In Nigeria, crypto is saving us from extractive Central Banking policies

https://external-preview.redd.it/tjjpLWu_cH7kNbCiy3RBo5dex8rOcMJ9EjACX1YTaWc.jpg?auto=webp&s=a76191b9cb5743105c9358b14aab00a81ba88623

I think most of you already know this, but Crypto has really been a life saver for Middle class Nigerians, especially us that have to deal with a central bank that has made sourcing dollars hard to find because Crude Oil has wrecked us and they refuse to open up the economy..

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this Reuters article best explains it:

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Odunjo sources handsets and accessories from China and the United Arab Emirates. His Chinese suppliers asked to be paid in the cryptocurrency, he said, for speed and convenience.

The shift has boosted his profits, as he no longer has to buy dollars using the Nigerian naira or shell out fees to money-transfer firms. It is also one example of how, in Africa, bitcoin – the original and biggest cryptocurrency – is finding the practical use that it has largely failed to elsewhere.

“Bitcoin helped to protect my business against the currency devaluation, and enabled me to grow at the same time,” Odunjo told Reuters from his two-by-eight metre shop.

“You don’t have to pay charges, you don’t have to buy dollars,” the 30-year-old said, raising his voice above the sound of loud haggling and the honking horns of scooters.

Odunjo is one of many people at the heart of a quiet bitcoin boom in Africa, driven by payments from small businesses as well as remittances sent home from migrant workers, according to data shared exclusively with Reuters and interviews with around 20 bitcoin users and five cryptocurrency exchanges.

Monthly cryptocurrency transfers to and from Africa of under $10,000 – typically made by individuals and small businesses – jumped more than 55% in a year to reach $316 million in June, the data from U.S. blockchain research firm Chainalysis shows. »

[https://www.reuters.com/article/us-crypto-currencies-africa-insight/how-bitcoin-met-the-real-world-in-africa-idUSKBN25Z0Q8](https://www.reuters.com/article/us-crypto-currencies-africa-insight/how-bitcoin-met-the-real-world-in-africa-idUSKBN25Z0Q8)

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we save in tether and do business in bitcoin, Cuts of extractive policies that would have left us at the mercy of the central bank 10 years ago..

Source : https://reddit.com/r/CryptoCurrency/comments/ioque8/in_nigeria_crypto_is_saving_us_from_extractive/

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