While Nigeria continues to prohibit financial institutions from dealing in cryptocurrencies, Russia and India have chosen a different path.
The Bank of Russia on Wednesday announced that it has reached an agreement on how to regulate cryptocurrencies. They are currently working on a draft law that will classify cryptocurrency as a “analogue of currencies” rather than digital financial assets, with a deadline of February 18th.
Despite the crypto ban, Nigeria’s peer-to-peer transactions increased by 16 percent on a yearly basis, demonstrating the cryptocurrency space’s resilience in the face of government opposition.
Nigeria presently has $400 million in P2P volumes on two main P2P platforms (Paxful and Local bitcoins), followed by Kenya with more than $160 million and South Africa with $117 million.
In light of the increased acceptance, Russia has opted to capitalise and position itself to profit from the blockchain revolution.
