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Nigeria’s George Residence accepts Bitcoin for Payments

Nigeria's George Residence accepts Bitcoin for Payments

A luxury hotel in Nigeria, Lagos, plans to accept Bitcoin as a payment method. It will also introduce Bitcoin as its primary reserve currency as inflation concerns affect Africa’s biggest economy. George Residence confirmed its intention to start accepting Bitcoin this weekend, as per the 1st News, a Nigerian news publication. George Residence, which provides luxury hotel and premium apartment suites, will accept Bitcoin via a regional cryptocurrency brokerage, Coinvest Africa.

Yanju George, the CEO, declared in an official statement declared that the move to adopt bitcoin as their primary reserve asset is to hedge against fiat inflation. He states that “we have allocated around 50% of our cash reserves to Bitcoin, and we hope to increase that as time goes on.” Moreover, he further stated that they had listed Bitcoin as a means of payment for their payments, collaborating with Coinnest Africa to process their crypto payments.

Established in the heart of Lekki Lagos, George Residence is Nigeria’s famous premium outlet. After opening its doors in 2020, people have crowded to its unique and luxury experience. Thus, making it one of the most significant players in the Nigerian hospitality industry. George Residence plays host to celebrities, ex-pats, and business executives against the backdrop of the state-of-the-art facility, affluence, and magnificent ambience.

Nigeria’s Inflation Rate Increasing Amidst Covid-19 Outburst

Moreover, Since 2016, Nigeria’s inflation rate has been in the double digits. Currently, it reached 17.33%, the highest after February 2017, as the economic impacts of Covid-19 and depreciating local currency proceeds to take their toll. Moreover, Inflation is one of the causes why Nigeria has become the bastion of crypto adoption in Africa. Following 2015, Nigerians have traded over 60,200 bitcoin on Paxful, a crypto P2P trading platform.

The legal status of crypto in Nigeria is debated after the central bank prohibited financial services companies from servicing digital crypto exchanges. Nevertheless, Adamu Lamtek, deputy governor of the Central Bank of Nigeria, later explained that the regulator didn’t forbid Nigerians from trading or holding cryptocurrencies. The Securities and Exchange Commission of Nigeria functions with the central bank to produce a new legal framework for digital assets.

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