Nigeria is not only Africa’s biggest cryptocurrency market but is also a leading adopter of digital currencies globally.
Official figures show the country is well ahead of fellow African countries. Citizens of the West African state use cryptocurrencies for cross border payments as well as for international remittances among many growing use cases. However, this growth momentum faces a threat from an old vice — scams.
Cryptocurrency-related scams threaten to overrun the blockchain space as new ones get launched all the time. Adding to the woes is the global pandemic, covid-19, which appears to have opened a new artery for criminals.
Many concerned stakeholders are now raising the alarm as they try to turn the tide against criminals. The Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the equivalent of Nigeria’s blockchain association, is one organization sounding the alarm.
Scams: A Threat to Crypto Adoption
SIBAN is mandated with promoting cryptocurrency adoption as well as ensuring consumer protection…