of any kind in the Nigerian financial sector, Nigerians are ever willing and unyielding in their love for bitcoin.
Why won’t they if you ask me? BTC has made available, an opportunity the Nigerian government will not match in the near future, despite not having a past and present economic wherewithal to provide requisite ground in the face of prevailing circumstance.
For example, bitcoin trading has provided employment opportunity for young Nigerians, who apparently form the bulk of teaming unemployed citizens.
In a recent report, unemployment rate in Nigeria was said to hit the roof-top with over 17.33% margin, apparently a record high in the country’s useful life ever.
To further buttress the fact that Nigeria’s bitcoin adoption is relatively high, a luxury hotel in Lagos is set to accept Bitcoin (BTC) as a legal tender.
Additionally, considering the soaring inflation rate in Nigeria, George Residence looks forward to adopting BTC as its primary reserve currency to stay out of muddy waters in the future.
George Residence offers luxury hotel and premium apartment suites, the hotel has concluded plans to accept BTC through “Coinvest Africa.”
The company’s CEO Yanju George in his remark to this development says,
“We have allocate about 50% of our cash reserves to bitcoin. We hope to increase that as time goes on. BTC is the currency of the future and it’s only right that we are strongly positioned so we do not get behind.”
Nigerians have traded way over 60,200 BTC since 2015 on Paxful alone.
The Central Bank of Nigeria in February made a move that was aimed at complete crackdown of bitcoin in Nigeria, having banned financial institutions from providing services to virtual currency exchanges.
The move met strong criticisms across the country from experts, the Nigerian Vice President Professor Yemi Osinbanjo, members of the National Assembly, and well-meaning Nigerians deeply concerned.
It was seen as a wrong step in the wrong direction, CBN was called out for plugging Nigeria deeper into financial and economic mess, despite, having been through a lot.
The older generation was seen to have demonize what they do not understand, does that in any way affect bitcoin payment? The answer is an open secret.
BTC payment had since moved to the next level, engineered by CBN’s stance and commitment to stamp out the use of virtual currency in Nigeria.
With Peer-2-Peer platforms, you can now buy and sell bitcoin from the comfort of your home in Nigeria.
Koinwa recently launched its’ latest app with a Peer-2-Peer feature to help everyone move along with their money, buy and sell bitcoin (BTC payment) with ease among peers.
Click here now to download the app, available on IOS and android operating system.