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Nigeria, among top 10 in crypto adoption

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By Mercy Kelani

In Africa, Blockchain and Web 3.0 technologies have massive influence.

EMURGO Africa, a Block chain Technology Company, in partnership with PricewaterhouseCoopers has recently revealed the rank of Nigeria as one of the top 10 across the world for adoption of crypto, in Lagos. This information was revealed in the company’s “State of Web3.0 in Africa” report which was published recently. According to EMURGO Africa, the report gave a detailed and insightful analysis of the emerging influence of Blockchain and Web3.0 technologies across Africa, the Middle East and North Africa region.

Blockchain Technology is referred to as a decentralized record of transactions that has their storage on a massive number of computers on the internet. Web 3.0 is also referred to as a decentralized internet developed on an open blockchain network that is neither owned not controlled by large entities. EMURGO Africa stated that the report revealed that the position of Nigeria portrays its role in driving financial inclusion and ensuring innovation in the Digital Currency Industry in West Africa.

Kenya is increasingly growing in implementing blockchain solutions.

A spotlight was casted on the significant rise of blockchain investment in Africa in the report. It stated that compelling statistics has shown that Africa has a bourgeoning presence in the global blockchain space. The report from the company showed that blockchain funding increased by 1.668 percent in 2023, compared to 2021, giving an estimated total of 91 million dollars in South Africa, Kenya and Nigeria. The report also displayed the rapid growth of Kenya in its implementation of blockchain solutions that drive economic development in East Africa.

Also, in South Africa, there was an indication in the report that there was a growing adoption of Web3.0 and blockchain technologies that are ensuring revolution of industries through safe and transparent data management in Southern Africa. It was the same report that highlighted the position of Nigeria and the high ranking being in the top 10 globally for adoption of crypto. These findings testify to the revolutionizing effect of blockchain and Web 3.0 technologies in South Africa, Kenya and Nigeria.

Web3.0 offers innovative solutions for challenges.

These three African countries were established in the report as major drivers of the digital revolution happening across Africa, the blockchain technology company asserted. The Chief Executive Officer of EMURGO Africa, Ahmed Amer, stated that the African digital landscapes are already being redefined by Web 3.0 technologies. Innovative solutions are being offered by Web 3.0 technologies to solve difficult and long-term challenges, while ensuring empower of individuals and communities across various continents of the world.

There was a presentation by the report of an in-depth exploration of the potentials and capabilities of these technologies to foster positive change. It likewise emphasized the significance of building and ensuring a collaborative environment between policy makers, stakeholders and regulators to reveal the full potential of Web 3.0. Amer further stated that on the global stage, there is an evolvement of the regulation of crypto as 40 percent of the surveyed 35 countries have instituted regulatory frameworks.

Sub-Saharan African countries outlaw crypto currency assets.

Additionally, the CEO asserted that 34 percent were currently developing regulatory frameworks actively, while about 9 percent were carrying out enforcement of outright prohibition on crypto currencies. Amer also included that, given the fact that 20 percent of sub-Saharan African countries are currently outlawing crypto currency assets and have implemented data protection laws in countries like Kenya, Egypt, Nigeria and South Africa, the report emphasized the significance of a balanced regulatory approach in ensuring individual privacy and protection.

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