in

Bitcoin is wooing the tens of thousands of Nigerian workers who send their earnings abroad

Bitcoin is wooing the tens of thousands of Nigerian workers who send their earnings abroad



View Reddit by shefar_1View Source

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

15 Comments

  1. tldr; Nigeria’s central bank is paying Nigerians to use official channels for overseas remittances instead of cryptocurrencies. The central bank announced the scheme after international remittance inflows plummeted last year, as more Nigerians abandoned official banking channels by turning to cheaper cryptocurrency exchanges. The move came on the heels of a nationwide crackdown on banks dealing in cryptocurrencies.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. I wonder if the writers are referring to all crypto as ‘Bitcoin’. I can’t imagine BTC would be the first choice for sending remittances, due to the high fees at the moment (surely can’t be cheaper than western union etc. at present?) There are plenty of cheaper, faster crypto currencies out there better suited to remittances. This is one of the fundamental uses of XRP, for example, in the Asian markets.

Loading…

0

What do you think?

Gary Gensler New SEC lead

SEC Begins to Review Bitcoin ETF Proposals Under New Chief Gary Gensler

I made a sketch exaggerating the stereotypical person who is way too into cryptos but has no idea what they are doing. Any reference resonate a bit?