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Cryptocurrency

Nigerian hotel becomes country’s first to accept Bitcoin payments

April 26, 2021. Summarized by summa-bot.

Compression ratio: 47.1%. 1 min read.

George Residence in Lagos has announced that it will accept BTC and make the cryptocurrency its primary reserve currency.

A luxury hotel in Lagos, Nigeria will reportedly accept Bitcoin (BTC) as a form of payment and adopt the digital asset as its primary reserve currency as concerns about inflation continue to grip Africa’s largest economy.

George Residence, which offers luxury hotel and premium apartment suites, will accept BTC through Coinvest Africa, a regional cryptocurrency brokerage.

Inflation is one of the reasons why Nigeria has become the bastion of crypto adoption in Africa.

The legal status of cryptocurrencies is being disputed in Nigeria after the central bank banned financial services companies from servicing digital currency exchanges.

However, Adamu Lamtek, deputy governor of the Central Bank of Nigeria, later clarified that the regulator didn’t ban Nigerians from trading or holding cryptocurrencies.

As Cointelegraph recently reported, the Securities and Exchange Commission of Nigeria is working with the central bank to develop a new legal framework for digital assets.

by summa-bot

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