Poll: China Might be Next On Nigeria`s Footsteps

China might be the next to follow in Nigeria`s footsteps.
Nigeria is set to pass a bill recognizing Bitcoin and cryptocurrencies.
Morocco continues to be the top country in North Africa for the Bitcoin trade.

While the popularity of Bitcoin and other cryptocurrencies has grown rapidly in recent years, Cointelegraph has conducted a survey to determine which nations are most likely to follow Nigeria’s lead and legalize Bitcoin and other cryptocurrencies. Surprisingly, China came out on top, with 48% of voters placing their faith in the country’s likelihood to legalize cryptocurrencies.

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Notably, the People’s Bank of China (PBOC) prohibited any cryptocurrency transactions in late September 2021. The People’s Bank of China specifically mentioned how cryptocurrency may be used to launder money. It also expressed concern that the highly speculative character of cryptocurrency constituted a rising danger to China’s financial system.

Qatar, which ranked second, issued a warning to its banks against cryptocurrency trading in 2018. The letter urged financial institutions to “not deal with Bitcoin, swap it with another currency, create an account to deal with it, or make or receive any money transfers to purchase or sell this currency.” Anyone caught would face consequences.

African nations that forbid Bitcoin and other cryptocurrencies may still join the adoption race. For instance, Morocco came in third in the survey with 16% of voters feeling that the nation is on the verge of adopting Bitcoin.

Transactions with digital currencies are seen as an “infringement” of forex laws by Morocco’s foreign exchange bureau. As a result, crypto trading was outlawed in the nation in 2017 due to the dangers brought on by a lack of rules.

Morocco continues to be the top country in North Africa for Bitcoin trade, nonetheless.

In contrast, the Egyptian government said in 2019 that it will review its cryptocurrency regulations. This was an attempt to draft new legislation that would encourage the secure usage of cryptocurrencies. Regarding this new legislation, no more information has been released. As a result, 13% of voters believe Egypt will legalize cryptocurrency next.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.