The Scramble for the Number One Naira Stablecoin in Nigeria
Naira Stablecoin War — NSW
Thank you for reading this post, don't forget to subscribe!
A lot of questions arising on which stablecoin will be widely adopted in Nigeria. Let’s take a little discussion on the best two naira stablecoin we have in Nigeria currently.
Since the increase in the regulatory activities going on in the country. Many international platforms have resort to issuing stablecoin in a bid to leverage the digital economy of the country.
It is quite obvious that Nigerians amount to over 50 percent of trades in the top two peer to peer Bitcoin trading platforms. Paxful and localbitcoin.com has a large portion of its trades in Africa coming from Nigeria. In october 2019, Nigeria surpassed other countries in gift card trades on Paxful.
The need for naira to crypto peer to peer market is increasing. This will help include more users thereby increasing trade volume. Two notable platforms have made a big step towards leveraging this on demand market service.
The ABCD stablecoin being developed by Bit Sika, a cross-border mobile payment processor in Ghana, is also a naira stablecoin. The naira stablecoin ABCD will be issued on https://binance.com Chain and pegged 1:1 to Naira money.
The NGNX stablecoin, another top naira stablecoin in Nigeria is already issued on Stellar Blockchain by Kubitx, a crypto exchange platform from Kenya. The NGNX stablecoin is pegged 1:1 to Nigeria Naira and already has over 500 merchants using it in Africa for processing mobile payment services.
This two has all the potential to become the number one naira stablecoin in Nigeria, Africa and the world at large. This is aside the central bank digital currency like e-cedi which is usually on private blockchain or distributed ledger technology
Africa been one of the potential areas to house the fourth industry revolutions has attracted foreign investments and collaborations in a bid to leverage the digital economy of Africa.
Moreso, the government are looking into ways to maximize the sector through creating IT acquisition centers in Nigeria. And also through regulations by creating various committees to help draft a regulatory framework for cryptocurrency in Nigeria.