George Residence, Lagos, Nigeria, is getting ready to start taking Bitcoin from customers who would like to book any of their rooms. The hotel is a crypto friendly one as most of its properties are now valued in Bitcoins.
One of the main reasons for the decision to start taking crypto soon is to hedge against inflation which has been a major challenge in the African country.
The intention was made known today when George Residence hinted 1st News, a Nigerian media house. George Residence has said it will partner with Coinvest to collect the coins as a broker. Coinvest is a known cryptocurrency broker in the African continent.
The CEO of George Residence, Yanju George, had this to say:
We have allocated around 50% of our cash reserves to Bitcoin. […] We hope to increase that as time goes on.’’ He added: “Bitcoin is the currency of the future and it is only right that we are strongly posiioned so we do not get left behind.
The CEO expressed hope that once BTC becomes a medium of exchange in the hotel, their services will improve.
Every year since 2016, the inflation rate in Nigeria has been increasing rapidly. Not too long ago, Nigeria’s inflation rate reached 17.33% , the worst for the past 38 months. Apart from lack of economic policies that should increase Naira’s value, COVID-19 has also contributed to its decline.
Many Nigerians already have no faith in the Naira. No wonder they are the second on Paxful with the highest volume of trades in BTC since 2015. Nigerians on Paxful have traded a total of over 60,000 BTC and only the U.S clients on the platform can boast of a bigger figure.
No one is sure about what the government of Nigeria is trying to do on cryptocurrencies after it sanctioned commercial banks from having any dealings with crypto users. Nevertheless, Nigerians still feel they can talk about it anywhere since CBN’s assistant governor mentioned that a ban on cryptocurrency was never pronounced by his institution.
Last week, it was reported that a new set of rules for crypto in Nigeria will be released after due consultation with the stakeholders in both the central bank and the Securities and Exchange Commission.
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