Nigeria is the sixth driving country on the planet as far as digital currency reception is concerned. A demonstration of the flexibility of shared financial frameworks since the Central Bank of Nigeria prohibited cryptographic forms of money.
According to the Chain analysis’ 2021 Global Crypto Adoption Index published on Wednesday, global adoption of crypto assets has jumped by over 2,300 percent since the third quarter of 2019 with P2P platforms driving cryptocurrency usage in emerging economies.
Chain analysis is a blockchain data platform. It provides data, software, services, and research to government agencies, exchanges, financial institutions, insurance and cybersecurity companies in over 60 countries.
The report said, “At the end of Q2 2021, that total score stands at 24, suggesting that global adoption has grown by over 2,300 percent since Q3 2019 and over 881 percent in the last year.
“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 centralized exchanges.”
Kenya was positioned higher than Nigeria at number five, turning into the mainland’s innovator as far as crypto reception. The United States and China were positioned eighth and ninth individually.
Togo was positioned in the ninth position, while South Africa and Ghana were positioned sixteenth and seventeenth individually, rounding off the five African countries in the top 20 nations in the world.
Ada Peter
