Nigeria tops list of global crypto usage despite CBN ban
Despite the ban placed on cryptocurrency trading by the federal government, Nigeria topped the list of countries where citizens use cryptocurrency regularly.
According to data presented by BitcoinCasinos.com, Nigeria and Turkey lead in crypto ownership, with 47 per cent and 31 per cent of the population respectively owning a cryptocurrency in 2023.
The United Arab Emirates (UAE) follows with 31 per cent, while Indonesia and Brazil are listed fourth and fifth, with 29 per cent and 28 per cent, respectively.
The analysis shows that China and Japan have the smallest share of crypto adoption among their population, with 10 per cent and six per cent ownership respectively.
The survey revealed that the global crypto market revenue is expected to double to nearly $38 billion in 2023 compared to the revenue generated in 2022.
The analysis states that half of 2023 cryptocurrency value will come from the United States and the United Kingdom; both countries are not in the top 10 list of cryptocurrency adoption.
The data shows that developed countries have four times smaller crypto adoption. In the United States, only 16 per cent of the population uses or owns cryptocurrencies, ranking behind countries like Switzerland, South Korea, and Norway.
Germany, United Kingdom, France, and Italy have even lower crypto adoption rates in 2023.
In 2021, Godwin Emefiele, the governor of the Central Bank of Nigeria placed a ban on cryptocurrency trading by restricting financial institutions from approving transactions.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Heading 5
U.S. Open match interrupted over cannabis smell
Sabalenka raised the issue in the first set of the game, telling the umpire Eva Asderaki-Moore that “someone is smoking weed” before adding “because it’s so strong”.
Economy
Tinubu approves disbursement of maritime fund for indigenous shipowners
President Bola Tinubu has authorised the disbursement of the Cabotage Vessel Financing Fund (CVFF) to unlock funding for indigenous shipowners.
States
Gov Sanwo-Olu reaffirms commitment to vulnerable children
Mr Sanwo-Olureaffirmed his administration’s commitment to human capital development, particularly education and the empowerment of vulnerable children.
Lagos
Badagry ready to deliver victory for Tinubu, Hamzat in 2027: APC Chieftain
Mr Ajose said the people of Badagry remained committed to the APC’s ideals and progressive philosophy.
States
Troops rescue abducted victims in Nasarawa, Benue
Troops of Whirl Stroke rescued abducted victims in Nasarawa and Benue states.
States
Troops foil terrorist attack, recover arms in Sokoto
The troops of the Nigerian Army foiled a terrorist attack and recovered high-calibre guns and motorcycles in Tangaza LGA, Sokoto State.
