Nigeria as Giant Of Africa is quickly aiming to claim a new title “Giant of Crypto”. In 2020, Nigeria became the world’s second-largest Bitcoin market after the United States. It also registered over 10,000 New Students in the Crypto Ecosystem.
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Results from a recent study by Statista have shown that Cryptocurrency use is on the rise in Nigeria with 33% of Nigerians either using or owning cryptocurrency.
Cryptocurrency has become popular all over the world, It is a cheaper solution to sending money across borders within and outside Nigeria, its anonymity and Decentralization are some of the numerous usages that have skyrocketed it.
Out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency.
— World Economic Forum (@wef) February 18, 2021
Cryptocurrencies eliminate the need for banks and other financial institutions in managing the exchange of currency and assets.
Despite the technology being decentralized with no government, company, or person controlling It, The Central Bank of Nigeria (CBN) has placed a ban to crack down on the trade of cryptocurrencies.
The CBN did not state the reason for the circular, This isn’t the first time the CBN has tried to control cryptocurrency trade. In 2017, it released a similar circular, but it did not stop the cryptocurrencies popularity in the West African nation.
Since the ban, Bitcoin trade volume in Nigeria has increased, Estimates show that Nigerians have traded nearly $600 million in Bitcoin in the last five years, making it the second-largest Bitcoin market after the United States.
The second and third highest rates of cryptocurrency use in the survey were recorded in Vietnam with 21% adoption and the Philippines 20% adoption respectively.
Japan was the country in the survey where the fewest people said they used or owned cryptocurrency. Only four percent said they had experience with crypto products, the lowest in the survey together with Denmark.