A report from one of the leading cryptocurrency exchange platforms, Binance, has revealed that Nigeria leads the world in the adoption of crypto this year, despite the federal government ban on the trading of digital assets in the country. Binance ranked Nigeria in the top five countries for crypto adoption based on a Statista survey. Nigeria topped the list at 32 percent, over Vietnam, the Philippines, Turkey, and Peru.
Almost a third of Nigerians surveyed by Statista used or owned crypto at some point.
The Binance report stated, “Topping the list is the African nation of almost 200 million people, mainly on the younger, more tech-savvy side. With most Nigerians adept at sending money and paying through their phones, almost a third of Nigerians surveyed by Statista have used or owned crypto at some point.” Nigeria’s adoption and rates of cryptocurrency trades have continued to rise despite firm opposition from the government. Other African nations have also been among the top countries that have embraced cryptocurrencies this year.
Nigeria continues to top on Google searches for Bitcoin.
Earlier, UsefulTips reported that nearly $40 million worth of Bitcoin was traded in the last 30 days by Nigerians, and On Google trends, Nigeria continues to top on searches for Bitcoin. Though the country’s Central Bank had banned the trades of cryptocurrencies in February, claiming the decision was made to protect Nigerians from the volatility of the market, it turned around to announce a trial run of its own digital currency from October. Earlier, Twitter and Square CEO Jack Dorsey had hailed Africa as the most important continent for the future of cryptocurrencies and bitcoin.