Recently, two interesting things happened regarding cryptocurrency. The first is that El Salvador has become the first country to adopt bitcoin as legal tender, and the second is that Africa is leading the world in cryptocurrency adaptation, a report said.
These two updates are a gigantic relief especially after the continuous fall of bitcoin and some major cryptocurrency stocks. Bitcoin reached almost half compared to the value it had one month ago, and a similar downfall was reported with some other popular cryptocurrencies.
After the report which stated that Africa is leading the cryptocurrency adaptation during CoinDesk TV’s “First Mover” show on Friday Ray Youssef, CEO of peer-to-peer lending platform Paxful stated that “ All eyes should be on Africa now. The number of transactions on Paxful in Africa, with Google searches mainly from Nigeria, reflects the tremendous momentum around cryptocurrency adoption. Africa is leading the way in global cryptocurrency adoption”.
Paul-Omon Inegbedion, CEO of Poicoin also agrees with Ray Youssef and said in a statement that Africa is going through an economic revolution never seen before. The market here is poised for widespread adoption of crypto and the cryptocurrency here continues to grow.
According to data shared by CoinDesk, Nigeria is by far the largest market for some new cryptocurrencies. Cryptocurrencies like bitcoin (BTC, +0.86%) are increasingly used as an alternative store-of-value, thanks to Nigeria's tough exchange rate policy, inflation, and numerous unbanked adults.
It was also reported that earlier this year, the Central Bank of Nigeria (CBN) ordered local banking institutions to recognize and close any accounts linked to the crypto platform. The order received a swift response and CBN has since eased its position somewhat. However, Nigerian users started trading on peer-to-peer platforms to avoid negotiating with local banks.
It has been observed that young Nigerians have built their alternative financial networks. On this Youssef as well as Paul-Omon Inegbedion made a common statement that: “It is only a harbinger of things to come. We are only beginning to see what Africa is capable of”.
Apart from major markets like Nigeria, new markets are popping up every day. They expect Cameroon and Ethiopia to be strong contenders for emerging crypto markets in the next few years.
Poicoin CEO said that their cryptocurrency POICOIN (https://poicoin.net/) is doing great in Africa, it was also shared that there is a ICO Pre-sale event that has been organized in which POI are available at just $0.10 for the registered users. After observing the result of sale, Paul-Omon Inegbedion decided to run one more ICO Pre-sale event which will start from July 5, 2021. 23:59 UTC and will end on July 20, 2021 23:59 UTC. A total of 20,000,000 POI tokens will be available for buying at $0.15/POI price during this phase of pre-sale.
Paul-Omon also shared information about Poicoin, He said that Poicoin is Africa's First Coin in VALUE EXCHANGE and EMPOWERMENT. Poicoin is here to review the dying economy of Africa. It will bring existing users and non-blockchain users into an ecosystem comprising cryptocurrency and blockchain. With it, young Africans will get easy access to training, mentorship and finance for their startups as well as for their living. It will also work as the fastest mode of payment, making purchase transactions easy. Additionally, in Poicoin ecosystem you will get access to all the stuff you are looking for with features like better quality, faster transaction and secure platform. And users can enjoy every bits-and-pieces with DApps installed on their smartphone.