The hotel management is concerned about the level of inflation in the country. Therefore, the hotel from now on will not only accept Bitcoins, but also use them as a reserve currency
50% of the money reserve will be spent on the purchase of Bitcoin. It's the currency of the future, and you have to be in the rearguard of innovation, said Janju George, the hotel manager.
Digital assets will be operated through brokerage firm Coinvest Africa. Guests will be able to rent luxury apartments, quickly and safely paying the costs with Bitcoins.
In Nigeria, companies are forbidden to provide services for the crypto exchange. However, as the regulator stressed, Nigerians are not forbidden to trade cryptocurrency. In this regard, the number of P2P transactions in the country has increased by 27%.
This is due not only to the popularity of earnings on crypto, but also to the need to save valuables from inflation. Its level in this country has recently reached 17.33%.
This is the highest figure since February 2017. In many ways, the situation with inflation is explained by the negative economic impact of COVID-19 and the weakness of the naira (NGN) the national fiat currency.
It is because of inflation that Nigeria is the number one country for crypto trading. Over 6 years, more than 60,200 BTC have been sold on Paxful by Nigerians. Only the U.S. market is more active in Nigeria.
The situation may change in the future. It is not yet clear whether the regulation will be stricter or vice versa. However, it is reported that the Central Bank and the Nigerian SEC are developing a new legislative framework for crypto assets.