The upcoming African Bitcoin Conference, organized by the African Bitcoin Community and scheduled to take place in Ghana from December 1 to 3, 2023, is set to address the persistent challenges faced in cross-border transactions, particularly in regions like Nigeria. During the Developers Connect event in Lagos, Prince Akpa, the programme manager of the African Bitcoin Community, highlighted how these challenges have propelled many Nigerians towards cryptocurrency adoption despite the legal complexities and market volatility.
Akpa emphasized the hurdles faced in cross-border money transfers, especially for Nigerians residing abroad. Traditional methods, such as bank transfers, often result in high fees and exchange rate discrepancies. In contrast, cryptocurrencies, especially Bitcoin, offer a seamless and cost-effective alternative. Akpa illustrated this by explaining that using Bitcoin for transfers simplifies the process, making it easier for individuals to send and receive funds without the hassles associated with traditional banking systems.
Nigeria’s crypto adoption has surged despite regulatory uncertainties. According to a report by Chainalysis, a New York-based blockchain research firm, Nigeria ranks second in the global crypto adoption index. The country witnessed a nine percent year-over-year growth in crypto transactions, reaching a staggering $56.7 billion between July 2022 and June 2023. This growth is attributed to rising inflation and the depreciation of the Nigerian Naira, prompting citizens to explore cryptocurrencies as a hedge against economic uncertainties.
In response to the growing digital asset market, Nigerian regulators published a set of regulations for digital assets in May 2022. These regulations signify the country’s attempt to strike a balance between embracing digital assets and addressing potential risks associated with their usage.
The second edition of the African Bitcoin Conference aims to further the adoption of Bitcoin on the continent. The event will feature a diverse agenda, including Developers Day and the African Bitcoin Fair. Additionally, attendees can expect discussions on the progress made in adoption over the past year, insights into various projects, and presentations from new sponsors, highlighting their contributions to shaping the financial landscape of the African continent. Through these initiatives, the conference endeavors to explore innovative solutions, fostering financial inclusivity and streamlining local and international transactions for people across Africa.