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Cryptocurrency is used by a lot of Nigerians

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By Nicole

It is shown that 90 million people use or own cryptocurrency in Nigeria.

According to a recent study by Trading Browser, 90 million people in Nigeria use or own cryptocurrencies. According to the survey, Nigeria will have the most cryptocurrency owners worldwide in 2022. According to the study, Nigeria, the largest economy in Africa, took first place, with over half of the population reporting using or owning bitcoin. This is equivalent to 45% of the total population. Nigeria has a population of just over 200 million people, and a significant portion of the country’s young people either own or trade cryptocurrencies.

Our youth nevertheless find comfort in the Peer to Peer (P2P) transaction model implemented by Binance and Paxful, despite the Nigerian government’s earlier restriction on commercial banks supporting cryptocurrency transactions. A closer look at the survey reveals that Thailand is in second place, with over 30 million people, or 44% of the population, reportedly utilizing or owning cryptocurrencies. Following Thailand, 40% of Turkey’s population, or over 33 million people, will own and use cryptocurrencies by 2022. Turkey is a transcontinental nation. Between 2019 and 2022, Turkey’s cryptocurrency adoption increased, from 20% to 40%.

One in three people in the United Arab Emirates are bitcoin owners.

Argentina, the first South American nation on the list, holds the fourth spot with a 35 percent ownership and usage rate in 2022, or about 16 million people. Being in fifth place, it is not unexpected to see the United Arab Emirates on the list with approximately 10 million individuals, or 34% of the population, expected to own or use cryptocurrencies in 2022. One in three people in the United Arab Emirates are bitcoin owners. Other nations on the top ten list include Vietnam, which is rated seventh with a 27 percent adoption rate, and the Philippines, which is sixth with a 29 percent adoption rate. Brazil is placed ninth, South Africa is on the tenth spot, while India and Singapore are tied for eighth place.

The Federal Reserve of the United States has claimed that despite its vulnerability, cryptocurrency has a tremendous amount of potential for innovation. The US government won’t want to “Strangle” the innovation, said Fed Chairman Jerome Powell. The Federal Reserve Chairman, who yesterday spoke before the Senate Banking Committee, claims that cryptocurrency has useful technology that can speed up innovation and improve lives. Powell told the committee, “We have to be open to the notion that, somewhere in there, there is a technology that can be featured in constructive innovation that improves people’s lives. We don’t want to put a brake on innovation, he continued.

Congress needs to step in to provide a workable legal framework.

Investors King is aware that the cryptocurrency community was on edge prior to Powell’s speech and was hopeful he would not make a disparaging comment about cryptocurrencies. Mr. Powell did point out that banks should exercise caution when investing in digital assets. He has often issued warnings on several instances. With recent occurrences, like as the FTX disaster, serve as compelling evidence of the industry’s high risk profile. A current illustration of the risks of cryptocurrency concentration in banking is the Silvergate bank issue, where most of its crypto clients, including Coinbase, have withdrew their deposits.

They have only witnessed a remarkable series of crypto-related incidents. Numerous factors, including the recent upheaval in the crypto realm, imply that regulated financial institutions should proceed with extreme caution in this area, he said. Powell did assert, however, that Congress must intervene to provide a “workable legal framework” for digital assets in the United States. However, he made the point that stablecoin require some consideration because they are connected to the dollar. Recall that US officials classed the widely used stablecoin BUSD as a security and accused Paxos of violating company law.

Binance releases a new update on both naira deposit and withdrawal fees.

Namely the biggest cryptocurrency exchange in the world, Binance, has updated its policies on withdrawal and deposit fees in naira. The corporation increased transaction limitations for Nigerians using its platform, both inactively and actively. The daily transaction limit within Nigeria for nominal users has increased from 2 million to 5 million naira, while it has climbed from 5 million to 18.7 million naira for active users, according to a blog post on the Binance website. The most popular cryptocurrency exchange platform in Africa recently unveiled a new fee structure for naira deposits and withdrawals, with a N100 minimum cost and 0.50% on any sum between N1,000 and N50,000.


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AN-Toni
AN-Toni
Editor
8 months ago

Cryptocurrency is used by a lot of Nigerians.It is shown that 90 million people use or own cryptocurrency in Nigeria.Express your point of view.

SarahDiv
SarahDiv
Member
8 months ago

Cryptocurrency is the future currency of the world coupled with the fact that about 90 million Nigerians are into crypto the Federal Government shouldn’t completely restrict Nigerian Banks from participating in it.

DimOla
DimOla
Member
8 months ago

Considering the number of Nigerians actively in cryptocurrency, I don’t know why government still resist bank from been part of it.

Tonerol10
Tonerol10
Member
8 months ago

It is shown that 90 million people use or own cryptocurrency in Nigeria. That is much, this means that Nigerians are enjoying the cryptocurrency. Since it is legit more people will definitely go into it

Abusi
Abusi
Member
8 months ago

Nigerians are now using cryptocurrency as a medium of exchange. It has also helped to reduce cash policy in Nigeria. It has improved on the capacity of the Blockchain.

Iyanu12345ogg
Iyanu12345ogg
Member
8 months ago

Cryptocurrency has useful technology that can speed up innovation and improve lives. It is nice we are using the platform, it will help us a lot.

Haykaylyon26
Haykaylyon26
Member
8 months ago

Many people in Nigeria are into cryptocurrency I don’t know why government is still not allowing Nigeria bank to engage in it people are already into crypto and most own it also we should try and go into crypto also

Taiwoo
Taiwoo
Member
8 months ago

Regardless of the fact that the Nigerian government had before placed restrictions on commercial banks that supported bitcoin transactions.

Kazeem1
Kazeem1
Member
8 months ago

The United States Federal Reserve has stated that despite the risks associated with it, cryptocurrencies have a significant amount of untapped potential in the area of technological advancement.

Chibuzor
Chibuzor
Member
8 months ago

The situation with Silvergate Bank is a contemporary example of the dangers posed by a concentration of cryptocurrency in the banking industry.

Adesanyaj72
Adesanyaj72
Member
8 months ago

The most widely used cryptocurrency trading platform in Africa has introduced a new pricing model for deposits and withdrawals of naira.

Godsewill Ifeanyi
Godsewill Ifeanyi
Member
8 months ago

It is wonderful that there is a technology that can be utilized in constructive innovation that can make people’s life better.

Nwachukwu Kingsley
Nwachukwu Kingsley
Member
8 months ago

Binance, which is the largest cryptocurrency exchange in the world, has just revised its policy regarding the costs associated with depositing and withdrawing naira.

Remi1
Remi1
Member
8 months ago

Cryptocurrency is used my many Nigerians as mentioned here. It’s the future currency. It’s essential that the Nigerian government key into its potentials early enough

theApr
theApr
Member
8 months ago

Given that cryptocurrencies are the future of money and that around 90 million people in Nigeria use them, the Federal Government shouldn’t fully forbid Nigerian banks from participating in them. It should be supported and utilized to benefit the country