Other countries, besides Nigeria, where authorities won't let you use cryptocurrencies

Since it was introduced over a decade ago, only about 30 of the world’s 196 countries have embraced and expressed a positive stance towards cryptocurrency usage in their economies.

While the United States of America, Australia, Canada, and the European Union (27 countries) have accepted its usage by working to prevent or reduce the use of digital currencies for illegal transactions, cryptocurrencies remain banned in China, Russia, Vietnam, Bolivia, Columbia, and Ecuador.

The Central Bank of Nigeria has repeatedly warned banks about cryptocurrency transactions.

The apex bank on Friday directed banks in the country to close all cryptocurrency-related accounts.

“Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for the cryptocurrency is prohibited,” the CBN said.

The directive has since generated concerns especially on social media, with many young people expressing their fears about the clampdown and what it means for the future of the digital currency.

Aside from being the biggest crypto market on the African continent, in terms of trade volume, Nigeria is the second biggest bitcoin market in the world, after the United States. Nigerians are said to have traded about 60,200 bitcoins since 2015.

Before now, against the backdrop of the Nigerian government’s position against its adoption and growing popularity, big businesses have been quite reluctant to tap into the rapidly growing digital currency ecosystem, as many have refused to accept it as a means of exchange.

Yet outside Nigeria, big businesses like Dish Network (DISH), the Microsoft Store, Sandwich Retailer Subway, and Overstock.com (OSTK) welcome payment in Bitcoin.

A report by Investopedia says the digital currency has also made its way to the U.S. derivatives markets.

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The Bitcoin – the most popular cryptocurrency, alongside…