Nigerian Short-let, George Residence To Accept Bitcoins

    In a first, especially after the ban of the use of bank accounts for the trading and exchange of cryptocurrencies in Nigeria, a company based in Lagos has announced that it will accept Bitcoin for its services. This is coming on the heels of major announcements by companies in the Europe and America of their willingness to process their transactions in cryptocurrencies. 


    Tesla for example in a tweet by its CEO, Elon Musk, that it will now accept Bitcoin as a form of payment and further went to mention that it would not exchange its Bitcoin for fiat meaning it will form part of its cash and cash equivalents on its balance sheet or statement of financial position.


    The George Residence, an apartment-hotel in Lekki recently announced in a statement by Yanju George, the CEO of the company, that it will now receive payments in Bitcoin.


    He said “ Bitcoin is the currency of the future, and it is only right that we are positioned, so we do not get left behind. We have also allocated around 50% of our cash reserves to Bitcoin, and we hope to increase that as time goes on.


    This is a good development for the increasing adoption of cryptocurrencies by businesses and there is hope that the government will soften its stance on the currency.


    Ohi Ozoya
    Ohi Ozoya is the Founder at Leadbooks, a provider of bookkeeping, tax and advisory services to small and medium size companies.

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