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Report: Nigeria ranked sixth in world’s crypto adoption index

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Nigeria, Africa’s largest economy, has been ranked sixth on a list of top 20 countries globally with the highest grassroots crypto adoption.

This was disclosed in the 2021 Chainalysis Global Crypto Adoption Index report on Tuesday.

According to the report, the African region has one of the highest grassroots adoptions, with Kenya, Nigeria, South Africa, and Tanzania ranking in the top 20 of its Global Crypto Adoption Index.

The report added that even though Africa has the smallest cryptocurrency economy of any region, having received $105.6 billion worth of cryptocurrency between July 2020 and June 2021, it is also one of the most dynamic and exciting globally.

“Africa has the third-fastest growing cryptocurrency economy, and a bigger share of its overall transaction volume made up of retail-sized transfers than any other region at just over 7 percent, versus the global average of 5.5 percent.”

“Peer-to-Peer platforms are especially popular in Africa compared to other regions, and many African cryptocurrency users rely on P2P platforms not just as an on-ramp into cryptocurrency, but also for remittances and even commercial transactions.”

The report also noted that cross-region transfers make up a bigger share of Africa’s cryptocurrency market than any other region at 96 percent of all transaction volume, versus 78 percent for all regions combined.

The Central Bank of Nigeria (CBN) had warned people who invest in cryptocurrencies, saying such currencies are not accepted as legal tender in Nigeria.

In February 2021, the bank directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

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