Nigeria is one of the top countries within Africa in terms of using cryptocurrencies. It is currently leading all the countries of the sub-Saharan continent followed by South Africa and Kenya – at second and third.
Currently, the country is undergoing an immensely supported #EndSARS campaign. The campaign is accepting donations in the form of fiat currencies as well as cryptocurrencies, such as Bitcoin.
As per the news sources, most of the Nigerian citizens are holding strong processions against law enforcement agencies. Largely the protests are against the disbanded Nigerian SARS i.e. Special Anti-Robbery Squad. While the protests are engaging more and more Nigerians, various activist groups have devised funding methods. The funds collected will be spent on providing food, shelter, and support to the protestors. The protestors are urging the Government to bring reforms in policing which are pending for so long.
#EndSARS’s Feminist Coalition apprised why the movement is now accepting donations through Bitcoin. It explained that Bitcoin processed through BTC Pay is highly secured and there is no charging of any fee. Therefore given the circumstances, Bitcoin seems the perfect method of receiving donations, it stated.
The local Nigerian news reports suggest that the movement has so far received at least 8 Bitcoin.
The fund will also be spent on paying medical bills for those protestors who have sustained injuries during the protests. Further the movement also looking forward to renting out bodyguards for keeping protests safe against several gangs armed with weapons.
The reports suggest that SARS was given unbridled power over Nigerians and was reportedly abusing for its own ulterior motives. Civilians were beaten up and monies were extorted from them. In many cases, it was reported that people were put in jail without commissioning of any offense. The authority was used for politically motivated reasons and was under the heavy influence of powerful politicians. However, the #EndSARS movement is gaining more momentum each day.
The use of crypto assets is entirely unregulated in Nigeria. The country’s authorities have neither developed any regulatory framework on the use of cryptocurrency. When compared with bank transfers in and outside Nigeria exorbitant prices as fees are being charged. #EndSARS movement has therefore adopted Bitcoin as donations instead of traditional fiat.