Crypto is empowering Nigerian citizens to become their own Central Bank of Nigeria through harnessing the power of peer-to-peer currency exchange
February 12, 2021/CMDX
On the heels of the Central Bank of Nigeria’s (CBN) directive to shut accounts with ties to crypto trading, the only thing that has changed is the Nigerian people’s tenacious belief in the power of peer-to-peer currency exchange has become stronger.
While banks have quietly been cutting ties with crypto exchanges, the Nigerian people continue to flood to P2P currency exchanges despite the directive. Nigerians investing in crypto see the currency as a powerful option to build wealth and lift themselves out of poverty—a more viable option than the naira, Nigeria’s depreciation-prone currency.
Crypto experts have been watching Africa, and Nigeria specifically, with interest for some time. Nigeria has become a global hotbed for P2P exchanges and #2 market in the world to adopt cryptocurrency. Many look to the country as a model of what is possible globally as crypto gains more trust and popularity worldwide.
Investing in and trading crypto has helped Nigerians circumvent what they see to be unfair regulations and avoid the country’s national currency volatility. Crypto has empowered many Nigerian citizens to make a livelihood out of trading alone while also circumventing federal trade restrictions with China. And with banks in the country cracking down on traditional ways of trading crypto, Nigerians have vowed to become more resourceful in finding ways to continue to trade that will help them avoid detection.
While Nigerian traders might be barred from making direct trades and purchases on exchanges like Binance, they may be able to skirt these restrictions by relying on peer-to-peer transactions. P2P transactions allow investors to trade tokens and currency with other users versus utilizing the centralized purchasing features on crypto exchanges.
One smart currency network that has gained popularity for Nigerian investors and will continue to grow thanks to the platform’s flexibility is CMDX. Dubbed the Bitcoin of Healthcare, CMDX utilizes crypto as an incentive. CMDX’s global community members earn crypto by sharing their health data with the company through wearable fitness technology. Once they share their data, CMDX rewards users with crypto.
Members can then spend their rewards on CMDX’s health network by purchasing various goods, engaging in P2P trading, or selling or trading it on traditional and DeFi crypto networks. In addition to the ability to earn crypto and build wealth through engaging in healthy activities, community members can also set up their own marketplaces on CMDX and offer various health and wellness goods and services to other members on the platform.
Across the CMDXNetwork, community members can become their own bank create their own economy and perform transactions when they want with whom they wish to, providing a solution to building wealth through crypto in a way that may not violate CBN’s current crackdown on crypto.
“We believe in giving our community members control over both their health and wealth through our innovative Universal Basic Data Income model,” said Tom McMurrain, CEO of CMDX. “Members can quickly and easily build their wealth by sharing their health data and then use their crypto rewards however they see fit. Our P2P model truly turns each individual into their own bank, a philosophy that people worldwide, especially Nigerians, have supported. Liquidity and usability are two key attributes that most cryptocurrencies lack and CMDX has designed into its membership, subscription and ecommerce. We look forward to continuing to empower our Nigerian community members to write their own scripts on their financial futures and build their wealth through our innovative smart currency model.”
