‘Investigate Rising Adoption of C ryptocurrency Despite Restrictions’.

An expert in Cryptocurrency and alternative finance has called on the Nigerian Senate to tour the path of their counterparts in other climes to investigate the rising adoption of cryptocurrency in Nigeria despite clampdowns on accounts associated with cryptocurrency transactions by the Central Bank of Nigeria (CBN), instead of allowing things as they currently are.

The expert, Rume Ophi who is an analyst for Channels Television on cryptocurrency matters, as well as the Founder of the fast-growing Cryptopreacher Academy expressed this view recently in a chat with journalists in Lagos.

Recall recently, the United States Congress set up a ‘“Demystifying Crypto: Digital Assets and the Role of Government” committee hearing which held in November 17, chaired by Representative Don Beyer — who has previously proposed legislation expanding the regulatory and legal framework for digital assets in the U.S.

Giving the rationale for the rise in adoption of cryptocurrency in Nigeria, Rume explained, “adoption of cryptocurrencies is much higher in developing countries like Nigeria more than in developed countries, asides the United States. Impressively but not surprisingly, Nigeria is leading in worldwide adoption of cryptocurrency.

“The reason is very simple: inflation is a chief cause of this. This is evident in markets like Nigeria, Zimbabwe, Tanzania.This is a way people can actually hedge themselves and get into other currencies and enable them offset that,” he revealed.

been declining for six years straight and the fiat currency continues to lose value. In 2020, cryptocurrency transactions worth more than $400m were generated in Nigeria, with the country ranking third on the planet in terms of highest bitcoin trading volume. This figure is still on the rise as cryptocurrency transactions saw a year-on-year increase of 25% in June, 2021.

Rume Ophi Alvin is the Founder and Lead of the prestigious CryptoPreacher Blockchain Academy (CPA). He is a Premium Ambassador at Newscrypto and the Head of Mobilization for stakeholders in Blockchain Technology Association of Nigeria (Siban) Presidential Task Force (PTF).

Popularly known across circles as the Cryptopreacher, Rume enjoys educating people about technology and has trained and impacted well over five thousand young people across six countries in the world. He is one of the foremost cryptocurrency experts in Africa pushing the frontiers of awareness, knowledge and thought-leadership in the cryptocurrency and blockchain space. His audacious public relations-led drive has seen him among the very first persons in the cryptocurrency space to feature on national newspapers, television stations, blogs and radio.