In a striking testament to the resilience and passion of Nigeria’s cryptocurrency community, a recent report from blockchain technology firm ConsenSys has unveiled that a staggering 76% of Nigerian respondents currently possess or have previously held digital assets.
This revelation comes amidst ongoing regulatory challenges and obstacles faced by cryptocurrency enthusiasts in the country, News About Nigeria gathered.
ConsenSys conducted this groundbreaking research as part of a global Web3 perception survey, providing valuable insights into the cryptocurrency landscape across 15 countries.
The report’s focus on Nigeria has shed light on the nation’s unwavering commitment to cryptocurrencies, despite hurdles and uncertainties in the regulatory landscape.
Nigeria, Africa’s largest economy, has emerged as a leading hub for cryptocurrency adoption and awareness. The ConsenSys report revealed that 99% of Nigerians exhibit a high level of understanding when it comes to Web3 technologies, surpassing major global economies like the United Kingdom, the United States, Japan, and Germany.
Among the key findings, Bitcoin (BTC) and Ether (ETH) emerged as the most commonly held cryptocurrencies among Nigerian enthusiasts. Surprisingly, other cryptocurrencies like Binance Coin (BNB) and Dogecoin (DOGE) ranked higher in ownership compared to Tether (USDT), the world’s largest stablecoin.
Nigeria’s cryptocurrency community has not only showcased their awareness but also their enthusiasm for digital assets.
Remarkably, 90% of Nigerian 1,001 respondents expressed their interest in investing in cryptocurrencies over the next year. This interest could be seen as a response to the economic uncertainties that have driven many to view cryptocurrencies as a hedge against hyperinflation and monetary devaluation.
Despite regulatory challenges, such as the Central Bank of Nigeria’s actions to sever ties between cryptocurrency exchanges and local banks in February 2021, the ConsenSys report highlights a fascinating perspective. Nearly half of the respondents, precisely 50%, believe that regulators should focus on creating laws that encourage participation while ensuring the protection of investors.
Nigeria’s crypto enthusiasts have clearly shown their determination and resilience in the face of regulatory hurdles. With an overwhelming majority holding digital assets and a strong appetite for further investments, the future of cryptocurrencies in Nigeria remains promising. These findings reinforce the notion that Nigeria continues to be a standout leader in the global cryptocurrency landscape, defying challenges with unwavering enthusiasm.