Cryptocurrency in Nigeria has seen a new shift with the interest in the number of persons using cryptocurrency increasing than before amidst unclear regulations.
Statista, one of the world’s largest leading providers of markets and consumer data released a report of it’s recent survey across 65 countries geared towards the popularity in the use of cryptocurrency.
Moreover, the survey shows that Nigeria recorded the largest interest in the use and ownership of cryptocurrency across the world.
Nevertheless, reliance on remittances and the commonness of peer-to-peer phone payments and bitcoin markets have led to a steep rise of cryptocurrency use in Africa’s largest economy.
Almost, a third of the persons who took the survey said they have used or owned cryptocurrency in Nigeria.
Furthermore, cryptocurrency in Nigeria faces some regulatory issues of which the Security Exchange of Commission (SEC) has affirmed their commitment towards making it better.
In Africa, South Africa has the second highest rate of cryptocurrency ownership and use while other countries like Vietnam, Turkey and Peru are also among top countries according to the survey.
Additionally, buying and selling of cryptocurrency in Nigeria is mostly done using peer-to-peer markets. Nigerians make money using these Bitcoin P2P markets to buy and sell digital currencies.
However, remittance across borders in Africa is a huge factor towards the steep rise in the use and trading of cryptocurrency across Africa.
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