Nigerians Lead Africa in Crypto Adoption

The UN Conference on Trade and Development says that Nigeria has the third most people who own cryptocurrency in Africa (UNCTAD). This ranking is based on the fact that more than 13 million people live in Nigeria, which makes it the third country with the most people who own digital assets. Investing in crypto may be done on https://bitcoinprime.software, the top trading platform.

The UN Conference on Trade and Development (UNCTAD) said that the rising popularity of cryptocurrencies could be because they offer “an attractive way to transfer remittances.”

But then, UNCTAD said that based on its research, “the use of cryptocurrencies may increase the risk of financial instability.” It also said that using cryptocurrencies could “give money that shouldn’t be around a new way to move.” This is what UNCTAD said in a report after their research.

The UNCTAD policy brief also said, “Lastly, if nothing is done, cryptocurrencies could become a common way to pay and even replace national currencies informally. This could make it harder for a country to handle its own money.”

The biggest worry about stablecoins is that they might be used in developing countries that need reserve currency but can’t get it.

The agency also said that trading cryptocurrencies should be taxed or have “entry fees for crypto-exchanges.”

Some people said that fewer people would use cryptocurrencies if this happened. At the same time, he pushed for limits on ads for cryptocurrencies and for a central bank to make a digital currency (CBDC).

In the meantime, UNCTAD data shows that the value of global trade reached a record $7.7 trillion in the first quarter (Q1) of 2022. This is almost a trillion dollars more than at this time in 2021.

Kenya and South Africa had the worst rates.

By 2021, 211 million people are expected to live in the country. This means that just over 13 million of them will have digital currencies.

People in Kenya were the most likely in Africa and the fifth most likely in the world to have digital currency, at 8.5%.

People in Kenya have less cryptocurrency than people in Ukraine, Russia, Venezuela, and Singapore. 12.7% live in Ukraine, 11.9% in Russia, 10.3% in Venezuela, and 9.4% in Singapore.

In South Africa, 7.1% of people said they would own or hold cryptocurrency in 2021. This was the second-highest percentage in Africa and the eighth-highest in the world.

On the other hand, the Securities and Exchange Commission (SEC) has only recently started to think about ways to open up the bitcoin industry.

Cryptocurrencies are being used by more and more people worldwide, but Nigeria is now the country that uses them the most. A recent survey found that more than 60% of Nigerians had either paid with or owned some kind of cryptocurrency, which is becoming a more common way to pay.

How did Nigeria become one of the places where people use cryptocurrency the most? Let’s look at three things about this West African country that make it special.

People pay more when prices go up.

Nigeria’s high inflation is one of the main reasons why so many people now use cryptocurrencies. In the past few years, the value of the national currency, the naira, has dropped so much that it is hard for people to save or invest their money.

Mobile Money Revolution

The rise of mobile money as a way to pay is the third and final reason cryptocurrencies are becoming more popular in Nigeria. Most of the time, people use cryptocurrencies to send money to another country. Even though more and more people are getting cell phones, more than 60% of people already have them.

Some of the reasons why more and more Nigerians are using cryptocurrency are listed above. This West African country was one of the first to use cryptocurrencies, which shouldn’t be surprising. People don’t trust traditional institutions, and mobile money changes how people pay for things.