A Luxury hotel in Lagos, Nigeria, The George Residence accepts Bitcoin (BTC) as a form of payment. George Residence confirmed its intent to begin accepting Bitcoin this weekend, according to Bussiness Day, a Nigerian news publication.
“We have allocated around 50% of our cash reverse to Bitcoin…We hope to increase that as time goes on,” said Yanju George, the company CEO. “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.”
He continued, “Bitcoin allows our guests a faster and more secure way to enjoy the comfort we offer. Our residents desire simplicity, and we are excited to be able to offer that to them”.
They have partnered with Coinvest Africa, a leading cryptocurrency brokerage firm, to process their cryptocurrency payments. This service will start this week. Guests will be able to make reservations and bookings using Bitcoin, the world’s fastest-growing currency.
Nigeria’s inflation rate has been double-digit since 2016. Recently, it peaked at 17.33%. This has been made more complicated as the local currency naira weakens and the COVID -19 pandemic keeps impacting the economy.
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One of the main reasons is Inflation why Nigeria has become the bastion of crypto adoption in Africa. Nigeria’s Securities and Exchange Commission works with the central bank to develop a new legal framework for digital assets.
The Central bank of Nigeria (CBN) banned financial institutions from supporting crypto transactions. However, the Vice Governor of the CBN later clarified that the regulator didn’t ban Nigerians from trading and holding cryptocurrencies. Nigerians resorted to using a peer-to-peer platform such as LocalBitcoin and Paxful. They also Use P2P features available on Binance, which is the leading cryptocurrency exchange in the country.
