According to an international survey conducted by Statista, Nigeria has the highest usage or ownership of cryptocurrencies. Crypto-currencies are becoming more and more popular, despite multiple studies showing the extremely energy-intensive nature of bitcoin. Their use is still very limited in everyday life, but it tends to grow. Virtual currencies are also widely used for the potentially very high gains they can provide, although they are a risky investment and their prices remain very volatile.
In some parts of the world, there seems to be more interest in virtual currencies than elsewhere. This is particularly the case in Nigeria, where the adoption rate of these virtual currencies is the highest, according to a study conducted in the form of surveys in 74 states by the Statista platform. No less than 32% of Nigerians would have used or owned cryptocurrencies in 2020. If the young Nigerian population rushes so much on this type of assets, it is because there is a loss of confidence in the more traditional forms of investment, in a difficult economic context.
The use of cryptocurrencies is not legal in Nigeria, however. The Central Bank of Nigeria has even asked banks to close accounts using crypto-currencies (…)
In a country that relies heavily on its oil, the crisis will have hit Nigeria hard. And in the face of the loss of confidence in traditional forms of investment, Nigeria has become one of the world’s leaders in cryptocurrencies. One-third of Nigerians surveyed said they own or use digital currencies, the highest rate of any of the 74 countries surveyed.
Ironically, cryptocurrencies are still not legally allowed in Nigeria. The government recently asked banks to close accounts that used Bitcoin or other digital currencies. In 2020, the equivalent of $400 million in transactions were conducted there.
Greece leads Europe in lagging behind
Cryptocurrencies are also booming in Southeast Asia. Countries like Vietnam and the Philippines have established a legal framework to surround this rising practice.
On the European side, Greece (11%) has the highest usage of cryptocurrencies on par with Switzerland (11%). However, Europe is lagging behind like the Anglo-Saxon countries. France, for example, is at the same level as the United States around 6% of use, as is Belgium. It is worth noting that Japan is at the bottom of the list with 4%.