Nigeria 6th in world’s crypto adoption index

Nigeria 6th in world’s crypto adoption index

Nigeria 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, September 14.

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.

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.”

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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.

1st News had reported that the Central Bank of Nigeria (CBN) warned people who invest in cryptocurrencies; saying such currencies are not accepted as legal tender in Nigeria.

Meanwhile, the Nigerian Medical Association (NMA) has said that ending its protracted strike was dependent on the speedy implementation, by relevant Ministries, Departments, and Agencies (MDAs) of government, of the MoU entered into with it on Aug. 20.

The association said this in a statement signed by its National Publicity Secretary, Dr Aniekeme Uwah, on Tuesday, September 14, in Abuja.

The statement was issued on the heels of the association’s courtesy visit to President Muhammadu Buhari, at the State House, Abuja, on Sept. 10.

“We call on the relevant MDAs of government to expedite action; towards ensuring that the demands of all our members as encapsulated in the MoU signed on 20th Aug. 2021, are implemented.

“I urge the MDAs to implement these demands without any further delay; in line with the directive of President Muhammadu Buhari, GCFR; so that our members, who are currently on strike, can return to work”, the NMA said.


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