Weekly crypto roundup: Nigerians rush to buy bitcoin and stablecoins to preserve their wealth

In today’s edition of Bitmama’s weekly crypto news roundup, we cover interesting developments in the cryptocurrency industry. Top picks – Nigerians rush to buy bitcoin and stablecoins to preserve their wealth,  Hong Kong ranks as the most crypto-ready nation in 2022.

Let’s get started.

Nigerians rush to buy  bitcoin and stablecoins to preserve their wealth

The economic state of Nigeria has been rocky for some time and once again the citizens are forced to turn to alternative assets such as bitcoin and stablecoins to preserve their wealth. 

The panic multiplied when Godwin Emefiele – Governor of the Central Bank of Nigeria – warned bank clients, high-profile individuals, and politicians to refrain from withdrawing naira to  buy or convert it into the US dollars.  He said that a relevant surveillance system will track whether such illegal transactions are committed and will punish those who do not abide by the rules.

The confusion in one of Africa’s leading economies prompted many Nigerians to search for investment options that could serve as a hedge against inflation. In particular, they focused on bitcoin and stablecoins.

Hong Kong ranks as the most crypto-ready nation in 2022

The latest worldwide crypto readiness report explored the number of blockchain startups in each country, the digital asset legislations and taxation rules, the number of ATMs, and the interest in the industry per capita. As a result, it determined that Hong Kong is currently the most crypto-ready nation.

The local government is quite open to the sector and does not impose taxes on investors and businesses that generate profits from trading digital currencies. Thanks to its small area, the density of crypto ATMs is among the highest, as there are two machines for every 100,000 people. Overall, the state amassed a result of 8.6 points out of 10.

The world’s leading economy and previous leader in that race – the USA – collected 7.7 points. The country has over 33,000 crypto ATMs, meaning there are ten devices per 100,000 people.

Switzerland followed with a result of 7.5 points. The nation, renowned as one of Europe’s financial hubs, does not tax crypto gains and is home to numerous blockchain startups. It is also worth mentioning that earlier this year, the authorities of the Southern Swiss city Lugano displayed intentions to introduce Bitcoin (BTC), Tether (USDT), and LVGA Points token as legal tender.

Also Read : How to make payment with Stablecoins using Crypto card