Nigerian luxurious hotel to accept Bitcoin payments
A luxury Nigerian hotel located in Lagos city, will accept BTC as a form of payment and adopt the digital asset as its primary reserve currency as concerns about inflation continue to grip Africa’s largest economy.
According to an article published by 1st News, George Residence, which offers luxury hotel and premium apartment suites, confirmed its intent to begin accepting Bitcoin this weekend. It will accept BTC through a regional cryptocurrency brokerage Coinvest Africa.
"We have allocated around 50% of our cash reserves to Bitcoin. [...] We hope to increase that as time goes on,’’ said Yanju George, CEO of George Residence. Adding, “Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.”
“Bitcoin permits 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.”
The inflation rate in Nigeria has been consecutively in double digits since 2016. Recently, it peaked at 17.33%, the highest since February 2017, as the economic impacts of COVID-19 and a weakening local currency continue to take their toll.
Inflation is one of the major reasons why Nigeria has become the leading country in crypto adoption in Africa. Nigerians have traded over 60,200 BTC since 2015 on Paxful, a crypto peer-to-peer trading platform, second only to the United States.
Though, the legal status of cryptocurrencies is being disputed in the country after the central bank banned financial companies to deal with crypto exchanges. However, Adamu Lamtek, deputy governor of the Central Bank of Nigeria, later clarified that there is no ban on the trading or holding on cryptocurrencies.