El Salvador cemented its milestone in the books of history by being the first country with Bitcoin (BTC) as a legal tender. The Central African Republic soon followed the suit.
In case the number of countries embracing the ‘Bitcoin as a legal tender’ strategy rises, the demand could soon topple the limited supply.
In Nigeria, the House of Representatives Committee on Capital Market and Institutions (HORCCMI) might soon pass a bill to make BTC a legal tender.
HORCCMI chairman, Babangida Ibrahim, is optimistic about this development to soon take place.
If legislation is passed to make BTC a legal tender in Nigeria, it would amend the 2007 Investment and Securities Act. Doing so would make BTC a legal capital for investment in Nigeria.
Worth noting is the U-turn of Nigeria from its earlier BTC stance. Nigeria almost banned financial institutions from dealing with cryptocurrencies in February 2021.
If the newly proposed law is passed, Nigerian companies can legally accept Bitcoin as payment. Investment firms would also be allowed to offer products related to BTC. Way could be paved for the Bitcoin mining industry to flourish in Nigeria.
The law in question might indeed get approved as Nigerian citizens are highly inclined towards Bitcoin. As per a recent survey, in the last month, a whopping 56% of the Nigerian adult population did at least one crypto transaction.
Bitcoin, the largest and oldest cryptocurrency, is emerging as a feasible and viable remittances option for people in Nigeria.
Nigerian citizens tend to send remittances to their homes as Nigeria’s remittance economy is among the world’s largest. But Nigeria is also witnessing its skilled labor going out of the country.
As per market analysts, Nigerians are using Bitcoin to do away with fees charged by wire companies. By using cryptocurrencies, they are ensuring their money is fully received by their families in totality.
If Nigeria does actually make Bitcoin its legal tender, its price would be poised to soar, given its limited supply of 19.2 million today.
