After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trading volumes on centralized exchanges immediately collapsed. Nevertheless, the new regulations seem to have succeeded in boosting crypto trading volumes in informal markets or on peer-to-peer trading platforms.
Nigerian crypto traders are getting creative
Still, the increasing transactions on casual platforms have also led to more reports of users losing money to scammers. Additionally, with the CBN seemingly eager to see crypto transaction volumes plummet, Nigerian users had to find ingenious yet legal ways to get around the central bank’s imposed restrictions.
As shown by a local report, one such legal way is through an app created by a local crypto start-up, Patricia. According to the report, this application already allows Nigerian users to buy or sell their crypto assets securely and without violating CBN regulations. Therefore, in this report, we list five legit ways Nigerians can use this app to trade their bitcoins securely.
As explained in the report, users of the Patricia platform can still use their BTC balance to pay for regular expenses such as airtime, utilities and internet data packages. The conversion from crypto to fiat is done seamlessly within the app.
Peer to Peer Exchange
The Patricia platform is also used to enable safe and secure peer-to-peer transactions. According to the report, Patricia’s peer-to-peer platform is powered by Vaunt, an international P2P digital currency market that enables faster and easier money transfers.
For Nigerian companies looking to speed up the process of receiving payments from foreign clients, Patricia Business offers this opportunity. As explained in the report, Patricia Business is “a bitcoin payment gateway that allows 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 purchases locally through the Patricia naira debit card. Additionally, Patricia has a bitcoin debit card option that is available in both physical and virtual form. This card can be used to shop online or at any bitcoin ATM anywhere in the world.
Deal in gift cards
Patricia users can also purchase gift cards with their bitcoin money in the Patricia app. Converting bitcoins into gift cards allows users to shop in major online marketplaces without necessarily breaking CBN regulations.
Do you know of any other options Nigerians can use to trade cryptos? Tell us what you think in the comments section below.
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