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Nigeria’s Twitter Ban Could Hamper the African Acceptance Rate of Bitcoin

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On June 5, the government of Nigeria made an announcement regarding the ban on Twitter and restricted the social media platform from executing operations in Nigeria. The office of the Minister for Information and Culture has taken this action following the deletion of tweets by the President threatening a repeat of the Nigeria-Biafra Civil War that occurred in 1967.

Nigeria’s Twitter Ban Will Affect the Bitcoin Adoption Rate in Africa

Talking about the after-effects of the ban, the recent prohibition has the potential of affecting a large community of crypto traders in the country. 

This is because of the dependency of people on social media platforms to execute P2P transactions for trading Bitcoin following the cryptocurrency ban in the country. 

At present, the citizens are only able to access Twitter through the use of VPN in the country as the ban has been imposed by telecommunication companies.

In addition to this, it can be seen that Nigeria has a much larger contribution to the trading volume of Bitcoin, even more than any other African country, hence, a reduction in the trading could directly affect the global price performance of the flagship cryptocurrency.

Moreover, the reports have revealed that Nigeria has recently appeared as the nation with the highest number of Bitcoin searches internationally as the search score is just double to South Africa, which is second in line.

The decline in Trading Will Lead to Decreased Global Price Performance

Garba Shehu, a spokesperson for Buhari retracting the indefinite status of the ban released a statement saying:

“The temporary suspension of Twitter is not just a response to the removal of the President’s post.” 

He did so without stating when the ban is going to be lifted. Also, it should be noted that the Twitter ban in the country comes after a long time campaign by the government to restrict the social media platforms in the country.

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#Bitcoin #Nigeria’s Twitter Ban

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Source: https://www.cryptoknowmics.com/news/nigerias-twitter-ban-could-hamper-the-african-acceptance-rate-of-bitcoin

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