Capital controls introduced in Nigeria because of the falling national income are expected to raise bitcoin awareness in the most populous African country. The same situation can be expected in other major oil-producing countries.

To stop the capital outflow from Nigeria, the Central Bank of the country adopted a harsh measure: on 21 December 2015 it ordered Nigerian commercial banks to suspend the use of their debit and credit cards abroad from 1 January 2016 onwards, says BBC. The reason for this decision is the recent plunge of the price of oil, the main Nigerian export, and subsequent fall of Nigerian Naira.

This move cuts many Nigerian merchants and consumers from the outside world. Nigerian bitcoiners believe it may propel them to adopt bitcoins. Victor Yerima of Africash International told Cointelegraph that Nigerian bitcoin exchanges can hardly meet the market demand for bitcoin. He wonders “what will happen after January 1, 2016”. However, the consequences for bitcoiners might be not only positive. Geoffrey Weli Wosu of Voguepay says that the new law “will make bitcoin the hottest thing to have your hands on in Nigeria”. In the same time,

“The ban could also be sad news for bitcoiners since there are not so many miners within the Nigerian market and earning will become the only available option since those who need the currency may not be able to pay for it internationally.”

If the price of oil stays low, other oil producers may be tempted to follow Nigeria. It may lead to more bitcoin awareness on global scale.

Alexey Tereshchenko