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  • keyboard_arrow_right Cryptocurrency: Nigeria Ranks 6th On Adoption Despite CBN Ban


Cryptocurrency: Nigeria Ranks 6th On Adoption Despite CBN Ban

Oluwaseye Ogunsanya August 19, 2021 34

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Nigeria is the 6th leading country in the world in terms of cryptocurrency adoption, testament to the resilience of peer-to-peer monetary systems since the Central Bank of Nigeria banned cryptocurrencies.

According to the Chainalysis’ 2021 Global Crypto Adoption Index published on Wednesday, global adoption of crypto assets has jumped by over 2,300 per cent since third quarter 2019 with P2P platforms driving the use of crypto currency in emerging economies.

Chainalysis is a blockchain data platform which provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries.

“At the end of Q2 2021, that total score stands at 24, suggesting that global adoption has grown by over 2,300 per cent since Q3 2019 and over 881 per cent in the last year.” The report said

“Our research suggests that reasons for this increased adoption differ around the world – in emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions, while adoption in North America, Western Europe, and Eastern Asia over the last year has been powered largely by institutional investment.

“In a year when cryptocurrency prices rose dramatically, each region’s respective reasons to embrace the asset class seem to have proven compelling.”

Vietnam, India, and Pakistan are the leading nations in terms of cryptocurrency adoption. The index evaluated 154 countries based on three key metrics: on-chain cryptocurrency value received, on-chain retail value transferred and peer-to-peer exchange trade volume.

The company added, “Several countries in emerging markets, including Kenya, Nigeria, Vietnam, and Venezuela, rank high on our index in large part because they have huge transaction volumes on peer-to-peer platforms when adjusted for PPP per capita and internet-using population.

“Our interviews with experts in these countries revealed that many residents use P2P cryptocurrency exchanges as their primary on-ramp into cryptocurrency, often because they don’t have access to centralised exchanges.”

Kenya was ranked higher than Nigeria at number five, becoming the continent’s leader in terms of crypto adoption. The United States and China were ranked eighth and ninth respectively.

Togo was ranked in 9th position, while South Africa and Ghana were ranked 16th and 17th respectively, rounding off the five African countries in the top 20 nations in the world.

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