An African crypto and blockchain media adapted to the realities of the continent: this project would theoretically be a success. Nigeria leads 74 countries in the adoption of crypto media.
Nigeria far ahead of Switzerland
According to Statista data, Nigeria is the number one country in terms of adoption of Bitcoin and cryptomoney.
Nearly 1 in 3 respondents to the Statita survey indicated that they had used or owned cryptomoney in 2020.
The prevalence of peer-to-peer money mobile phones is said to have led many Nigerians to explore cryptography.
According to Statista, many Nigerian respondents reported having recently installed encrypted payment applications on their phones.
The survey results also show that many Nigerians use cryptos for international money transfers.
Data from Google Trends shows that Nigeria dominates in terms of search volume for the keyword « Bitcoin ».
South East Asia is also seeing a significant increase in the adoption of cryptos.
21% of Vietnamese and 20% of Filipinos reported using cryptomoney in 2020.
Just like the Nigerians, the Vietnamese and the Filipinos are reported to use cryptoskills mainly for sending money.
Turkey and Peru ranked 3rd and 4th respectively in terms of adoption of cryptos, with 16% of respondents in each country reporting the use of cryptos in 2020. Switzerland comes in 5th position.
Statista surveyed citizens from 74 countries.
Adoption and regulation: a negative correlation
The Central Bank of Nigeria had recently reaffirmed its willingness to ban the country’s cryptomonnages.
The State Bank of Vietnam also refuses to recognise cryptos as a legal means of payment.
In spite of very flexible regulations on encryption, the Japanese rank last in the world for the adoption of encryption, on a par with Denmark.
Banks have always had difficulty establishing their « dominance » in Africa. In some countries, 80% – 90% of the population is excluded from the banking system. Microfinance institutions are not doing any better – many MFIs also become banks after a few years. International remittances also face major obstacles in many African countries: restrictions linked to restrictive regulations, relatively high transfer fees compared to those of Northern countries, etc. Cryptos are suffering from a wind of hope for more inclusive finance in Africa, even if central banks are trying to stifle citizens with traditional finance that benefits only a tiny portion of the population.
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