After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, trading volumes of Bitcoin and Altcoin on centralized exchanges immediately plummeted. Even so, the new regulations seem to have succeeded in increasing the volume of crypto trading in informal markets or on peer-to-peer trading platforms.
Nigerian crypto traders are getting creative
However, the increase in business on informal platforms has also resulted in increased reports of users losing money to scammers. With the CBN apparently keen to keep the number of crypto businesses dropping, Nigerian users had to find ingenious but legal ways to circumvent the restrictions imposed by the central bank.
As shown in a local reportOne such legal way is through an app created by Patricia, a local crypto start-up. According to the report, this application already enables Nigerian users to buy or sell their crypto assets securely and without violating CBN regulations. Hence, in this report we list five legitimate ways Nigerians can use this app to trade their bitcoins safely.
As explained in the report, Patricia platform users can still use theirs BTC Credit for regular expenses such as airtime, utilities and Internet data packages. The conversion from crypto to fiat happens seamlessly within the app.
The Patricia platform is also used to enable secure peer-to-peer transactions. According to the report, Patricia’s peer-to-peer platform is powered by Vaunt, an international P2P marketplace for digital currencies that enables faster and easier money transactions.
For Nigerian companies looking to expedite the receipt of payments from overseas customers, Patricia Business offers this opportunity. As explained in the report, Patricia Business is “a bitcoin payment gateway that enables merchants, merchants and business owners across the country to receive bitcoin payments from their customers.” Once received, the crypto is seamlessly converted to naira and transferred to their local bank accounts.
Patricia debit card
Nigerians can also legally use their Bitcoin to make on-site purchases using the Patricia Naira debit card. In addition, Patricia has a Bitcoin debit card option that is available in both physical and virtual form. You can use this card to shop online or at a Bitcoin ATM anywhere in the world.
Gift card trade
Patricia users can also use the Bitcoin app to purchase gift cards with their Bitcoin balance. By converting bitcoins into gift cards, users can shop on major online marketplaces without necessarily breaking CBN regulations.
Do you know of any other options Nigerians can use to trade cryptos? Let us know what you think in the comments section below.
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