What's holding back adoption of digital currencies in Nigeria?

In a bid to promote the adoption of digital currencies in Nigeria, peer-to-peer digital currency platform Paxful is making significant strides. With over 30% of its users based in Africa, the platform has facilitated digital currency trade volumes of over $2.2 billion on the continent. Ray Youssef, the co-founder of Paxful, recently shared insights on the evolution of digital currencies in Africa, particularly Nigeria. Youssef highlighted the innovative use cases of digital currencies in Africa, emphasizing that unlike other regions where trading is largely speculative, African users are leveraging digital currencies for real-world applications such as payments, remittances, wealth preservation, and commerce. Youssef acknowledged that Paxful has learned valuable lessons on cryptocurrency adoption from its African user base, particularly in Nigeria, where he described the level of ingenuity as legendary. Despite challenges, such as pushback from regulatory bodies like the central bank in Nigeria, Youssef remains optimistic about the future of digital currencies in Africa. He expressed confidence that ongoing dialogues with regulators will lead to a more innovation-friendly environment, potentially paving the way for the lifting of bans on cryptocurrencies. Paxful's commitment to education is evident in its establishment of an educational center in Abuja, Nigeria. Youssef emphasized the importance of educating both users and regulators to drive widespread adoption of digital currencies. While Nigeria currently leads in digital currency adoption in Africa, Youssef highlighted the untapped potential for growth, citing a recent poll that revealed a lack of familiarity with digital currencies among the general population. He underscored the need for in-person, empathy-driven education to bridge this gap and unlock the benefits of digital currencies for all Nigerians. With a strong focus on innovation and education, Paxful is at the forefront of efforts to drive the adoption of digital currencies in Nigeria.